The world of employee benefits has been turned upside down with all the changes from the Affordable Care Act.
For the small and medium businesses, new regulations and requirements are on the horizon that will further complicate how employee benefits are provided.
Redbird represents a wide range of employee benefits options for small and medium-sized businesses, from group plans to identity protection.
A fast-growing area is what’s called Voluntary Benefits. It’s a simple concept:
- Benefits to employees where the employee pays 100% of the cost.
- Premiums are paid through payroll deduction.
- Some of the most popular products for Voluntary Benefits are Critical Illness, Cancer, Accident, Supplemental Medical, dental and vision, identity theft and others.
- There may be instances where employees who would not qualify for a product on their own will be able to get that coverage through an employee-sponsored program.
Statistics prove voluntary benefits improve employee satisfaction.
Depending on the size of business, employees should pay less in monthly premium than what they could get on their own outside of their employer. A recent survey by Harris Interactive reported that 65 percent of employees say it’s important that their employer offer these products (voluntary benefits).