Wynnewood Planning works with employers to identify opportunities to offer voluntary/portable benefits to enhance or supplement existing “Core Benefits.” Voluntary benefit plans are the fastest growing segment of the benefits market and will allow your company to offer your employees a wider range of the benefit choices without impacting your company‚Äôs budget. Furthermore, a company sponsored voluntary benefits program will help give your employees a platform to access discounted insurance that would be too costly to receive on their own.

A Company-Sponsored Voluntary Benefits plan can be favorable to employers and employees alike. Employees are always in search of better insurance benefits at a low cost, while employers are always looking for ways to provide a good insurance benefits package which the business can afford. A Voluntary Benefits Program provides added security for employees and their families since the employee is in full control of a portable insurance policy. A voluntary program is valuable to employers because it is an easy way to offer added employee benefits, with no cost to your business.

1. How Contributions are made:
Unlike the traditional group insurance plans where the employer is required to pay some portion of the premium, a voluntary program requires no employer contributions. In this case, voluntary plans are sponsored by the employer but premiums are paid only by the employee through a payroll deduction.

2. Enrollment Percentage:
Traditional group benefits require high levels of participation, typically 75%, but voluntary programs generally require much lower percentage of the eligible employees to enroll, and plans from some carriers have no participation requirement at all.

Advantages of Voluntary Benefits

  • Employees can choose which type coverage he/she wants and coverage can be purchased to cover the employee and his/her family.
  • Voluntary Benefit premiums are lower that if an employee purchased an individual policy, outside the business.
  • Employees owns the insurance, which means that the employee can keep the insurance, even if he/she leaves your company.
  • Employee pays the entire premium.
  • You, the employer will be adding to your benefits package, with your only cost being payroll deduction.
  • Voluntary benefits are a great way to provide employees with the benefits they want and desire with little or no premium cost to the company.
  • Employees or prospective employees have access to a greater array of benefits that they can chose from, based on their needs.
  • Companies with strong employee benefits packages have lower employee turnover and find it easier to attract prospects looking for employment. This is critical when the employment pool is reduced due to high levels of unemployment.
  • By utilizing the purchasing power of your group, the employees get access to benefits at low group rates.
  • Favorable Underwriting – Disability coverage and life insurance are extremely difficult to find on an individual basis if the insured has a less than favorable medical history. These products have simplified underwriting requirements or in many cases are guaranteed issue (no health questions!).