Benefitspro.com recently featured several voluntary benefits to watch in 2013. A huge increase in employers will begin by offering voluntary benefits to their workers. This trend is a sign that employers are gearing up for the “game changer” in 2014. Healthcare will soon be mandated, meaning an increase in employee and carrier “out-of-pocket” responsibilities.
There is a good side to all of the changes, according the Hartford Study, employees who are offered voluntary benefits reported higher satisfaction with their benefits than did those who were not offered voluntary products (64 percent and 56 percent, respectively).
Legal benefits were named as a “hot item” on the voluntary benefit market. Donald Rowe, VP of Employee Benefits Worksite Marketing at Legal Club of America, says that more employers are offering legal benefits because “most employees don’t leave their personal problems in the parking lot when they come into work.”
“These issues interfere with their productivity,” Rowe says. “Rather than pretending employees don’t have those issues, employers give them solutions.”
While family law issues such as adoption, divorce, wills and power of attorney continue to be the most popular reasons to utilize legal benefits, the recession has caused more people to use them for home foreclosures and bankruptcies, he says.
“Employers will want to retain their best employees by offering a menu of rich benefit offerings, particularly if they are having to lower their participation in health care plans,” Healy says. Learn more here.