As more health insurance policies trend towards high-deductible, high copay offerings, voluntary benefits are becoming an essential tool for benefits consultants looking to supplement employee health insurance, according to A.M. Best.
Businesses attempting to retain and attract top talent are quickly jumping on the voluntary benefits band-wagon, and with policies that cover everything from life insurance to pet insurance, there is quite a bit to choose from, according to HR Daily Report.
The most popular choices for most companies in the coming years are likely to be critical illness insurance and accident insurance, A.M. Best reports. Because these types of insurance cover lost wages and medical expenses in the event of a traumatic incident they may do much to supplement waning worksite benefits.
Small businesses may become even more prone to offering voluntary benefits, as statutes under the Patient Protection and Affordable Care Act allow for companies with fewer than 100 staff members to purchase bare bones employee benefits packages from health insurance exchanges, according to the source.
Small business owner Steve Roper told Entrepreneur that he – and many other business owners – already offers voluntary benefits to his staff in a bid to expand coverage without creating a budget shortfall.
"Lots of small companies are saving money by increasing deductibles on their health-care plans and offering voluntary benefits to bridge the gap," he told the source.
