We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.

What are the Different Types of Voluntary Benefits Plans?

Jessica Ellis
Updated May 16, 2024
Our promise to you
SmartCapitalMind is dedicated to creating trustworthy, high-quality content that always prioritizes transparency, integrity, and inclusivity above all else. Our ensure that our content creation and review process includes rigorous fact-checking, evidence-based, and continual updates to ensure accuracy and reliability.

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

Editorial Standards

At SmartCapitalMind, we are committed to creating content that you can trust. Our editorial process is designed to ensure that every piece of content we publish is accurate, reliable, and informative.

Our team of experienced writers and editors follows a strict set of guidelines to ensure the highest quality content. We conduct thorough research, fact-check all information, and rely on credible sources to back up our claims. Our content is reviewed by subject-matter experts to ensure accuracy and clarity.

We believe in transparency and maintain editorial independence from our advertisers. Our team does not receive direct compensation from advertisers, allowing us to create unbiased content that prioritizes your interests.

Voluntary benefits plans are various types of insurance and service benefits offered to members of an organization or employees of a company. The difference between voluntary benefits plans and regular benefits packages is that members or employees are not required to opt in to any of the services, but may do so at their own discretion. Plans are typically paid for through payroll deductions and may be offered in addition to or instead of regular benefits. Some of the different types of voluntary benefits include medical, dental, and vision insurance, accidental death or life insurance, savings plans and retirement accounts, and services such as legal assistance or therapy.

Some companies that offer a basic medical insurance package to employees may not have the means to offer a full health care package which includes other services beyond basic medical care. Some of the most popular voluntary benefits plans include options for dental and vision coverage. Medical coverage for specialized issues, such as end-of-life care, cancer insurance, or catastrophic injury coverage are also sometimes given as voluntary options. This allows a member or employee to purchase as much coverage as he or she wishes, often at a discounted rate.

Life insurance may be one of the most popular forms of voluntary benefits. Not all employees need or want life insurance, thus making it sometimes impractical to offer it as a mandatory benefit. Life insurance can help surviving family members pay for funeral expenses and continue to survive financially in the event of the death of the insured party. Many benefits plans also allow the coverage to extend to a spouse, domestic partner, or even other family members.

Some voluntary benefits plans can help save money for a goal such as college or retirement. These can be very useful for people who have difficulty managing their funds, as the contribution is deducted directly from payroll. Some employers or organizations will even agree to match a certain level of contributions per year as part of this deal, though not all make that guarantee. Voluntary savings plans such as IRAs can help grow a nest egg quickly through interest rates that are generally well above those of regular savings accounts.

Employers and organizations may choose to offer a variety of other voluntary benefits that can assist their members and workers. Some offer discounted access to services such as gyms, health clubs, or even cell phone service plans. Services such as discounted legal assistance or health services not covered by traditional medical plans, such as chiropractic services or psychotherapy, may also sometimes be available for below market rate.

SmartCapitalMind is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
Jessica Ellis
By Jessica Ellis
With a B.A. in theater from UCLA and a graduate degree in screenwriting from the American Film Institute, Jessica Ellis brings a unique perspective to her work as a writer for SmartCapitalMind. While passionate about drama and film, Jessica enjoys learning and writing about a wide range of topics, creating content that is both informative and engaging for readers.
Discussion Comments
Jessica Ellis
Jessica Ellis
With a B.A. in theater from UCLA and a graduate degree in screenwriting from the American Film Institute, Jessica Ellis...
Learn more
SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.

SmartCapitalMind, in your inbox

Our latest articles, guides, and more, delivered daily.