As healthcare costs continue to rise, so has the value of voluntary benefits. Voluntary benefits allow employers to offer benefits that are attractive to employees without added cost to the company.
Many employers consider expanding their voluntary benefits to compensate for employees’ increasing healthcare costs. Employees benefit because they have various insurance and other program options conveniently available in one place.
Voluntary benefits for employees have many advantages. Because of their cost efficiency and portability, voluntary benefits are becoming a central component of many companies’ overall benefits strategies, offering high value to employees, all with minimal effort and cost to the company.
Voluntary benefits can be either insurance or non-insurance products presented to employees to pick and choose from for elective purchases. Employers can offer value to employees with the following:
- Reduced group rates
- Convenience of payroll deductions
- Boost work-life balance (from such programs as educational assistance)
- The ease of having multiple options all in one place
Options can be included so employees may elect to purchase additional coverage and higher limits at their discretion.
While voluntary benefits are a key way to attract and retain employees, we feel it’s critical to ensure administration doesn’t create additional work for HR departments. To streamline the process, Horton leverages technology, allowing for:
- Single source, multiple carrier, internet-based enrollment system
- Universal eligibility and enrollment form available for use on all employee benefits, including core life, medical, dental, etc.
- Consolidated eligibility management and billing features available