How Boring Benefits Can Pay Off
Inc.|March - April 2021
The pandemic, the grim economy, and the stress of remote work have made employees’ physical, mental, and financial well-being more important than ever. At the same time, bosses are trying to meet their employees’ needs on a tighter budget. One solution? Voluntary benefits.

They’re not as sexy as onsite gyms and free lunches, and the term is a bit of a misnomer. It typically refers to insurance products (separate from health coverage) that workers can buy at lower group rates via payroll deductions. But it can also apply to benefits that are funded all or in part by employers. Voluntary benefits cover familiar things, like long-term disability care, and novel ones, like legal services, identity theft protection, financial counseling, and veterinary bills. Keep in mind that voluntary benefits are just one piece of a company’s benefits puzzle, and are no substitute for solid health coverage. And offering a new benefit without footing the bill might not come across as particularly generous. But employees appreciate getting insurance cheaper and more conveniently than they could on their own, and these benefits can provide peace of mind by filling coverage gaps and reducing out-of-pocket costs. (One increasingly popular benefit is hospital indemnity insurance, which pays the employee a certain amount for each day of a hospital stay.) Read on for a guide to getting started.

DO YOUR RESEARCH.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM INC.View All

It's about time you got on TikTok

Tip Sheet

2 mins read
Inc.
May - June 2022

Give Your Team a Better Option

Stock options are a great retention tool-but why should employees have to bear your risk? There's a solution for that.

7 mins read
Inc.
May - June 2022

Through the Looking Glass

Glen Tullman envisions an upside-down world-one where health care isn't broken and patients get the treatment they need at a cost they can afford. Now all he needs to do is bring transparency to a system that, by design, is anything but clear.

10+ mins read
Inc.
May - June 2022

Business Regrets? They've Had a Few

There are many reasons why companies go thumbs-down on good ideas. Some of those reasons seem reasonable:

4 mins read
Inc.
May - June 2022

Be Yourself. Inspire Others

Today's political minefields are so explosive that a step in any direction can seem perilous. But nobody ever inspired a following by standing in place.

3 mins read
Inc.
May - June 2022

8 Ways SMBs Can Win in a Tight Talent Market

The Great Resignation has made competition for the best employees more intense than ever

6 mins read
Inc.
May - June 2022

The Humbling of Andy Dunn

This is the story of a founder who hit it big and suffered a mental breakdown-and his efforts to win back the trust and relationships he wrecked in the process. One day at a time. One person at a time.

10+ mins read
Inc.
May - June 2022

Save Yourself—Then Save the Company

After a devastating customer experience, I regrouped and analyzed everything about my business-and then took my company back.

3 mins read
Inc.
May - June 2022

She's Outgrown the Garage and Is Ready for the Next Step. He Has the Experience to Guide Her

Boxed co-founder Chieh Huang helps Bearaby founder Kathrin Hamm navigate the thorny issues that arise when managing a rapidly growing business.

7 mins read
Inc.
May - June 2022

The Future of ...WHAT'S COMING DOWN THE RUNWAY IN FADS, FASHION, AND FIRMWARE

I think influencer marketing should become more plugand-play, like with Facebook ads."

1 min read
Inc.
May - June 2022