Not every employer can afford to pay for healthcare or life insurance plans for their staff members, but that doesn’t mean your business can’t offer them any type of medical benefits. Instead, your business can sign up for group voluntary benefits, which can lower costs for staff without any cost to the employer.
In simple terms, a group voluntary benefits program means making a deal to let an insurer offer staff access to particular supplemental benefits through their employment, often with payments collected through payroll. Because the insurer is getting access to multiple potential customers, they agree to offer lower premium costs than the employee would pay as an individual on the open benefits market.
Supplemental benefits can include:
- Accident Insurance
- Cancer Insurance
- Critical Illness Insurance
- Hospital Insurance
Offering group voluntary supplemental benefits doesn’t cost the employer anything, but does increase the chances of staff getting the relevant insurance coverage. That, in turn, helps your business retain employees, and increases the likelihood that they’ll stay healthy and financially secure.
Supplement insurance is to help offset the costs of medical insurance such as deductible, co-insurance and copays.
If you’re looking for an alternative to offering full medical benefits to your employees, then group voluntary benefits could be the answer. We can help you get started!