By Mitch McGlynn, President, Dominion Dental Services
Voluntary benefits have been a popular remedy for many employers that face difficult decisions about cutting budgets without compromising employee morale. According to LIMRA, nearly 650,000 employers with at least 10 employees now sponsor one or more voluntary benefits.1
Offering ancillary benefits such as dental and vision on an employee-paid basis provides an important benefit that is often overlooked – choice.
Employees have unique needs and are typically willing to pay for attractive benefits that come without employer premium contribution. In fact, it is not unusual for Dominion to enroll between 50% and 70% of employees in dental coverage when it is 100% employee-paid.2 Although companies offering voluntary benefits don’t incur the cost associated with them, they are providing a valuable group-rated benefit, usually on a convenient, payroll-deducted basis.
1 Dieleman, A. (2010, November). Benefits spotlight shines on voluntary products. Employee Benefit News.
2 Dominion Dental Services, Inc. – based on group premium and enrollment data, 2009.