If you’re wondering if it’s possible to give more to your employees at no cost… the answer is yes!
By Chris Noffke, GBDS – Vice President of Employee Benefits
The good news is you can offer voluntary benefits at no cost or you can choose to pay for a portion of the premiums (e.g.: 10, 25, or even 50%). You can also make a flat dollar contribution and your employees can determine which benefits to apply it towards.
And, the timing may be advantageous as employees are experiencing a heightened state of concern because of COVID-19. A growing number are asking for additional benefits like life, disability, and dental insurance, along with wellness options.
If you are interested in looking into these options, the first thing to do is survey your employees. WisMed Assure is here to help. We have survey templates that make it easier to determine the best possible selection of voluntary benefits to offer. Once we find out what benefits your employees want, and how many are interested, we then go to work finding the best insurance for the lowest price.
While many carriers offer voluntary benefits, the key is finding one that provides all the different types of voluntary benefits you wish to offer. Finding the right carrier, with the right mix of benefits, makes it simpler to administer and cost effective as most carriers provide a discount for multiple plans.
Once we finalize carrier and plans, the only thing left to do is make these premium deductions in your payroll. There are a few different ways to set this up, but in most cases, we recommend a pre-tax strategy to lower the taxable income for your employees and your company.
Voluntary benefits are not difficult to setup and manage when you work with an insurance partner you can trust and who is willing to serve your employees. That’s where we come in.
Please contact me if you wish to explore these opportunities for giving your employees more at no cost.