Looking for ways to offer your employees more without huge costs? Need to attract and retain top talent but you don’t know how? Consider adding voluntary insurance benefits to your benefits package.
Voluntary insurance products are offered through an employer, but paid partially or solely by the employee. They can include vision, dental, critical illness, accident, hospital indemnity, life, and more. These benefits are becoming a popular way for employers to provide their employees worksite-based solutions.
According to the Society for Human Resource Management (SHRM), traditional voluntary benefits products such as disability and supplemental life insurance have played a role in life planning by providing financial help in the event of disability or death. However, with the increased adoption of high-deductible medical insurance plans in the market, out-of-pocket costs can easily grow into thousands of dollars. Voluntary benefits can help employees meet these out-of-pocket financial obligations.
To help small businesses expand their benefit mix, CBIA now offers critical illness insurance, accident insurance, and hospital indemnity insurance.
"We're excited to work with The Hartford and bring these new voluntary lines to our customers, increasing the choice, flexibility, and value that we offer our members through CBIA Health Connections," says Ken Comeau, president, CBIA Service Corp.
These employee-paid, voluntary products are designed to complement regular medical insurance with additional coverage that pays employees directly—not doctors and hospitals. Participants can use the money they receive for anything from insurance deductibles and co-pays to child care and travel expenses.
“These benefits provide people more financial security and peace of mind when an unexpected accident or illness occurs,” says Comeau.
Other benefits that CBIA Service Corp. offers include Health Connections, a leading medical insurance program for small businesses; life, disability, dental, and vision insurance; energy purchasing services; and several discount purchasing programs.