Group ancillary products, also referred to as voluntary products, will add value and strength to a benefits package without increasing employer costs. Ancillary products are offered to employees at group rates through various insurance carriers that take care of most, if not all, of the administration. Many of these products are also fully portable, meaning the employee may take the benefits with them if, or when, they terminate employment. Life insurance, long and short-term disability insurance, long-term care insurance and employee assistance programs provide additional coverage to existing group insurance. As an example, an employee may increase the available group life insurance coverage offered by the employer by purchasing an additional voluntary life policy at his expense and pay for it through payroll deductions. When employer sponsored disability coverage is not available, group voluntary disability may be offered in the same way. Worth spotlighting is an Employee Assistance Program (EAP). Often overlooked, this benefit can be offered to employees at an exceptional cost of cents per employee. Employee Assistance programs assist and manage behavioral health of employees and their families. An Employee Assistance Program focuses on mental health, wellness and substance abuse, providing the resources and the tools to overcome work and home-related issues for your employees. The program offers privacy to the employee consulting them on personal and family problems while saving you time and money in recovery after work-related crises. Whether you are offering the services of an Employee Assistance Program or the added security of a life insurance or disability plan to your employees, your employees will appreciate the added benefits that you are providing. You will be rewarded by increased productivity, higher employee morale, and retention of your most valuable asset: your workforce.
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