Open enrollment - How (and whether) to purchase voluntary benefits
•Download as PPTX, PDF•
1 like•246 views
Open enrollment is a great time to review your overall financial situation and casualty coverage. Employers increasingly offer additional, supplemental insurance products, referred to as voluntary benefits, that you should probably consider. In this video we introduce what some of those voluntary benefit products are and suggests ways you could consider determining whether these additional products are right for you.
Recommended
More Related Content
What's hot
What's hot (9)
Viewers also liked
Viewers also liked (13)
Similar to Open enrollment - How (and whether) to purchase voluntary benefits
Similar to Open enrollment - How (and whether) to purchase voluntary benefits (20)
Recently uploaded
Recently uploaded (20)
Open enrollment - How (and whether) to purchase voluntary benefits
- 1. Open Enrollment – How (and Whether) to Purchase Voluntary Benefits
- 2. Open enrollment is almost here, and it is no longer just about choosing next year’s health insurance plan and retirement savings allocation.
- 3. While those things are important – and a sizable chunk of your total compensation – there are other things “for sale” you should pay attention to.
- 5. According to a 2013 Towers Watson survey, over 80% of employers offered voluntary benefits to their employees. That probably means you.
- 6. And other surveys show employees appreciate the ability to purchase voluntary benefits through their employer. Why?
- 7. Convenience of shopping while at work, convenience of paying directly from their payroll, (often) more affordable rates, and the comfort of knowing HR screened this programs.
- 8. So should you purchase voluntary benefits through your employer?
- 9. Possibly, assuming you need the product and the expense can be made to work with your budget.
- 10. Some common options include: dental and vision insurance, short and long term disability insurance, critical illness coverage, accidental death and dismemberment, and long term care insurance.
- 11. Still need help selecting your voluntary benefits?
- 12. Things you can do: 1. Talk with your HR department 2. Attend the benefits fairs and seminars when scheduled 3. Speak with the product/service specialist 4. See a financial advisor to understand how these fit into your overall financial plan
- 13. Take a moment this open enrollment season to plan your benefits purchases, whether they be health insurance, retirement savings or increasingly common voluntary benefits. Review annually.
- 14. Thank You!
Editor's Notes
- Hi. This is Aaron Benway from HSA Coach here to provide you with a few ideas on open enrollment. Today I’ll be talking about Voluntary Benefits available to you through your employer, specifically insurance options you may encounter, and how you can plan for your selections.
- So as I write this, open enrollment is just around the corner. And as many of you know, open enrollment is not just about health insurance and 401(k) allocations.
- While those are important, of course, there are other programs your employer is likely presenting to you – all elective, and generally at no cost to them – that may also be a good fit for you depending on your specific circumstances.
- And to get the terminology straight, those are referred to as “voluntary benefits.”
- According to a recent Towers Watson survey, over 80% of employers offer voluntary benefits to their employees. As a result, chances are good you have voluntary benefits offered to you during open enrollment.
- Further, surveys show employees appreciate the opportunity to purchase voluntary benefits through their employers. And why is that?
- First there is the convenience of shopping at work, plus the additional convenience of paying for these products directly through your payroll system, so before it hits your checking account making you more likely to spend on other things. In addition these programs are generally available at reduced rates, often “group rates,” so more competitive than you may be able to purchase individually. Further, these programs are often selected by your HR department, meaning they are more likely to fit the needs of people in your situation.
- Given all this, should you purchase voluntary benefits through your employer?
- Possibly, assuming you need the product and the expense can be made to work with your budget.
- Some of the options you are likely to find in the voluntary benefits section of your open enrollment include: dental and vision insurance, short and long term disability insurance, critical illness coverage, accidental death and dismemberment insurance, and long term care insurance. This is not an exhaustive list, and I’ve only focused on the personal insurance options. Further, some employers may offer these products as part of a total compensation plan, so at no additional cost to their employees.
- After you have reviewed your plan options presented to you, often weeks in advance of open enrollment, you may find you need additional help prior to making your selections.
- I recommend starting with your HR department, who in addition to any information they provide, are also likely to encourage you to attend the benefits fairs and seminars often scheduled during open enrollment season. You should also talk with the specific representative for the product or service being offered. Companies often send representatives onsite to answer employee questions. Finally, and an option often overlooked, is talking with a financial advisor, who is not only likely to be knowledgeable about these programs, they can also provide a more comprehensive review of your specific situation and recommend types and levels of insurance given your exact needs.
- Whether you need health insurance, additional contributions to your employer’s savings plan, or this increasingly popular class of products called voluntary benefits, be sure to take a moment this open enrollment season to plan your benefits purchases. Make sure you review annually.
- Hang tight. We’ll publish more.