2.5 minute read
Voluntary benefits can be a great way for employers to round out their benefits package. They are beneficial to employees and their families, and many come with little to no cost to the employer. Although employee needs may vary, the common themes of physical, mental, and financial wellness can help employers offer the benefits they need the most.
Here are some voluntary trends for 2023.
Remote Health Services
More employees have experienced stress, depression, and anxiety because of the pandemic and record-high inflation. As a result, employees need more mental health support than ever before. Also, many employees delayed medical care during the pandemic and are still catching up on routine care.
Employers can help by making remote health care services more accessible and affordable. Telemedicine and remote health services can help to increase accessibility to resources and treatment and have proven to be a cost-effective measure. Many employers are adopting or expanding their current offerings.
Holistic Voluntary Benefits
According to a Willis Towers Watson survey, 94% of employers find voluntary benefits important to their talent and total rewards strategies over the next two years.
While dental and vision insurance are popular benefits, more nontraditional benefits are being added as well including pet insurance, identity theft, critical illness, and hospital indemnity. The variety of options can help employees pick and choose what they need to fill in their coverage gaps.
Financial Wellness Support
Money is a top stressor for employees. Finance-related voluntary benefits can support employees with guidance and educational resources. Lowering financial stress may help employers see increased productivity, improved morale, and lower absenteeism. Finance wellness benefits such as a retirement savings plan, financial coaching or planning, and emergency savings funds are increasing in popularity.
Voluntary benefits can be helpful add-ons to round out a benefits package. They provide value to employees without raising costs, making them a valuable tool. They allow for more personalization so employees can satisfy their own unique needs. Employers should consider exploring voluntary benefits to round out their current offerings.
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This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.