Voluntary Benefits for the Multi-generational Workforce

T H E M U L T I - G E N E R A T I O N A L WO R K F O R C E

S O C I E T A L T R E N D S & V O L U N T A R Y B E N E F I T S

H OW T O L A U N C H A V O L U N T A R Y B E N E F I T S P R O G R A M

T H E R O L E O F T H E V O L U N T A R Y B E N E F I T S C O N S U L T A N T

other popular voluntary benefits

THE MULTI-GENERATIONAL SAFET Y NET

6 TRENDS IN VOLUNTARY BENEFIT PRODUCTS

Hospital Confinement/Medical Bridge These plans provide a direct payment to employees for each day they are hospitalized due to an injury or illness and for certain preventative care and outpatient surgical procedures. The payment can be used for out-of-pocket deductibles and other unexpected expenses that the employee’s major medical health insurance may not cover. These plans are one way to guard against catastrophic medical expenses without paying sky-high premiums for more traditional health insurance. Pet Discount Care Since most people regard their animals as family members, this product is perceived as a valuable Voluntary Benefit. Discount Pet Care helps employees save on veterinarian and prescription costs with steep in-network discounts. It’s major medical protection for pets. Pet Discount Care plans can be cheaper than traditional Pet Insurance (see page 10) and don’t include most of the limitations and exclusions. With Pet Discount Care plans, pet owners receive a direct payment of a set amount based on a schedule of benefits. However, not all veterinarians accept these discount products. Employees should check to ensure their veterinarian is a participating provider. Voluntary Dental Voluntary Dental plans are also popular among employers and employees. These plans offer affordable rates, large dental provider groups, deep in-network discounts on procedures, orthodontics for children and adults, and a full range of preventative, basic, and major care, endodontics, etc. Dental problems and gum disease can also be indicative of medical issues. Therefore, Voluntary Dental plans can help employers control their healthcare costs. Voluntary Short-term Disability and Long-term Disability Short-term Disability (STD) and Long-term Disability (LTD) protect an employee’s ability to earn a paycheck. These benefits are as important as Life Insurance because one in four of today’s 20-year-olds will become disabled before they retire. 24 Anyone who earns a paycheck needs to protect it. Voluntary STD and LTD provide additional financial protection at no cost to the employer and give employees the opportunity to choose options aligned with personal needs and budgets. When offered together, STD and LTD plans should complement each other.

OTHER POPULAR VOLUNTARY BENEFITS

ACCIDENT INSURANCE

CANCER PROTECTION

CRITICAL ILLNESS

DISCOUNT MEDICAL, DENTAL, VISION, PRESCRIPTION

EMPLOYEE CONVENIENCE/DISCOUNT PURCHASING

PERSONAL EXCESS LIABILIT Y UMBRELLA

GROUP LEGAL

HOME/AUTO

HOSPITAL CONFINEMENT/MEDICAL BRIDGE

PET DISCOUNT CARE

VOLUNTARY DENTAL

VOLUNTARY SHORT-TERM DISABILIT Y & LONG-TERM DISABILIT Y

VOLUNTARY SUPPLEMENTAL LIFE

VOLUNTARY VISION

The No. 1 non-traditional Voluntary product is Pet Insurance.

24 Council for Disability Awareness, “Chances of Disability”

- BenefitsPRO/Eastbridge Voluntary Benefits Survey

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