Voluntary Benefits That Could Move the Needle for Employees in 2022
![]() Here is more about some of the most popular voluntary benefits mentioned in these and other recent studies and surveys: Hospital indemnity: Also known as critical care insurance, these plans help pay for certain unexpected medical expenses. Hospital indemnity insurance is added to a health plan and pays the employee a predetermined dollar amount each day they are in the hospital. Pet insurance: Pet adoptions increased dramatically during the pandemic and pet care can be expensive. The American Pet Products Association reports that pet owners spent $103.6 billion on pets in 2020, compared to $90.5 billion in 2018. Like health insurance for people, pet insurance helps cover the cost of care if a member’s pet becomes ill or injured. Some plans also provide reimbursement for vaccinations, heartworm testing and spaying/neutering. Critical illness: This type of health care insurance pays a lump sum if the member is diagnosed with a severe illness — although the types of covered illnesses are specified and have their own limits. Identity theft protection: Identity theft is one of the top three fraud complaints. The Federal Trade Commission reported a 2,920 percent increase in the annual reporting of identity theft cases. Identity theft protection services monitor credit reports, financial information, social security numbers and public records for a member. Job applicants are placing greater emphasis these days on the quality of benefits they will get when considering a new position. If any of these voluntary benefits sound like a good fit for your company, talk to your broker about your options. [return to top] |