VB Buzz, Vol 1, Issue 1

Employers are being squeezed from many different directions, from competition in the marketplace to keeping their bottom line down to competition for employees in the marketplace.  While we at Kapnick cannot do anything about the competition, we can help employers with their bottom line and their attraction and retention of employees.  Voluntary benefits are a great way for an employer to increase their benefit package while keeping their costs down.

The term “voluntary benefits” encompasses a variety of plans.   Most of these products and services are benefits that the employer can make available to the employees with no direct cost to their bottom line, because they are fully funded by the employees through payroll deduction, or in some method that feels like a payroll deduction.  Many times these plans and memberships are not available for individuals to participate in, or at the very least are offered at a discount due to the employer’s sponsorship.

As an employer, the more you do for your employees, the more your employees will do for you, and having a robust benefits plan frequently ranks as the first or second most sought-after priorities for someone looking to make a job change.  By the employer providing voluntary benefits, the employee is empowered with a greater amount of choice, and they can customize exactly what they want, thus the employee ends up with a greater level of satisfaction in the overall benefits package.

Here is a quick overview of many types of voluntary benefits employers are adding:

• Supplemental “indemnity” plans, like accident, critical illness, and hospital indemnity, pay cash benefits directly to an employee.
• Voluntary short and long term disability, that can be the only disability plans the employer offers, or that employees can use to supplement the employer-paid disability options.
• Life insurance – term, universal life, or whole life options
• Identity theft monitoring and restoration services
• Access to legal assistance, most services at no charge to members
• Home and auto insurance, sometimes at discounted rates through payroll deduction
• Financial wellness plans, from financial education to access to low-cost loan options in the event of an unexpected expense

CLICK THE IMAGE TO WATCH this short video explaining why choosing voluntary benefits is a good idea.

In the coming weeks, we’ll take a closer look at each of these.  I hope you’ve enjoyed the first edition blog.  Look forward to many more to come!

Contact Kapnick Insurance Group for more information.