Voluntary Benefits Plans for Full or Part Time Employees
Voluntary Benefits Improve Your Benefits Package & Control
Costs
Voluntary benefits plans are a viable tool for employers to use
to improve their benefits packages & control costs.
These benefits can meet the variety of needs your employees have
in the areas of life insurance, short & long term disability insurance,
long term care insurance, health insurance, and dental insurance at
an affordable price.
Zero Out-of-Pocket Costs for Employers
Voluntary Employee Benefits are a way to offer your employees additional
benefits with zero out-of-pocket costs for the
employer -- the employees
pay the entire cost of any voluntary benefits they opt for.
Voluntary Benefit Plans (Employee Paid) can include:
Life Insurance
A life insurance plan is a policy
that pays a specified sum to beneficiaries upon the death
of the insured.
CASE STUDY
John is the primary wage earner for his stay-at-home wife and their
two children. John wants to lessen the financial hardship on his family
in the event of his death. A life insurance policy is ideal for this
situation. Depending upon the coverage, it could possibly cover the
mortgage payment and living expenses for a significant period of time
to take care of his family.
Short Term Disability (STD)
A Short Term Disability plan is coverage that provides income protection
should you become disabled due to sickness or non-occupational injury
Long Term Disability
A Long Term Disability plan is financial coverage
provided to an employee who is unable to work due to illness or injury
(either occupational or non-occupational).
Long Term Care
A Long Term Care Plan is medical care provided by a health care
facility to a chronically-ill, aged, disabled or mentally challenged
patient on a continuing and lengthy basis.
This term usually refers
to institutional care, and is most frequently used to refer
to nursing home care provided by nursing facilities and institutions
caring for the mentally-ill and the mentally-retarded.
Long term care's goal is to help people with disabilities be as
independent as possible; thus it is focused more
on caring than on curing.
Long term care is needed by a person who requires help with
the activities of daily living (ADLs) or who suffers from
cognitive impairment.
CASE STUDY
Not Just for the Elderly
Jim, a 52-year old father of two, had a stroke that left him unable
to walk or speak.
His wife found it difficult to care for
him at home since she had a full-time job.
Long term care insurance
allowed Jim to enter a nursing facility for therapy.
Dental Insurance
A dental insurance plan helps pay the costs of normal dental care
as well as damage to teeth from an accident.
Health Care Saving Programs
Affordable alternative to traditional insurance. If you're
not providing health coverage for your employees because of the high
cost, consider a health-care savings program as an affordable
alternative to traditional insurance.
The merits of a health care savings plan are evident. A key concern
to employees is the cost of health care, which comes from their post-tax
dollars if they are not covered under an employer’s plan.
A health care savings plan has the advantages similar to 401a, 403b and 457
plans -- all employee contributions come from pre-tax
dollars and earnings
on the balance invested are not subject to income taxes.
The contributions can be invested in one or more funds chosen by
the employee from a select group of investment options.
Withdrawals are not taxable. A health care
savings plan has another very important advantage -- upon
retirement or termination of an employee, withdrawals to
pay for health insurance premiums and other appropriate health
care costs are not considered to be taxable income.
Use stand alone or with traditional plans. Health-care
savings programs can be used as a stand-alone benefit or
in conjunction with traditional medical insurance in a way
that can reduce overall employer premiums.
Interested in Knowing More?
Contact
to
learn more about how this program could benefit you.
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