A Word about Voluntary Employee Benefits

May 03, 2018 @ 12:00am

At TRICOR Insurance, our Employee Benefits team is continually looking for ways to protect our employer benefits clients’ health and financial well-being. As health care costs continue to rise for employers, so has the demand for voluntary benefits like Short and Long Term Disability Insurance, Vision Coverage, and Long-term Care Coverage. Because many employers find a robust benefit package too costly, Voluntary Benefits have become an ideal solution, allowing employers to offer comprehensive “a la carte” benefits that are attractive to employees without added cost to the company.

Employees also find this option very attractive because they have a variety of insurance options available conveniently in one place, and often with lower premiums than individual versions of these same policies. TRICOR offers very attractive solutions to employer groups in this specific area as we represent several local, regional and national insurance carriers that offer Voluntary Benefits.

Additionally, we provide follow up and support services to your HR Team so they’re never without a resource regarding information and education related to these benefits.

What are voluntary benefits by definition?

Voluntary benefits are coverages and products made available to employees for “elective” purchase. These programs have four key characteristics:

100 percent employee-paid (sometimes the employer will contribute toward the cost, but they are mostly employee-paid)
Offered through an employer
Solicited and enrolled through an insurance agency / risk management firm
Paid through automatic payroll deductions and sometimes are pre-taxed

Because of their cost efficiency and portability, as well as their contribution to an employee’s work-life balance, voluntary benefits are becoming a strong component of many companies’ overall benefits strategies.

Some common Voluntary Benefits include: