Employers have long been aware of the ancillary benefits associated with offering their employees health insurance. In addition to providing peace of mind and security, health insurance can also help employees maintain a healthy lifestyle, reducing absenteeism and improving productivity.
A recent study by the University of Michigan confirms these benefits, finding that employees who receive health insurance from their employer are more likely to have a regular doctor’s visit and to receive preventive care. The study also found that employees with health insurance are less likely to require emergency room care.
Understanding Ancillary Benefits
When most people think of health insurance, they think of medical coverage. Ancillary benefits are a vital part of any health insurance plan, but are often overlooked. Ancillary benefits are the additional benefits that are included in a health insurance plan. They can include dental coverage, vision coverage, and prescription drug coverage.
Ancillary benefits are important because they can help you save money on your healthcare expenses. Dental and vision coverage can help you avoid costly dental and vision procedures. Prescription drug coverage can help you save money on your prescriptions.
Ancillary benefits are also important because they can help you maintain your health. Dental and vision coverage can help you keep your teeth and eyes healthy. Prescription drug coverage can help you stay healthy by ensuring that you have access to the medications that you need.
Voluntary vs. Employer-Contributory
Voluntary vs. Employer-Contributory insurance schemes have long been a topic of debate, but the recent Affordable Care Act has made the issue more complex. Under the ACA, all Americans are required to have health insurance or pay a penalty. However, individuals can choose to purchase health insurance through the federal or state exchanges, or they can enroll in a private plan.
Employer-contributory plans are those in which employers contribute a set amount toward their employees’ premiums. Voluntary plans are those in which employees pay for their own premiums. Historically, employer-contributory plans have been more common, but that is changing. According to the Kaiser Family Foundation, as of 2013, 58 percent of workers were covered by voluntary plans and 42 percent were covered by employer-contributory plans.
There are several reasons for this shift.
List of Benefits of Ancillary Benefits to Employers
Ancillary benefits, also known as voluntary benefits, are a great way for employers to show their employees that they care. By offering ancillary benefits, employers can provide their employees with additional coverage and peace of mind. There are many different types of ancillary benefits, and each one has its own set of benefits. Some of the most popular ancillary benefits include life insurance, pet insurance, and legal insurance.
Life insurance is one of the most popular ancillary benefits. It provides employees with peace of mind in the event of their death. If an employee dies while covered by life insurance, the policy will pay out a lump sum to the employee’s beneficiaries. This money can be used to cover funeral costs or any other expenses that may arise.
Pet insurance is another popular ancillary benefit. It provides employees with coverage for unexpected veterinary bills.
Why Small Businesses Should Offer Vision Insurance and Other Ancillary Benefits
Small businesses are the backbone of the American economy. They account for more than half of all private-sector jobs and generate two-thirds of new jobs each year.1 Offering vision insurance and other ancillary benefits is a great way to show your employees that you care about their well-being and want to do what you can to help them keep their families healthy.
Vision insurance is a great way to attract and retain talented employees. It’s one of the most popular ancillary benefits, with nearly 90 percent of employees saying they would value it.2 And it’s not just employees who value vision insurance; employers do too. A study by the National Business Group on Health found that nearly half of employers said they would be likely to offer vision coverage if it were available through their health plan.
Work with a PEO to Offer Competitive, Cost-Effective Ancillary Insurance
When it comes to ancillary insurance, finding a cost-effective and competitive option for your employees can be difficult. However, by partnering with a PEO, you can offer your employees a variety of ancillary insurance options that are both affordable and competitive.
A PEO can provide access to group rates on ancillary insurance products, which can save your business money while still providing quality coverage for your employees. Additionally, a PEO can help you find the right ancillary insurance products to fit the needs of your business and employees.
If you’re looking for a cost-effective way to offer ancillary insurance to your employees, a PEO is the perfect partner. With access to group rates and a variety of ancillary insurance products, a PEO can help you provide quality coverage at a fraction of the cost.