Pet insurance or life insurance? Help employees select the voluntary benefits they need

Published Updated 2 Min Read

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Your employees are eager to take advantage of supplemental benefits offerings — but are they choosing the right ones?

Sixty three percent of employees said they were likely or extremely likely to sign up for voluntary benefits — intended to supplement more traditional offerings like healthcare and retirement  — through their employer in 2023, according to Voya Financial. That enthusiasm is a good thing, but to ensure your workforce has the protections they need and not just the trending, buzzy benefits they want, communication is key. 

Where gaps in medical insurance exist, disability and accident insurance can help cover employees financially. Employees should know that disability insurance is not just for on-the-job accidents, and replaces a portion of income when an employee cannot work due to illness or injury. It can cover 50-80% of income, and can be applied to essential expenses such as food, mortgage and loan payments, according to insurance company Guardian. 

Accident insurance can go beyond injuries and also keep employees and their families from succumbing to high medical bills, with payments generally covering treatment versus loss of income.

Lee Hafner
Editor

Lee joined the EBN team in 2022, and covers areas including caregiving, employee health and wellness, healthcare innovation, and company culture. She created EBN's popular Benefits in Action and … Read full bio


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