There is a common misconception that lower-income workers don’t want voluntary benefits. But, the opposite is true. Employees who earn less than $50,000 a year are more interested in purchasing most voluntary products compared to higher income workers, according to an Eastbridge survey. Offering a voluntary benefits package is one of the simplest ways for employers to increase the spending power of low earners. Giving workers access to voluntary benefits can also ease financial stress, reduce turnover and differentiate employers from competitors in the talent market.
For many part-time and lower income workers, taking a relatively small amount out of their paycheck is more than worth the benefits they receive. Employees say that the strong advantages of voluntary benefits are lower costs, choice, and the convenience of paying for benefits through pretax and payroll deductions, according to a study by the Employee Benefits Research Institute.
Plans can be tailored to help staff meet the cost of everyday living, plus some luxuries. With many workers living paycheck-to-paycheck, a dental problem can turn into a financial emergency, and getting braces for a child can be out of reach. That’s where dental benefits come in. For groups of 2-99, CoPower ONE™ Voluntary, offers access to Delta Dental with some of the largest dentist networks in the United States. For those who need orthodontics, CoPower ONE™ Voluntary w/Ortho is a great option. Members also get access to VSP, which offers savings on glasses, contact lenses and exams, and laser vision correction. There is also a Diabetic Eyecare Program as well as a 60% discount on the Truhearing® Digital Hearing Aid. All CoPower members get free access to CoPower Vantage.™
The discount prescription card offers savings of up to 75% (discounts average roughly 30%). Also included is BenefitHub, which offers discounts that make it easier to afford dining, shopping, and a host of other attractions and services.
To learn more, contact your LISI Regional Sales Manager.