What are voluntary benefits?

Voluntary benefits are services and/or goods that an employer offers at a discounted group rate but are paid for (either fully or partially) by an employee through a payroll deduction. Voluntary benefits may also be called employee-paid benefits or supplemental insurance. Voluntary benefits are supplemental to other traditional benefits (health insurance, retirement, etc.) and don't have any direct costs to the employer.

Here are some examples of voluntary benefits within each of the seven general types:

Health: This category contains additional health insurance options, such as:

• Critical illness insurance

• Accident insurance

• Emergency hospital transportation insurance

• Telehealth access

• Disability insurance

Dental: Supplemental dental options help close the gap between covered procedures and uncovered ones, which may include:

• Sealants

• Crowns

• Tooth removal

• Dentures

Vision: This covers or discounts regular eye exams and other procedures, such as:

• Glasses

• Contact lenses

• Laser eye surgery

Wellness and Lifestyle: This offers free or reduced services for the employee's well-being. Examples include:

• Gym membership

• Legal services

Financial: This supplemental benefit helps an employee to better manage their finances.

• Financial planning services

• Tax help

• Investment advice

• Student loan repayment programs

• Security: Options in this category cover an employee in case of death or identity theft.

• Life insurance

• Identity theft protection

Personal and Miscellaneous: These benefits can be anything else the employer feels will benefit the employee and increase retention rates.

• Flexible work hours

• Remote work

• Pet insurance

• Travel accident insurance