By Jamie Jones
Senior Account Executive, Benefits
Employees can be given the opportunity to buy voluntary coverage or supplemental insurance in addition to the company’s core employee benefits package. While it depends on the carrier and the plan, many voluntary benefits are available to both small and large organizations; some having no minimum participation requirements. Investing not only in your employees’ overall health, but their futures, shows them that they are valued as employees and will attract and retain talent. Adding value to the benefits package also provides employees with peace of mind that they will have help with expenses should an unexpected health event occur without adding any extra cost to the employer.
Employees get the benefit of more affordable group rates and convenient payroll deductions, often using pre-tax dollars. There are many options available in the market today like Dental, Vision, Critical Illness, Accident, Hospital Indemnity, Cancer, Life, Voluntary Short-Term Disability, and Voluntary Long-Term Disability. As an organization, you can choose the benefits that will be paid directly by the employer. Then, employees can round out their coverages with additional benefits which gives them the power and control to determine what works best for them and their families. As there are a wide variety of supplemental insurance options to consider, our team at The Bottoms Group is ready to assist in any way that we can. We are committed to guiding employers with developing the most competitive employee benefits package.
HOW MUCH DO VOLUNTARY BENEFITS COST?
Cost can vary based on the type of product, age of the applicant, use of tobacco, and other factors. Voluntary benefits are designed to be affordable for a wide range of incomes.
ARE FAMILY MEMBERS ABLE TO GET VOLUNTARY BENEFITS?
Many voluntary benefits provide the ability to cover spouses and eligible dependent children.
ARE THERE AGE LIMITS FOR VOLUNTARY BENEFITS?
Each plan will have its own unique age requirements. These limits are designed to be flexible to allow employees the ability to apply for coverage.
CAN REMOTE WORKERS RECEIVE VOLUNTARY BENEFITS?
Yes, if they meet requirements of being full-time eligible employees.
WHAT IS GUARANTEE ISSUE?
The amount of insurance applied for without answering any health questions. Coverage amounts over the Guarantee Issue Amount will require evidence of insurability.
WHAT IS EVIDENCE OF INSURABILITY?
Evidence of Insurability, or proof of good health, may be required if you are a late entrant, have pre-existing conditions, and/or request additional coverage above the guarantee issue amount.
CAN I TAKE THIS INSURANCE WITH ME IF I CHANGE JOBS?
In the event the insurance ends due to a change in employment, or for certain other reasons, you may have the right to continue the insurance under the Portability or Conversion provisions, subject to certain conditions, as long as premiums continue to be paid.