Employers are determined to contain and even reduce spending on benefit programs. Healthcare costs continue to increase at an alarming rate making core benefits even more expensive to offer. The workforce has become mobile and transient, changing jobs more frequently as better offers come along. In addition, employees demand more benefit choices and options than ever before. Voluntary insurance programs can help address some of the problems that benefit managers face.
Voluntary products supplement existing programs to enhance the company's benefit package.
Employees may then choose the product or products that best meet their insurance needs. All of this is done with no direct cost to the employer. Employees pay the premium for the products they purchase. Offering voluntary products on a group platform provides several benefits over traditional individual products. Typically, group premiums are lower than most comparable individual products.