Pet insurance or life insurance? Help employees select the voluntary benefits they need

Your employees are eager to take advantage of additional benefits offers – but are they choosing the right ones?

Sixty-three percent of employees said they were likely or extremely likely to sign up for voluntary benefits — intended to supplement more traditional offerings like health care and retirement — through their employer in 2023, according to Voya Financial. That enthusiasm is a good thing, but to make sure your workforce has the protections they need and not just the trendy and buzzy benefits that you wantcommunication is key.

“Pet benefits, identity theft, legal prepaid — these are the hot buttons that employees are quicker to click and become educated about, just because they sound different than disability, life insurancedental, medical, or any benefit in between,” says Eric Silverman, founder of the advisory Voluntary Disruption.

That interest can be used to help steer employees toward often-overlooked benefit options, such as hospital and critical illness benefits, which may be more vital in the long run, Silverman says. Despite the lower interest and less appeal than, say, a free gym membership, employees are more likely to need these benefits to stay financially, physically and mentally healthy.

From the traditional to the trending, we spoke to Silverman as well as advisor Drew Neslin, head of ancillary benefits solutions at BCS Financial, to better understand the additional benefits that can be critical to employee well-being, and those that they will excite them. the advantages available from their employer

Read more: Higher deductibles, premiums and co-pays: Aflac anticipates health care in 2024