Voluntary benefits, often referred to as Worksite Benefits, can be any type of additional benefits that are added to a menu of benefit options for employees. These benefits may be provided through insurance products that can be classified as either core products or ancillary products.
Core benefits typically consist of group major medical insurance, dental insurance and group term life insurance. Premiums for these core benefits are usually paid by the employer, although in many cases at least a portion of the premium is paid by the employees.
Voluntary ancillary products might include a number of various policies, not included in the core benefits package of the employer. Premiums may be shared by the employer or paid by employees through payroll deductions. Voluntary benefits might be stand alone or a combination of base employer provided benefit, with an option for the employees to buy higher amounts or additional benefits. Hstorically, worksite benefits consisted of insurance policies entirely paid for by employee payroll deductions. Examples may be life insurance, dental insurance, cancer insurance, accident insurance short-term or long term disability income, critical illness, limited medical benefit plans and more. The benefits, offered on a group basis, provide for lower premiums, guarantee or simplified issue amounts and easy enrollment.