5 voluntary benefit trends for 2013

Voluntary benefits have been giving companies a much-needed boost to their total rewards packages. They have become an asset to employers and a welcome choice for employees. Eastbridge Consulting Group’s recently-released study, MarketVision — The Employer Viewpoint after PPACA, reports that 77% of employers with 10 or more employees now offer at least one voluntary product. In 2013, the percentage of employers offering voluntary benefits will rise, and those already offering voluntary benefits will add more options to their employee benefits packages.

Employers incorporate non-traditional voluntary offerings as a means to augment core benefits and appeal to a diverse range of employees, with little or no additional cost to the employer and minimum administration needed. Non-traditional voluntary benefits offer workers a way to obtain items and services through convenient payroll-deduction. These offerings provide workers with immediate tangible benefits, which further increase their appeal as they can be used year-round to obtain something that an employee needs, rather than many core benefits that employees only appreciate when they are sick or injured. Benefits such as auto and homeowners insurance along with critical care, supplemental life and disability insurance are common voluntary benefits that help address employees’ financial needs. But other non-traditional voluntary benefits such as group legal plans, financial planning, and employee purchase programs will continue to grow in popularity as viable financial-support tools.