In the insurance game, and especially with health care exchanges looming on the near horizon, employers are constantly looking for ways to cut costs but still offer health care options that create desire for participation by their employees. It's a tightrope—trying to hire and keep quality personnel and yet not go broke in the process. By 2014, both public and private health care exchanges should be geared up to allow access to health care products on the open market.

Voluntary benefits allow organizations the best way to provide quality coverage and services without bankrupting the business. Essentially, employees pay for whatever they want at little to no cost to companies, and the expense is passed through to the consumer typically as a payroll deduction. You may have an administrative cost, but at least you're not paying for the products.

Of course, HR directors or business owners must do proper due diligence, and vendors who are chosen should be vetted to find the best applicable suite of benefits at the best price. Don't sacrifice quality of care for cost; but likewise, don't offer products that may end up with very low participation because your employees cannot afford them. Your agent or broker should help you with this process.