Voluntary Employee Benefits Insurance for Maryland
Voluntary employee benefits are increasingly being added to employers' menus of employee benefits. Voluntary benefits not only can round out a company's total benefits package and offer employees discounted coverage for their specific needs, but also can aid in recruitment and retention. Voluntary benefits, also called work site benefits, have been around for decades. They range from niche products such as pet insurance and identity-theft protection to coverage categories with wider appeal, such as automobile and homeowners insurance. They can also include products such as vision and dental care, legal services, and college savings plans.
The fastest-growing category of voluntary employee benefits, according to experts, consists of specialized medical coverage. Some types of coverage in that category are being expanded. For example, critical-illness insurance that once covered only cancer has been broadened in many instances to include heart attacks, major organ transplants, and other specific medical conditions or procedures. Typically, a lump-sum benefit of $10,000 to $50,000 is paid after a covered event occurs, and the money can be spent on medical or non-medical needs.
HR managers can survey employees to assess their preferences or may simply examine your company's workforce demographics. Older workers may prefer long-term-care insurance, while younger ones might favor accident insurance. After deciding on the types of voluntary benefits to offer and selecting vendors, HR can usually let vendors exercise their capabilities in marketing, communication and enrollment. Typically, vendors handle on-site meetings, marketing materials, customer service and claims processing. HR may be more or less involved in each of those steps as it sees fit.
For more information on Voluntary Employee Benefits contact, Hostetter Agency Inc. at 410-272-6110 or fill out our online form above for your FREE Voluntary Employee Benefits Quote today.
A Maryland Insurance Agency offering Voluntary Employee Benefits policies in Aberdeen,
Baltimore, Columbia, and Germantown Maryland.