The answer may surprise you. Hint: AFLAC
58% of Americans are living paycheck to paycheck after the inflation spike. This means that most of your employees are relying heavily on their paycheck to keep them from becoming financially vulnerable. If an employee falls ill or gets hurt, they’ll likely have little to no income coming in. On top of that, state Disability is so restrictive and can involve such an arduous process that your employees simply can’t count on it.
Voluntary Benefits
Voluntary Benefits, commonly referred to as AFLAC, can help employees maintain their income by paying cash benefits directly to them. Employees can use these cash benefits to help cover rent, groceries, and other daily living expenses while they’re out of work.
It’s true, major medical policies can be adequate for addressing most of your employees’ direct medical expenses. However, out-of-pocket medical expenses like deductibles, co-insurance, office visits, etc. aren’t covered by a primary healthcare plan and can still present a problem. These expenses add up quickly and can become an insurmountable financial burden for employees.
Voluntary Plans can help cover some of the large financial burdens employees face. Did we mention there’s no cost to you as the employer? Consider offering these plans to your employees on a voluntary basis:
- Accident
- Short Term Disability
- Life, Dental
- Vision
- Cancer Expense & Critical Illness
Don’t forget, you can offer these programs on a pre-tax basis. This can help lower your FICA and FUTA contributions, making these plans even more affordable to your team.
We think Voluntary Benefits are a win-win for you and your employees and should be a part of any comprehensive Benefits Package. If you have any questions regarding how to get this set up, please contact us at marketing@corpstrat.com