Employers continue to struggle to offer competitive benefit packages to their employees while trying to reign in costs. Voluntary products are an alternative that many are offering.
Voluntary benefits are employee paid products that typically provide income replacement in the case of an accident due to sickness. While health insurance most often covers the medical expenses involved with an accident or illness, other bills like rent, mortgage, groceries and utilities still have to be paid.
How your business can benefit:
- Voluntary plans let you offer employees a benefit at no cost to you.
- Voluntary plans let employees choose the program that best fits their needs.
- Most premiums can be run through a Section 126 pre-tax plan reducing employee taxable wages.
How employees can benefit:
- Voluntary plans offer protection for gaps in medical expenses not covered by traditional insurance.
- Voluntary plans pay benefits directly to the employee.
- Voluntary plans are portable and pay benefits directly to the employee.
For more information about product details and cost please contact Benefit Specialists of NY at (315) 470-1930.
Visit Benefit Specialists of NY at www.BenefitSpecialistsny.com
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