A recent report issued by Mercer takes a closer look at the changing face of core and voluntary benefit offerings. The July-issued Health and Benefits Perspective, notes that for years, US employers have made voluntary benefits available to their employees as a supplement to core employer-paid benefits. But the pattern is changing, as employers expand and integrate their portfolios of core and voluntary offerings to maximize their value for both the plan sponsor and participants.
This trend began years ago with the realization that employers could no longer afford to subsidize a full suite of employee benefits offerings, resulting in more employer/employee cost sharing. In effect, notes the report, the line between what is core (employer-paid) and what is voluntary (employee-paid) is blurring. Additional burdens on employers due to the looming requirements of US health care reform legislation, which encumbers employers with increased benefits administration, reporting and employee education, is requiring employers to become more creative in their approach to design, place and administer all employee benefits, be they core or voluntary.
Market forces and health reform legislation are transforming the traditional model of employee-paid voluntary benefits. Help your current and prospective customers enjoy the economic advantages, plus enhanced employee satisfaction and engagement through voluntary benefits programs like Purchasing Power’s payroll deduction program which allows employees to purchase name-brand product with manageable monthly payments