There is a way for workers and employers alike to find some extra bottom-line security: voluntary benefits. These insurance products offered by employers are paid mostly by workers. They can help employers manage their overall health care expenses while maintaining a competitive edge in the market for talent.
A cost-efficient way to keep health care costs down
There are several reasons it makes sense for employers to offer or expand a portfolio of voluntary benefits:
- Filling gaps. Voluntary benefits, such as dental, vision, and disability, can help employees fill gaps in coverage left exposed by their core health insurance plan. Employees may be more comfortable choosing lower premium/higher deductible health insurance by decreasing their own financial risk in certain areas.
- Greater employee flexibility. Every employee has different personal situations. Some may have young families and want to protect them from the financial impact of an accident or long-term disability. Some may not have been to a dentist in a while because they don’t have dental insurance. Voluntary benefits allow employees to tailor coverage to their specific needs, freeing an employer from offering the full range of products to all workers at their own expense.
- Additional prevention. With voluntary benefits, employees will find it more affordable to seek preventative care. For example, a visit to the dentist or eye doctor for routine care can detect health issues. Giving your employees more opportunities to see a health care provider, not just a medical doctor can ultimately drive down health care costs.
Employees are big fans of voluntary benefits
When these benefits are offered through the workplace, employees can take advantage of more affordable group rates and convenient payroll deductions, often using pre-tax dollars. The relationship is clear: a better benefits package means more engaged employees who will be more likely to stay at your organization and contribute their best work.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.