Most employers (owners, partners, or shareholders) are concerned with the uncontrollable rise in benefit costs.  The need for innovative and enhanced ways to keep costs in line with the margins has forced significant changes (including the elimination of some programs) in employee benefit packages.

The innovative way to make significant changes in your benefit package is called “Voluntary Benefits.”  Voluntary Benefits provide a way of allowing the employees to select the amount of coverage that they need to “fill the gaps” in their own protection plan and then pay for the benefits selected from their pocket—not yours.  Voluntary Benefits recognize that not all the employees are the same and that they all do not require the identical benefits you provide.  As a result, you run the risk of spending your scarce resources on benefits that your employees may or may not want/need, while they face significant “holes” in their personal plans that become very expensive when an unfortunate event arises.  

Voluntary Benefits should be coordinated with your benefit plans on both a companywide and on an individualized basis.  That is where the Benefits Advisory Council comes into play.