Voluntary Benefits: The Future Of Employee Benefit Packages
The typical employee benefit package includes health insurance, life insurance, and retirement packages. Retirement packages may include 401ks or pensions. Some employees may want to increase their benefits with supplemental additional benefits. These additional benefits may add a level of comfort and security for some full time workers.
Many companies are now supplying these additional benefits through voluntary benefits programs. Voluntary benefits programs provide a win-win situation for both the employee and the employer. The employee is able to purchase the benefits that will be most beneficial to them. Meanwhile the employee does not have to pay for the benefits that a worker may not want.
One of the more popular voluntary benefits is accident insurance. Companies like Colonial Insurance and AFLAC have popularized the notion of having accident insurance which will help cover expenses above and beyond medical expenses if an employee has to miss work due to injury.
Colonial Insurance and AFLAC offer supplemental insurance products. Some of the policies these companies offer can help pay for things like household necessities such as mortgage payments, car payments, electricity bills, and even groceries, when an injured worker is unable to work due to their injury. Programs such as these can offer a great deal of relief to families who have a primary wage earner employed in a dangerous type of job.
Several voluntary benefits may be offered to employees at the work site. These benefits include: heart/stroke insurance, cancer insurance, vision & dental insurance programs. If the employee's family has a history of such diseases, these benefits may be especially important. Since employers typically pay administrative costs, such programs can also be beneficial to the employers, as well as the employees.
Employers are looking for ways to stay competitive in today's marketplace. Offering workplace marketing of voluntary benefits can help the employee and the employer. The employee can determine what type of benefit is best for their individual needs. Colonial Insurance and AFLAC are two companies who offer voluntary benefits. The popularity of these benefits is growing and will likely become more popular in future years.
The typical benefits package includes health and life insurance and retirement plans. One type of benefit that is often added supplementally under voluntary benefits is accident insurance. This type of insurance is good especially for the type of person who works in a dangerous occupation, lifting the burden of fear that they will not be able to cover the bills if they are injured due to work. Companies like AFLAC and Colonial Insurance have been spearheading the movement towards these types of fringe benefits and it is likely that these benefits will only become more popular over time.
Published May 7th, 2007
Filed in Business, Career, Management
