Voluntary dental, vision and term life group plans canbe a versatile tool for your clients. Adding voluntary plans can spice up an otherwise boring employee benefits package, or be used to increase company loyalty and employee satisfaction.
Most importantly, voluntary plans allow businesses that can only afford to contribute towards health plans to offer a more complete employee benefits program. This is the main reason why an employer would consider including voluntary plans along side a health plan.
How can voluntary plans benefit the employee and the employer? Here are a few illustrations we’ve provided.
1. They can fill in the gaps of a limited employee benefits package.
If employee benefits are currently limited to health and dental plans, adding additional insurance would help address other employee needs.
Some health plans may not provide coverage for eye exams or eyewear. A voluntary vision plan would fill this need and help preserve eyesight.
Employees can purchase more life insurance if a voluntary plan is offered alongside an employer-contributory life plan.
2. Use pre-tax dollars to pay for these plans. 
Pre-tax dollars may be used to cover the cost of voluntary plans, and help employees save even more.
3. Offers desirable benefits at low group rates.
A complete benefits package gives employees a reason to stick around. Employers who offer a variety of benefits look more attractive to current employees and to new hires. This can help encourage company loyalty by increasing employee satisfaction.
4. Encourages preventive care.
Employees who have dental benefits get dental care more compared to those who do not have dental insurance. According to a 2007 National American Dental Plan (“NADP”) Consumer Survey, people who do not have dental coverage are 2.5 times more likely not to visit their dentist.
Preventive dental care can also save employees from steep future cos
ts. The American Dental Hygienists Association estimates that every $1 spent on oral preventive care (meaning those cleanings and check-ups at least twice a year) saves $8 to $50 on restorative and emergency procedures.
Vision plans are an important prevention tool as well. Signs of disease like high blood pressure and diabetes may be caught early due to eye exams, and early detection can help lower a company’s medical costs.
5. Protection for families during the event of a death or serious injury.
Group term life insurance provides an inexpensive way to have money available during the event of a death. Most BEST Life policies include Accidental Death and Dismemberment, which provides a benefit in the event of a serious injury or death due to an accident. With both benefits, $15,000 or even $30,000, depending on what is selected by the employer, can help financially protect a family from a diminished household income.
The more employees enroll, the more the group saves.BEST Life is currently offering special rates for voluntary dental and vision plans. Companies with more than 60% of their employees enrolled in a voluntary dental or vision plan will receive the same rates and waiting periods offered to employer-sponsored plans. Offer is valid for July through December 2011 effective dates. |
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BEST Health Plans Sales Team
tel: 800.237.8543
fax: 949.553.0883
info@bestlife.com
www.besthealthplans.com
Filed under: Group Dental, Group Term Life, Group Vision, Insurance, Voluntary plans Tagged: | do voluntary plans make sense, Voluntary Dental, Voluntary Group, voluntary group term life, voluntary vision, why offer voluntary dental, why offer voluntary plans
