All about workplace benefits insurance
Most employers offer health insurance and retirement benefits, but there also are businesses that offer a slew of other benefits that often are referred to as workplace or voluntary benefits. These benefits can be a very valuable option for employees.
What are they?
Workplace benefits are supplemental benefits that companies often offer in addition to traditional benefits. They also are referred to as voluntary benefits because they are optional for employees, and the employer usually doesn’t pay any of the cost for them.
Who are they for?
Work benefits can be valuable for anyone, but they are specifically targeted at employees in certain jobs or who have family situations where being out of work could cause a hardship. This can include people in jobs where injuries and illnesses are common, single parents and single wage earners.
How do they work?
Voluntary benefits are meant to be a supplement to other benefits, mainly health insurance. How they work can vary slightly depending on which type you have, but they generally pay out when you have a qualifying event. That might be a serious illness or injury that leaves you unable to work for a certain period of time. These benefits often pay out an amount as a lump sum after you file a claim that is approved, but some may pay out in monthly installments.
Types of coverage
There are a variety of workplace benefits on the market, and some employers may offer all of them while others may offer only a few. The most common types of these voluntary benefits are disability insurance, accident insurance, critical illness or cancer insurance, long-term care insurance and universal life insurance.
The main benefit of having work benefits is the potential for supplemental income if you are hit with a major illness or injury that leaves you with large medical bills and may put you out of work. This also offers peace of mind. An additional benefit is that these voluntary benefits usually are cheaper through your workplace than if you buy an individual policy.