Lowering Out-O-Pocket Healthcare Costs

Top Voluntary Benefits Trends in 2023

By offering voluntary benefits, employers satisfy more of their workforce’s unique needs. The voluntary nature of the benefits allows employees to decide on an individual basis whether additional coverage would be beneficial or not. In 2023, there are several trends on the rise:

  • Holistic Benefits. The pandemic caused coverage gaps to become more obvious. As a result, more employers are offering voluntary benefits to bridge the gaps and help employees feel more secure. In the past, dental and vision were the most common benefits provided on a voluntary basis. While both options are still offered voluntarily today, they are presented amongst a larger variety of offerings like hospital indemnity, critical illness, accident, pet insurance, identity theft, and group legal.
  • Financial Wellness Perks. With inflation and prices at a high, employees are taking advantage of finance-related voluntary benefits. With better financial wellness, employees experience an increase in productivity and morale. For the same reasons, employers are beginning to offer more employees retirement savings plans, emergency savings funds, student loan repayment, and financial coaching.
  • Telehealth Services. The COVID-19 quarantine caused many individuals to put their health on hold. In an effort to make health services more accessible, employers are offering remote health and mental health services along with telemedicine. These services have become increasingly popular due to their convenience and cost-effectiveness.

When making elections this open enrollment, be sure to review your choices from last year. Determine the effectiveness of your previous decisions and if you should supplement coverage with voluntary benefits.