Voluntary Benefits in Chicago, IL

In today’s competitive labor market, employers should constantly prioritize understanding and implementing ways to attract and retain top talent. One particularly effective strategy may be offering voluntary employee benefits. These programs and incentives typically go beyond the standard health insurance and retirement plans, often providing employees with additional options to enhance their overall compensation package.

What Are Voluntary Benefits?

Voluntary employee benefits are optional benefits that complement an employer’s core benefits package. Employees typically contribute financially toward their selections and can choose the benefits that best meet their personal needs and monetary situations. Offerings are often available at group rates, making them more affordable than they would be for an employee shopping on the open market for themselves.

While exact offerings may vary among employers, voluntary benefits often include the following options:

• Life insurance,
• Disability insurance
• Accident insurance
• Critical illness insurance
• Vision insurance
• Dental insurance
• Pet insurance

Why Are Voluntary Benefits Important?

Voluntary benefits can be an invaluable addition to employers’ overall compensation packages. Specifically, providing attractive options tailored to workers’ needs and preferences may garner the following advantages:

• Greater flexibility—The right packages can give employees greater flexibility and choice, allowing them to tailor their benefits package to their unique circumstances.
• Increased attraction and retention—Employees who can choose from ideal voluntary employee benefits may feel their employer is invested in their well-being. As such, offering the right options can help employers stand out in a crowded job market, making it easier to attract and retain skilled workers.
• Better employee well-being—These benefits can also support employees’ financial security and health, potentially reducing stress, decreasing absences and increasing productivity.

How Much Do Voluntary Benefits Cost?

The cost of voluntary employee benefits can vary depending on the type of benefit and the level of coverage chosen by the employee. Since employees typically help pay for these benefits, the financial burden on the employer can be minimal. Generally, offering these benefits through group programs can help employees access them at lower rates, making them more affordable than purchasing their own individual or family policies.

We’re Here to Help

At Ensured Advantaged, we proudly serve individuals, families and businesses in Chicago and throughout Illinois, as well as Texas, Florida, Ohio and California. Contact us today to learn more about voluntary benefits.