Voluntary benefits are perks that your employer provides, most likely at a discount and through a payroll deduction.
There are many different types, and it may be beneficial to overall think about insurance when you think voluntary benefits, but here are the top three categories:
Health and Wellness
- Vision Insurance. This can include paying for a portion of out-of-pocket eyewear costs, potentially covers routine eye exams, and some contribute to LASIK procedures.
- Dental Insurance. Some insurances will pay for regular cleanings and procedures, crowns, sealants, dentures, tooth removal, and for X-rays.
- Disability Insurance. Policies may help by paying an individual close to what they would have made regarding their take-home pay prior to disability. You may also receive assistance with rehabilitation or accident insurance if something unexpected happens that results in injury or illness.
- Life Insurance. Life insurance policies often help families who may be facing financial troubles after an individual’s passing. This could include helping with funeral costs, giving a sum of money to chosen beneficiaries, or paying off debts, but overall, it’s there to support loved ones in the event of death.
- Gym memberships. Some benefits include fitness classes, access to health and wellness apps, and discounts on gym memberships.
- Financial Planning Services. This can look like access to one-on-one counselling with a financial professional. This can also look like saving, spending, and borrowing plans and information packets.
- Student Loan Repayment Plans or Tuition Reimbursement. Some companies provide their employees who are in school with scholarships, some provide tax-free contributions to help their employees lower student debt, and others may provide coverage for a certain percentage of an employee’s education.
- Tax assistance. You may qualify to meet with an IRS representative or tax representative at a discounted or free price to receive help preparing your taxes or counselling.
- Mortgage Protection Insurance. This is for in the event of your passing, loved ones and those who live in your house will receive aid in paying off the mortgage.
- Pet Insurance. Certain plans relieve the financial stress of vaccinations for your furry friends, checkups, and medication.
- Travel Insurance. Travel can be stressful when items get lost during the trip. Travel insurance plans can help with lost baggage and personal items, as well as trip cancellation fees and medical insurance should something unfortunate happen while away.
- Discounted Goods and Services. If you work for a retail company, some may offer employee coupons. For other companies, there may be offers for discounts on services.
- Employee Assistance Programs (EAPs). A lot of businesses offer this, and it allows for employees to access confidential resources for different personal difficulties they might face. This may take the form of referrals, assessments, counseling, follow-up services, and even mental health aid.
The best way to learn more about the voluntary benefits your work offers or which ones you qualify for, is to reach out to an HR representative and ask.