A
lthough a strong business case can
be made for building robust benefts
programs, U.S. companies are actually
decreasing the amount of ancillary ben-
efts options they offer in 2012. The study
found that on average, 10 percent of com-
panies across the U.S. are decreasing all
of their ancillary benefts options. Many
others are decreasing a portion of their
benefts options, leaving employees with
fewer choices for coverage and protection.
However, evidence has shown not only
the desire for more benefts options, but
also the impact a comprehensive benefts
package can have on crucial workplace
outcomes. Simply put, more choices to
bolster protection are a must-have for
employees.
Voluntary insurance plans can resolve
the many market pressures faced by
HR and benefts managers today, at no
direct cost to the company. They offer a
unique opportunity to satisfy competing
priorities, including the ability to create
robust, competitive benefts packages in
the face of diminishing budgets and ris-
ing health care costs.
Voluntary insurance can include policies
for accident, cancer/specifed-disease,
dental, life, short-term disability, speci-
fed health event, hospital confnement
indemnity, hospital intensive care, lump
sumcritical illness, andvision. It is tradi-
tionally viewed as coverage that exceeds
an employee’s core benefts package yet
as many companies are cutting back on
core health care coverage to curb rising
costs, the need for voluntary insurance
has become essential.
Many HR decision-makers choose not
to add voluntary benefts that could help
workers with the fnancial obligations of
unexpected health events because they
feel their employees don’t have an inter-
est in purchasing such options. However,
survey fndings conclude quite the oppo-
site. Themajority (60%) of employees say
they would be interested in purchasing
voluntary insurance. Perhaps that is why
32 percent of the workforce says “main-
taining my health care benefts” and 22
percent say “increasing out-of-pocket
expenses” are the most important issues
for them right now.