The term “voluntary” benefits -- insurance products offered by employers but paid primarily by employees -- is misleading. Increasingly, these offerings play a key role in benefits offerings to recruit and retain the best team members. Voluntary benefits expand the employee’s choices while allowing far greater personalization for a diverse workforce.
Once a nice-to-have, voluntary benefits are now nearly mandatory: More than 90 percent of U.S. employers consider voluntary benefits to be important to their value proposition to employees over the next three to five years.
Traditional voluntary benefits include life insurance, vision, dental, disability, cancer and critical illness insurance, and accident insurance.
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