Over the past several months, small businesses may have grappled to understand the many changes and regulations to the evolving health care landscape. In developing compliant strategies, employers have made, and continue to make, key benefits decisions that will impact the personal and financial well-being of their workers for years to come.

For those small-business owners who have continued to offer major medical insurance to their workforce, rising health care costs continue to be a growing concern among employees. As costs continue to increase, it’s important for small-business owners to keep in mind that even with a major medical plan, out-of-pocket costs can be overwhelming for workers.

To relieve some of these financial pressures, more employees are looking to their employers for added protection. And for those employers that offer more than just major medical insurance coverage, it pays off.

In fact, the 2014 Aflac WorkForces Report found that 75 percent of employees believe their overall benefits packages influence job satisfaction and 64 percent say it impacts their work productivity. They also say benefits packages are influential with respect to workplace well-being and employer reputation.

So basically, the more you care – the more your employees care.

For those of you who think you can’t offer new products because you can’t afford it, there’s a benefits solution that’s right for you. Voluntary insurance policies, which complement major medical insurance coverage, can be paid by the employee and are designed to help pay for out-of-pocket expenses that may accompany the rising cost of health care.

Voluntary insurance products can give you the opportunity to offer great benefits to a workforce that’s looking to you for relief of growing financial burdens. Policies include accident, disability, cancer, hospital, critical illness and many more.

5 Reasons Why Voluntary Insurance Matters

• Voluntary insurance policies help provide employees with a financial safety net. Knowing that they have the security of a voluntary plan that will help cover unexpected medical costs will help keep their minds on their jobs and not on monetary concerns.
• Voluntary insurance can be offered at no direct cost to employers. You can choose to contribute a portion of the premium or simply make the policies available for your employees to purchase.
• Since voluntary insurance pays cash benefits, workers can use it to help pay health care costs that aren’t covered by major medical insurance. Whether an employee needs the money for childcare, groceries or co-pays, cash benefits allow the flexibility to put the money where it matters most.
• Voluntary insurance policies pay benefits regardless of any other insurance coverage employees have in place.
• Employees who are offered and enrolled in voluntary insurance plans feel more empowered at work, see their company as a great place to work and believe they’re more financially prepared to cope with unexpected medical expenses.

Gain More by Offering Voluntary Insurance

Deciding to make voluntary insurance available to your small-business employees is one way to soften the impact of inevitable cost shifting and rising out-of-pocket expenses.

Offering additional options like supplemental insurance shows you understand their evolving needs and also helps create a productive and loyal work environment.

Courtesy: Small Biz Trends

About Tom Giddens

Thomas R. Giddens joined Aflac in 1983 as Assistant Vice President in the Marketing department before serving in the field for 20+ years. In 2007, Tom Giddens' numerous achievements and contributions were recognized when he became the youngest member of the Aflac Sales Hall of Fame. Most recently he was appointed Executive Vice President, Director of Sales. Visit the Aflac WorkForces Report for more information about small businesses and insurance.