If it’s a chilly day, a light jacket might be all you need to stay warm. Others may require an extra layer, scarf and gloves. And then there’s the crowd who won’t leave the house without a full-body, goose-down jacket.
The point of this clunky metaphor is reminding you how unique our needs for comfort and protection can be.
When it comes to benefits decisions, if you’re in the market for extra peace of mind, consider enrolling in voluntary benefits during your company’s Open Enrollment period.
Usually overlooked and often misunderstood, this additional protection can be a valuable addition that fills in gaps for a variety of situations, and keep you more prepared for what’s ahead.
Learn what they are; different kinds of coverage you may see when you enroll; pros of having them and more — so you can determine if voluntary benefits are worth it.
What are voluntary benefits?
If you’ve heard “voluntary benefits” mentioned during your employer’s annual enrollment event, but aren’t confident in explaining the details, or value of having them, you aren’t alone.
In a nutshell, voluntary benefits are insurance plans that can help provide a financial safety net for you and your family and help protect you in a wide range of scenarios, like an unexpected illness, legal matters, accidents and more.
They are a special kind of insurance for things your regular health plan might not cover, and you can choose to get it if you think you need it. They are employee paid, meaning they are fully paid for by you through payroll deductions.
This optional coverage is often referred to as supplemental insurance. It is meant to supplement, or complement traditional benefits, like health insurance.
What are some advantages of having voluntary benefits?
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Cost support: These plans are designed to help with costs that aren’t necessarily covered by primary health insurance plans, like copays, deductibles or if an accident results in lost income.
- Affordability: Because of your company’s relationship with ADP TotalSource, this valuable coverage is offered to you at a discounted rate, versus seeking this coverage from the open market.
- Paid to you: Many employees like that voluntary benefits such as disability, accident and hospital insurance are paid directly to them, so they can use these funds where they are needed.
- Customizable: Flexible options to fit your unique needs.
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Also for your furry friend: Pet wellness coverage can help with expenses from routine, preventive visits.
- Peace of mind: Enjoy the feeling of financial security and confidence to take on whatever might be ahead
What are different types of voluntary benefits?
ADP TotalSource® offers a wide range of voluntary products, listed below, to protect you and your family from unexpected and significant medical out-of-pocket expenses; safeguard against loss of income due to a disability; cover legal consultations; and take care of your family if you are seriously injured or no longer around to do so yourself.
- Term Life: An affordable way to provide your family financial security in the event something happens to you.
- Short-term Disability: A must-have plan if not offered by your employer or via state law, it replaces a portion of your income during the initial weeks of disability if you are not able to work due to a severe injury, pregnancy or illness.
- Long-term Disability: A buy-up option for employees offered the basic 50% to $1,000 by their employer, it replaces a portion of your income for an extended period if you are not able to work due to a more severe injury or illness.
- Hospital Indemnity: Pays benefits upon admittance into a hospital for care. Funds can be used to offset medical plan out-of-pocket expenses.
- Group Accident: Pays benefits for covered injuries such as fractures, burns, ligament damage or concussion.
- Critical Illness: Reduces the financial impact of a major illness, such as heart attack, stroke, or cancer by paying a lump sum benefit.
- Accidental Death and Dismemberment: Provides protection for accidents and serves as an additional layer of financial security beyond life and disability insurance.
- MetLife Legal Plans: Provides you, your spouse and dependents, access to legal guidance and tools needed to navigate personal legal matters such as estate planning, adoption, civil lawsuits and along with many other matters.
When can you sign up for voluntary benefits?
If you were recently hired, you’ll be able to elect this optional coverage during your company’s new hire enrollment period.
For others, you can sign up during your company’s annual Open Enrollment period, or if you experience a Qualifying Life Event.
Be sure to designate a beneficiary for all voluntary plans that require one.
So, are voluntary benefits worth it?
That’s for you to decide. Truly. We know the value that comes from having this coverage, like the flexibility to personalize your protection and affordability through ADP TotalSource.
In the end, it’s about what matters to you and what peace of mind looks like for you.
If after reading you want a little more peace of mind; or if you don’t feel confident financially taking on possible gaps in coverage; or feel good about giving your family one less thing to worry about, then yes, voluntary benefits are worth the investment.
For more information, access the Common Benefits section in your My TotalSource profile, or call our award-winning MyLife Advisor team (800-554-1802).
