3. • Employee-paid insurance protection
• Sold to employees at work
• Typically paid via payroll deduction
• In addition to core employee benefits such as
medical insurance and 401(k) plans
What are voluntary benefits?
5. Advantages to employers
• Enhance benefit package
• Fill gaps in protection
• No direct cost
• Help with employee
recruitment, engagement
and retention
• Reduction in your Social
Security Match
6. Advantages to employers
Engage
Recruit
Retain
67% say voluntary benefits
would increase productivity
at work1
90% say it’s important for
employer to offer a full range
of benefits including
voluntary1
68% say a good employee
benefits plan keeps them
working for their current
company2
7. Advantages to employees
• For most workers, it’s the only opportunity to
purchase insurance
• It helps fill gaps in their insurance protection
• Benefits are “endorsed” by the employer
• Convenience of payroll deduction at group rates
• Some can even max out their earned income
credit (HOW YOU ASK???)
8. Pre - versus - Post
• Paycheck $1000
• Tax (33%) $(330)
• Left over $670
• Insurance $(100)
__________________
Bring home: $570
• Paycheck $1000
• Insurance $(100)
• Gov’t sees $900
• Tax (33%) $(297)
__________________
Bring home: $603
Even 1099 employees = 100%
Write Off
10. Ask employees
• Learn about employees’
needs
- Surveys
- In-person conversations
• Offer benefits that meet
their needs
11. Benefit Best Practices
Offer choices
88% of employees say choice is very important
89% of employees say it is important to be able
to choose the level of coverage they want
60% of employees are willing to spend more
to have choices(They can afford it)
12. Benefit Best Practices
K.I.S.S
• Offering choices doesn’t have to
be complicated
- Select benefits and features that are
most important to employees
- Don’t overwhelm employees with too
many choices
13. Benefit Best Practices
Make it affordable
• Don’t add “bells and whistles” that cost
extra but add little value
• Consider payroll deductions employees
already have
• Evaluate employees’ ability to pay
15. Importance of education
Education Best Practices
93%
of employees who rate their
education as very good or excellent
are satisfied or very satisfied with
their voluntary benefits
17. One-on-one education
Education Best Practices
75%
of employees who participate in a one-on-one meeting
are confident in making decisions about their voluntary
benefits1
63%
of employees who participate in a one-on-one meeting
are more satisfied with their employer’s voluntary
benefits package2
18. GBC Best Practice Program
Education Best Practices
• Focus on needs-based education
• Offer one-on-one meetings
• Include spouses
• Make meetings mandatory
• Use a variety of communication tools
• Send out pre-meeting materials
• Make meetings fun
All Gonzaque Benefits Best winners provide employer-paid
one-on-one meetings with benefits specialists and financial professionals
