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Coverage Insights: Make the Most of Your Voluntary Benefits

By Barrow Group Staff / September 25, 2019

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Did you know there are more benefits available to you than just medical and dental insurance? In fact, you may be surprised by the different options. It’s important to understand what voluntary benefits you can enroll in, since you could be missing out on big savings.

What are Voluntary Benefits?

Voluntary benefits are what they sound like: benefits you can choose to enroll in or not, based on your needs. Some of the most common voluntary benefits include dental, vision and life insurance. However, there are many options you may not be taking advantage of.

What You Could be Missing

It’s easy to focus solely on medical insurance and ignore other benefits during open enrollment, but that tunnel vision could be costing you. Just like other insurance, paying for voluntary benefits is often much cheaper than paying for a service outright. Here are some voluntary benefits that you may not expect:

  • - Adoption assistance
  • - Identity theft protection
  • - Employee discount programs
  • - Educational assistance
  • - Financial planning
  • - Legal plans 
  • - Pet insurance
  • - Employee purchase programs

Why They Matter

Think about how you spend your money and compare those expenses to the voluntary benefits offered through your company. You might find ways to save. For instance, if you took your pet to the vet several times in the past year, it might be worthwhile to invest in pet insurance. Or, if you do a lot of online shopping, you may choose to enroll in identity theft protection to avoid the headache of having your identity stolen.

Review your benefits and think about if you could use more coverage in certain areas. Speak with your HR representative to learn more about the benefit options available. Or, if your company is interested in expanding its nontraditional benefits, contact your Barrow Group rep today. 

Topics: temporary staffing, staffing, PEO, benefits, health care, wellness, human resources, employee benefits