Most jobs offer health insurance and many offer a retirement plan to employees. These are benefits for which employers often pay at least some of the costs. Some employers also offer a suite of voluntary benefits called workplace benefits.
Voluntary benefits offered through a workplace usually are meant to help employees live a more well-rounded life. They often target things that could threaten an employees health or finances. They are referred to as voluntary because employees usually are required to pay the full cost with no contributions from the employer. However, premiums for such benefits usually are lower because employees get to take advantage of group rates.
Voluntary work benefits can benefit any employee, and if they are offered at your workplace, it’s a good idea to consider them. However, the benefits are a particularly good idea for certain groups of employees. These include single parents, workers who are the sole breadwinner in their families and employees with dangerous or hazardous jobs who face a higher risk of work-related injury.
Voluntary work benefits are what are considered supplemental benefits, meaning they are meant to supplement other kinds of insurance, mainly your health insurance. They usually kick in and pay out when you have experienced a certain kind of event, such as illness or injury. Supplemental benefits usually pay out in one lump sum, and then you are allowed to use the benefit proceeds in any way you see fit.
Workplace benefits can vary from employer to employer, but the ones that are most often offered to employees include accident insurance, critical illness or cancer insurance, disability insurance, long-term care insurance and universal life insurance.
The main benefit of having voluntary benefits through your workplace is that they provide an extra financial cushion if you become ill or get injured and can’t work. The money you get from such benefits can help you not only pay medical bills but also provide you income if you are out of work for a significant period of time.