What are voluntary benefits and how are they different from standard benefits?

[clevlen]

Our benefits team is expanding our voluntary benefits offerings, but I want to make sure I explain them correctly to employees. Are voluntary benefits always 100% employee-paid, or can the employer contribute? What options are most popular?

 

[William]

When explaining voluntary benefits to your employees, you can start by letting them know that these are optional benefits that they can choose to purchase through the company, but are not part of the standard benefits package. While it's common for voluntary benefits to be 100% employee-paid, some employers may decide to contribute to certain plans, such as group life insurance or disability insurance. The most popular voluntary benefits tend to be things like accident insurance, critical illness insurance, and pet insurance, as they provide employees with additional financial protection and peace of mind.

 

[darrensammy]

Voluntary benefits are those that employees can opt for, typically at additional cost, like additional insurance or wellness plans. By contrast, standard benefits are usually mandatory, employer-paid perks such as health insurance and vacation. The main difference is flexibility - voluntary benefits are optional, standard benefits are mandatory.

 

[robin]

Voluntary benefits are supplementary benefits that workers opt to purchase themselves, with or without employer contributions, including products like supplemental life insurance, legal assistance programs, or pet care insurance. Standard benefits are essential offerings provided to eligible employees by employers and include health care and retirement plans.