Voluntary Benefits for Your Employees

What are some examples of voluntary benefits?

Voluntary benefits are offered by employers but are paid completely or mostly by employees through payroll deferral. Traditional voluntary benefits include life insurance, vision, dental, disability, cancer and critical illness insurance, and accident insurance

Voluntary benefits are employee benefits that an employee can purchase from their employer. Usually, businesses provide these benefits to employees at little or no cost to the employer. ... This setup provides increased value to employees, which in turn makes them more important for employers too.

42 percent of employers offered at least one of three voluntary income protection benefits to their employees—voluntary accident, critical illness and/or hospital indemnity plans—and 18 percent offered all three.

Offering employee-paid benefits—also known as voluntary benefits—is a way to provide employees with benefits at group rates. ... If employees pay premiums with post-tax dollars, benefits are received tax-free. If employees pay premiums with pre-tax dollars via a Section 125 premium-only plan, some benefits may be taxable.

Employers no longer consider voluntary benefits as simply add-ons but rather as "a way to address a host of employee needs, offer choice and allow employees to personalize their rewards,"

Voluntary products are insurance plans employees buy through their employers. The employees pay premiums through payroll deduction. So everybody wins — employers can offer life, dental and disability coverages to their employees. And employees get comprehensive coverage at competitive rates.
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