Voluntary insurance benefits make it easier to cover a workforce diverse in age

Many corporations are turning to voluntary health insurance benefits to help keep their unique workforce properly covered.

Many corporations are turning to voluntary health insurance benefits to help keep their unique workforce properly covered.

According to a recent report from two leading insurance companies, the current American workforce currently consists of a mix of generations that has never been seen before. In addition to elder workers who began working following the Great Depression, most offices also consist of a variance of "Baby Boomers" who were born in the 1940s and 1950s as well as members of Generations X and Y, who were born in the 1970s and 1980s respectively.

In addition to the different work styles exhibited by each generation - older workers work on one task diligently at a time while younger ones multitask and use social networking to communicate - each also requires different types of health insurance to cover them properly.

The solution suggested by the survey was to add voluntary benefits, enabling workers to add specific benefits to their plan at their own cost. That way, elder workers can effectively cover their families and medical concerns that come with old age, while younger workers can choose more affordable term life insurance plans.

The idea of offering voluntary health benefits is also gaining steam because of the lower cost to companies. According to a prominent insurance company who recently surveyed human resource managers, 42 percent responded that their company was looking to adjust their benefits due to the economy. Additionally, 60 percent of respondents said they were considering adding the voluntary options to their benefits plan.

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Posted: August 7, 2009

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