Benefits that are not funded by the company, rather payroll deducted from employees’ paychecks are considered Voluntary Benefits. Just because the employer doesn’t pay for them doesn’t mean they are not of equal or greater value to the benefit platforms than employer paid products.
You can have the best most expensive health insurance plan in the world, but when sickness, or injury strike the health insurance plan only pays medical claims. Furthermore, it only pays claims directly to the provider.
Voluntary benefits such as Cancer plans, Accident or Critical Illness policy’s pay money directly to the insured. This money can be used at the discretion of the insured to pay for unreimbursed medical expenses, goods and services related to on going care or can act as a supplement to a salary that has been affected by the sickness or injury.
At Alliance Insurance Group we have seen the need for Voluntary benefits grow over the years and now more than ever it is important to evaluate the need for these benefits. As an employer, you may or may not see the value of a Cancer or Accident plan, but can you say that your particular financial situation is the same as your co-workers? In every group there are as many different needs as there are employees. Voluntary benefits are a simple way to take care of your employees, with out any direct cost to the company.