Some employers across the U.S. are broadening their list of benefit options to meet the changing demands of younger employees and to make up for health insurance that costs more than ever before.
Voluntary benefits are supplemental coverage options employers offer employees. Historically employees paid for these benefits either partially or in full, but more employers are bundling these extra benefits into their core offerings, reports ABC News.
Popular voluntary benefits include critical illness insurance, accident insurance, hospital indemnity and pet insurance, among others.
The 2016 Xerox HR Services Financial Wellbeing & Voluntary Benefits Survey found employers believe offering these benefits actually enhances and encourages employee wellness.
"Our study shows 78 percent of employers view voluntary benefits as being extremely effective or very effective in supporting employee financial wellbeing, giving them peace of mind and a roadmap to financial control," said Tom Kelly, principal of Xerox HR Services, in a statement.
As consumers bare increasing responsibility for their healthcare costs, additional benefits such as critical illness insurance show some employers are willing to adapt benefit models to suit today's employees' needs.
"Millennials want choice and customization more than anything," Willis Towers Watson group benefits expert Mary Tavarozzi told ABC. "[Baby] boomers wanted more certainty."