As the market is preparing for the health care exchange system in 2014, voluntary benefits are expected to play a larger role, says Andrea Meyer, benefit manager of WorkSmart Systems Inc., a professional employer organization in Indianapolis. Even under health care reform, medical insurance is projected to continue with its high deductibles, and voluntary benefits complement these plans.

Among the most valued voluntary benefits by employees are life insurance, short- and long-term disability, critical illness, health savings accounts and flexible savings accounts, Meyer says. These voluntary benefits are especially valued because they provide a sense of financial protection as employees are increasingly responsible for a larger share of their health care costs.

"It's important to people because they're not getting coverage through their major medical plans in the same way that these voluntary benefits assist," Meyer says. "Ultimately, voluntary benefits offer a sense of comfort and security in the event of any illness or disease."