benefits73-crop-600x338If you’ve been offering or receiving employee benefits for more than a few decades, then you probably remember a time when voluntary benefits weren’t so voluntary at all.  And if you’re an employer, you probably know all too well why the shift took place.

As the cost of health insurance began to increase, many small business owners had no choice but to redirect funds away from benefits like life and disability insurance and shift it towards health care.  Many employees were receiving health insurance through their employers, but little else.  To combat this problem, employers began re-offering those same benefits, often at a discounted rate, but with employees covering the bulk of the cost.

What’s more, choices for health insurance and voluntary benefits are often made in two separate enrollment processes, making it more difficult for employees to consider the whole picture when deciding which options are best.  As a result, there’s a growing push to bundle a number of these supplemental products in ways that both make sense and save money.  For example, offering a hospital indemnity policy to an employee who chose the high deductible health plan.

This practice is a big plus for employers who can use their more competitive benefits package to recruit and retain top talent.  It’s also great for employees who can better understand their benefits as a whole, make better use of them, and improve both their physical and financial health.

You can learn more about the voluntary benefit conundrum and what can be done about it by reading this article on LifeHealthPro.