Not every employer can afford to pay for healthcare or life insurance plans for their staff members, but that doesn’t mean your business can’t offer them any type of medical benefits. Instead, your business can sign up for group voluntary benefits, which can lower costs for staff without any cost to the employer.
In simple terms, a group voluntary benefits program means making an arrangement to let an insurer offer staff access to particular medical benefits through their employment, often with payments collected through payroll. Because the insurer is getting access to multiple potential customers, they agree to offer lower premium costs than the employee would pay as an individual on the open benefits market.
Offering group voluntary medical benefits doesn’t cost the employer anything, but does increase the chances of staff getting the relevant insurance coverage. That, in turn, helps your business retain employees, and increases the likelihood that they’ll stay healthy and financially secure.
If you’re looking for an alternative to offering full medical benefits to your employees, then group voluntary benefits could be the answer. We can help you get started!