Employer Offered Voluntary Benefits
Voluntary benefits are insurance products or services that employers offer to employees
at little or no cost to the employer, allowing employees to
choose (or "voluntarily" elect) the coverage they want and typically
pay for it through payroll deductions.
Key Points:
- Optional: Employees choose whether or not to enroll.
- Employee-paid (mostly): Often 100% employee-funded, but employers may subsidize some.
- Group rates: Offered at lower group rates than individuals could get on their own.
- Convenient: Premiums are deducted directly from paychecks.
Common Examples:
- Dental insurance
- Vision insurance
- Life insurance (supplemental)
- Disability insurance (short- and long-term)
- Critical illness insurance
- Accident insurance
- Legal assistance plans
- Identity theft protection
Why They Matter:
Voluntary benefits help employers enhance their total compensation package, support employee well-being, and offer more choices—without significantly increasing cost