Voluntary benefit programs may be a good way for employers to offer additional coverage for their employees at a low cost, according to Smart Business.
Voluntary benefits are paid for completely by the employee, so they come at no added cost to the company. However, they offer opportunities for employees, if interested, to buy coverage they otherwise wouldn't find elsewhere.
The availability of such programs can serve to entice highly qualified applicants to join or stay with a company without adding financial strain to a business. Individuals, who pay the entire premium on such benefit packages, can have their monthly payments deducted from their paychecks on a pre-tax, basis according to Smart Business.
Voluntary benefit programs may also offer a wide range of flexibility to employees, since they may have previously had to pay for the cost of some benefits out of pocket outside of the group plan. At the same time, the company may benefit from the reduced costs and be able to put that money to better use.
