In today’s competitive job market, offering comprehensive voluntary benefits is not just an added perk but a crucial component of attracting and retaining top talent. Companies that understand the strategic value of these benefits are better positioned to meet the diverse needs of their workforce, thereby enhancing employee satisfaction and loyalty. This blog aims to delve into the substantial impact of voluntary benefits, exploring how they serve as a powerful tool for both employers striving to create compelling compensation packages and employees seeking tailored solutions for their financial and personal well-being.
Voluntary Benefits in a Nutshell
Voluntary benefits are employee-paid insurance policies that help you and your franchise employees cover out-of-pocket expenses and other needs not covered by a major medical plan, thus avoiding a financial crisis.
A voluntary benefits plan helps prevent a financial crisis by paying federal tax-free cash payments (benefits) directly to an insured when a covered event occurs, such as a bone fracture or cancer diagnosis. Benefits can be used for any purpose, such as rent, travel, daycare, etc.
One key advantage of voluntary benefits is their independence. They are not coordinated with a major medical plan. This means you receive benefits even if you have health coverage that pays benefits related to the same event.
For instance, a broken bone could ‘trigger’ a cash payment of $250-$6000, depending on the severity of the injury, giving you control over how to use these funds.
A franchise owner can offer voluntary benefits at little to no cost, and in some cases, their premiums can be paid with pre-tax dollars.
Examples of voluntary benefit insurance plans from your Healthcare Team
- Disability: Provides income protection in case of injury or illness.
- Cancer: Offers financial support for cancer treatments.
- Accident: Covers costs related to accidental injuries.
- Critical Illness: Assists with expenses from severe health conditions.
- Dental: Ensures your team has access to essential dental care.
- Hospital indemnity: Helps cover hospital stays and related costs.
- Pet insurance: from Nationwide for furry and feathered family members.
Voluntary Benefits from Your AAFD Healthcare Team
Your AAFD Health Team is committed to assisting you and your employees in avoiding a financial crisis resulting from out-of-pocket expenses not covered by a major medical plan.
To address this challenge, we provide you with access to Colonial Life’s voluntary benefits, cloud-based HR technology, and national enrollment team that can support our members in all fifty states.
For more information, please reach out to our Supplier representative, who can help you select the best voluntary benefits for your franchise and employees:
Harris May
Dafanie Financial Group, LLC
email: harris.may@coloniallifesales.com
More Info: https://www.aafd.org/supplier/dafanie-financial-group/
Schedule a Call: https://calendly.com/harrismayfinalexpense/discussion-with-aafd-member?month=2024-10
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Harris May
Dafanie Financial is an insurance agency that provides Voluntary/Supplementary Benefits from Colonial Life and Accident Insurance Company at no cost to the franchise community. Voluntary Benefits are designed to help startups and mature franchisees manage their healthcare costs, attract talent and reduce their workers’ compensation claims. Voluntary Benefits are insurance policies that pay benefits directly to employees to help them pay for deductibles, co-pays, household bills and replace wages.