Employee-Funded Coverage
Group insurance can provide everyone within a business with affordable comprehensive coverage and long-term financial security — but what options are available for employers with limited resources? Most employer-provided insurance plans are paid primarily by the company, but not every business has the funding necessary to protect its employees, especially small and up-and-coming businesses.
With voluntary benefits from King Risk Partners, any business — no matter how big or small — can provide their employees with the coverage they need to work happily and productively without having to pay for the majority of the bill. Contact us today to learn more and to get a free, no-obligation quote!
What Are Voluntary Benefits?
Voluntary benefits, also known as supplemental insurance or employee-paid benefits, are group insurance plans provided by an employer but paid partially or entirely by the employees. Employers can choose how much they pay and which types of coverage to provide their employees. Coverage under a voluntary benefits plan is typically flexible and may include any of the same types of coverage found under traditional group insurance plans. Voluntary benefits can also be used to extend current employee benefits without increasing the company’s budget.
Is Supplemental Insurance Worth It?
Yes! Not only can employers enjoy all the usual benefits of protecting employees, such as increased worker satisfaction and productivity, but they also have the option to save on benefit spending. Similarly, employees can enjoy the same level of comprehensive coverage they would get under a traditional group insurance plan. Most group insurance plans, even voluntary benefit plans paid entirely by the employee, are also significantly cheaper than individual group insurance because the risk is spread across a larger group.
Popular Voluntary Employee Benefits
Employers have a wide range of coverage options to choose from depending on their employees’ needs and desired budget. We can help employers develop a customized voluntary benefits plan that includes basic health and any of the following additional benefits.
Vision Insurance
Vision coverage includes regular eye exams to help maintain a healthy vision and detect more serious conditions, such as glaucoma and high blood pressure. Depending on the plan, vision insurance can also help pay for glasses, contact lenses, and certain specialized treatments.
Dental Insurance
Dental coverage can help pay for routine dental exams, cleaning, and fillings. Depending on the plan, this type of coverage can also pay for more specialized dental procedures, such as root canal extractions and teeth removal.
Disability Insurance
Group disability insurance provides employees with income protection in the event of a disabling injury or illness. This type of insurance can pay for certain medical bills and a portion of all missed paychecks.
Life Insurance
In the event an employee dies, life insurance compensates that employee’s beneficiaries. The funds are often used by the beneficiaries to manage financial obligations, such as funeral expenses, mortgage or rent, and daily living expenses.