Ancillary and voluntary benefits are an important part of a company’s comprehensive benefits package. These benefits cost a fraction of the health insurance premiums and can be paid by the employer, the employees or a combination of both. MBL’s benefit consultants can illustrate how offering ancillary and voluntary benefits can be a cost-effective way to provide added value to both employers and employees. Some of the available voluntary benefits include:
- Short-Term Disability
- Long-Term Disability
- Flexible Spending Accounts (FSA)
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Group Dental Insurance coverage can be purchased by an employer and offered to eligible employees and often employee’s family members. There are two types of dental insurance plans. A DMO, Dental Health Maintenance Organization Plan, will usually provide the lowest cost to the insured, although there is typically a limited dental network. Routine checkups and other preventative dental treatments are either covered in full or require a small co-pay. A PPO, Preferred Provider Organization, provides members with more freedom to choose a dentist. With a PPO, there is usually a deductible and coinsurance amount for checkups and treatments.
With access to various carriers, MBL offers clients a personalized eye-care plan that is right for employer and employees alike. Eye care is about more than just getting glasses or contact lenses— it’s about health. Eye exams can catch early warning signs of serious health conditions such as diabetes, high blood pressure, and high cholesterol. Adding a vision plan to a benefits package is a great way to put the health of employees at the top of a company’s priority list and at a low cost.
Flexible Spending Accounts (FSA)
Given today’s difficult financial times, everyone is looking to save money wherever they can. An FSA is a useful tool to help both employees and employers save money. While the tax advantages of an FSA represent a great savings to employees by allowing them to set aside pre-tax dollars from each paycheck, employers can also recognize a benefit from lower payroll taxes. Although the annual contribution to an FSA has been limited by Healthcare Reform, employees are beginning to expect an FSA as part of a complete benefits package. For little expense and virtually no administrative responsibilities, an FSA is sure to increase employee satisfaction.
Medical FSA— a medical FSA can be used to pay for certain out of pocket expenses such as deductibles, copays, prescriptions, glasses, etc. Dependent Care FSA—a dependent care FSA helps employees set aside pre-tax dollars that can be used to pay for dependent care. Commuter Benefits—commuter benefit programs also give employees a way to set aside pre-tax dollars for commutation expenses such as public transportation and parking.
While most Americans believe they need life insurance, 53% do not have sufficient life insurance. MBL’s clients are aware of how important a comprehensive benefits package is to attracting and retaining talented employees. Flexible plan design options allow clients to create a customized program that meets their needs. Life insurance forms the cornerstone of an employee benefit package as most employees look to their employer to provide this coverage.
Unfortunately, disability is a more common occurrence than most of us think. Given the increasing average age of the American workforce, the protection provided by group disability insurance should not be overlooked. We work with clients and our carriers to design the plan that best meets their specific needs. Considering the significant medical insurance premiums, group disability coverage can provide a considerable benefit at a relatively low cost.
Most people associate disability with serious accidents, but in reality the majority of disabilities are caused by illness. Group short-term disability helps employers and their employees cope with short-term absences from work due to illness or injury. With its reasonable cost, high benefit potential and likely guaranteed issue, group disability insurance makes a strong addition to any benefits package.