More and more, employers are embracing voluntary benefits. And they are looking for ways to improve workplace wellness, too.
Employers like voluntary benefits because they allow them to expand employee coverage options at minimal or no cost. They are interested in workplace wellness because that’s increasingly attractive to employees. But employers don’t necessarily want to increase their costs. So, what’s the answer?
Voluntary benefits can be offered on a shared-cost basis. Or they can be paid for entirely by employees.
Workplace wellness benefits are more frequently being offered as a value-add by carriers as part of their health benefits.
What Are Voluntary Benefits?
Voluntary benefits are insurance products employers can offer to employees at little or no cost to the business. Employees can choose the coverage they want and usually pay for it themselves. These benefits give employees more options and help employers stay competitive without increasing expenses.
Popular voluntary benefits include Life, Accident, Critical Illness, Disability, and Hospital Indemnity insurance. Many carriers now include workplace wellness features as part of their offerings, adding even more value.
Importance of Voluntary Benefits
According to a 2023 voluntary benefits survey, three-quarters (74%) of employers offer voluntary Life Insurance. More than half (54%) offer Accident Insurance, while 52% offer Critical Illness coverage. About a third offer Short-Term Disability (STD) or Hospital Indemnity insurance. [Source: International Foundation of Employee Benefits Plan (IFEBP)]
Your group’s available coverage may depend on several things. Your group size. Whether you are a captive agent or an independent broker. Whether you have a general agency (GA) relationship. If Word & Brown (W&B) is your GA, you have access to multiple carriers and products. That includes Small Group, Large Group, and (in California) Individual & Family Plans.
In California, W&B offers Dental Insurance from two dozen-plus providers. These include many of our Major Medical partners and others
- Aetna
- Anthem Blue Cross
- Blue Shield of California
- CaliforniaChoice
- Health Net
- Kaiser Permanente
- UnitedHealthcare
- Western Health Advantage
We also offer Dental, Disability, Vision, and Life. Plus, supplemental health: Accident, Cancer, Hospital Indemnity, and Critical Illness insurance.
In Nevada, our product roster includes an equally broad range of products from leading carriers. These include Aetna, Anthem, Companion Life, MetLife, Nippon Life Benefits, Unum, and others. For a complete list, refer to our state-specific lists on our website.
Voya says that 56% of employed Americans are more likely to stay with their current employer if offered access to voluntary benefits. LIMRA reports that more than six in 10 employees believe their benefits packages make them more inclined to stay in their current jobs.
Your Partner for Voluntary Benefits
In the market for voluntary benefits? Think W&B. We have a 40-year history of providing brokers with Service of Unequalled Excellence. You can count on us to be here – start to finish, quote to renewal.
With a comprehensive carrier and product roster, we offer everything you need. That includes industry-leading technology, multilingual enrollment staff, and more. Plus, we deliver value-added extras to keep clients coming back.
Contact your W&B rep today. Ask how we can help you address more clients’ needs, streamline your processes, and maximize your sales opportunities. If you’re not currently working with us, call 800-869-6989 or fill out our online form to get started.
