Employee Benefits: Ancillary Benefits
Provide security for your employees in a way that can make a difference in their lives with Ancillary Benefits.
Ancillary benefits can make a strategic difference in your benefits package without negatively affecting your budget. These benefits are increasingly viewed by job candidates and employees as a differentiator among employers.
Ancillary benefits are typically purchased in conjunction with major medical coverage, to give employees more support for their overall well-being.
Some types of ancillary benefits are:
- Dental
- Vision
- Life
- Disability
- Cancer Insurance
- Critical Illness Insurance
- Accident Insurance
- Pet Insurance
- Travel Insurance
Employers can offer these benefits using multiple contribution strategies:
VOLUNTARY BENEFITS
- Employees pay 100% of ancillary premiums, but have access to lower premiums by being part of a group plan as opposed to purchasing a policy as an individual.
EMPLOYER-CONTRIBUTORY BENEFITS
- Employer pays at least half of the premiums. Rates will typically be lower than Voluntary Benefits, due to higher participaltion.
Ancillary Benefits Advantages:
BENEFITS ENHANCEMENT
Offering ancillary benefits helps your employees protect what matters to them, with products such as: dental, vision, disability, cancer, critical illness, life, accident, pet, and travel insurance.
SUPPORT FINANCIAL WELL-BEING
Ancillary benefits are paid directly to employees. So, they can use cash benefits for any reason, like: deductibles, coinsurance, non-covered treatments, and living expenses.
ATTRACT & RETAIN EMPLOYEES
Quality ancillary benefits help attract and retain the best talent, which reduces turnover (and associated on-boarding and training costs), and helps to gain a more skilled workforce.
REDUCE LOANS & WITHDRAWALS
Because certain ancillary benefits are paid directly to employees, they can use the cash from this provision rather than taking loans.
INCREASE PRODUCTIVITY
When your employees are satisfied with their benefits, they are more likely to be engaged, motivated, productive, and to bring enthusiasm to their work.
COST SAVINGS BENEFITS
Due to the various contribution strategies available, ancillary benefits are typically affordable for both the employee and employer.