PLANTATION, Fla.--(BUSINESS WIRE)--With the current unemployment rate at a 10-year low, businesses are competing fiercely to attract and retain top talent. One solution, that is rapidly gaining traction, is to offer voluntary benefits. Known as ancillary or supplemental benefits, voluntary benefits provide companies with an advantage by enabling them to affordably offer competitive benefits packages to employees.
“When presented correctly, voluntary benefits can really give companies an edge, so it’s no surprise that this is becoming increasingly popular,” said Keith Franklin, Vice President, Group Benefits, for DentalPlans.com’s employer services solution, :DP HealthNow. “Employees walk away happy because they have more options and access to services and discounts, while companies increase their chances of obtaining quality talent.”
Voluntary plans tap into group rate discounts, the savings for provided services are then passed on to plan members. Employees are given the option to join voluntary plans, and typically pay out-of-pocket for these benefits.
According to a recent survey by MetLife, more than half of respondents stated that they would pay for benefits that increase their sense of financial security and support a better work-life balance. And depending on one’s generation and other contributing factors, preferences for benefits vary.
“We’ve seen a significant rise in interest over the past year in our voluntary benefits plan, :DP HealthNow, which includes telehealth, healthcare advocacy, medical bill negotiation, vision and dental discounts among other options,” said Franklin. “We’ve learned that one-size does not fit all and we work to provide solutions that make sense.”
Telehealth services, for example, are in large demand. This is because members can speak to a locally-licensed doctor 24/7 via phone or video chat, without having to pay a consult fee or spend time and money on going to a clinic or ER.
“Being able to have your ailment diagnosed and treated, even with a prescription if necessary, from the comfort of one’s home or virtually anywhere makes voluntary benefits like telehealth invaluable and a huge draw for many,” said Franklin.
Voluntary benefits may include:
- Medical bill negotiation
- Healthcare advocacy
- Financial planning
- Prescription discounts
- Cybersecurity/Identify theft protection
- Pet healthcare
- Education/Tuition reimbursement
“Businesses tell us that our plan helps them meet recruitment goals and support employee needs in an economically sensible way, and gain quantifiable results from their investment,” said Franklin. “Typically, the measurable ROI includes happier, healthier employees, reduced stress and medical absenteeism, along with increased productivity and loyalty to the company.”
Insurance brokers are also seeing strong interest in voluntary benefits from businesses, according to the new BenefitsPRO/Eastbridge voluntary benefits survey. Respondents indicated that brokers are selling voluntary benefits more actively than they had just a few years ago, with voluntary products accounting for a larger percentage of all benefit brokers’ current revenue streams.
To learn more about the advantages :DP HealthNow offers to both businesses and brokers, click here.
DentalPlans.com, founded in 1999, is a leading dental and health savings marketplace in the U.S., helping more than a million people to affordably access quality healthcare services. Our mission is to empower consumers with the tools, information, and services that they need to live happier, healthier lives. www.dentalplans.com.