Despite a flat economy and higher unemployment levels, employers are still concerned about maintaining competitive benefit packages. With rising benefits cost, many organizations are no longer able to absorb these increases and are either passing these costs on to their employees in the form of higher premiums, deductibles and copays, or they are cutting back on benefits. American Benefits Group Worksite Solutions strategies take advantage of more than 50 years of collective experience leveraging unique capabilities and turn-key solutions in enrollment, products and services.

Voluntary benefits can be a win-win situation for both employers and employees.

Attracting and retaining key, productive employees can often be a complex task. Setting your company apart from other companies, however, can help you strengthen employee loyalty and attract top talent. One way to distinguish your company from other employers is to offer your employees a well-rounded and comprehensive voluntary employee benefits package.

A voluntary benefit program is an effective way to provide employees with the benefits they want, but with little or no cost to the company. Employees want choices of types of benefits due to their varying needs, family status and/or circumstances, finances, age, current coverage or other circumstances.

Popular voluntary benefits include life insurance, accident coverage, short-term and long-term disability insurance, dental insurance, vision insurance, long-term care and critical illness insurance. These products can be made available to employees at a fraction of the cost compared to purchasing on an individual basis. Employees suffering from health problems may also be able to receive guaranteed issue benefits.

When looking for a voluntary benefit program to offer employees, look for benefits that provide clear, compelling advantages to both the company and employees alike. To make voluntary benefit programs even more appealing to employees, the IRS established a tax filing incentive called Section 125, commonly referred to as cafeteria or POP plans. Employees who participate in a 125 plan pay less FICA, federal, and state tax on the dollars routed through these plans. The employer also saves on the required FICA match.

By offering just the right voluntary benefits program, employers can expand their fringe benefits to attract top-notch employees without increasing overhead costs. In today's economy, it is essential for employers to offer employees maximum benefit options. If assembled with care and thought, a voluntary benefits package will result in a win-win situation for both the employer and employee.