Buhr & Associates
Voluntary Benefits
As a way to combat the ever increasing cost of employer sponsored health insurance, many employers are increasing the deductible and
out of pocket exposure of their group health plan. In turn, this has left many employees vulnerable to medical expenses they may be ill-
equipped to pay for.
Enter voluntary insurance, a type of coverage that can fill the gaps left by high deductible health plans. Voluntary insurance works hand in
hand with major medical plans to help ensure employees who are sick or hurt have the necessary funds to pay health-related
expenses. Voluntary insurance pays cash benefits to employees so they can pay for unexpected health care costs that might not be covered
by their major medical insurance or to help pay bills that threaten their financial security. Voluntary insurance pays cash benefits regardless
of any other insurance coverage employees have in place, including individual policies available through government health care
exchanges.
Voluntary benefits typically include:
- Accident plans
- Critical illness plans
- Hospital indemnity plans
- Vision plans
- Dental plans
- Short-term disability
- Cancer plans
- Life insurance
Middle-age employees who have a family history of heart disease, cancer or diabetes might gravitate towards a critical-illness, hospital
indemnity or a cancer plan while employees with young families with children might look towards an accident or injury policy that provides
some level of cost protection if a child is injured participating in sports or other activities.
Voluntary Benefits
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