Voluntary Disability Programs

If you became disabled from an accident that occurred on the job, you would generally be covered by workers compensation.On the other hand, what if that same accident occurred off the job? Or you unexpectedly were diagnosed with a serious illness? Or you became pregnant? How would you pay the bills? You are still responsible for paying your fixed expenses and providing for your family. In addition, there may be more expenses than normal related to your treatment and recovery. You may apply for Family Medical Leave (FMLA), however, FMLA only holds your position, it doesn't replace your income. Voluntary disability programs can provide income replacement fox both short and long term disability. A typical voluntary disability plan will replace 60-66 2/3% of your gross monthly income. This benefit is paid tax-free so that it closely resembles your take home pay.

Voluntary short and long term disability can be designed to work in conjunction with any employer paid disability programs. For example, if your company provides a long term disability program to all employees that begins after 6 months, a voluntary short term option may have a seven or fourteen day elimination period and provide a six month benefit duration. These plans are flexible and can be designed to match any desired elimination period and benefit duration.

Voluntary Life Insurance

Life insurance provides a death benefit to an insured's family at the time that individual passes away.This can be used to pay final expenses, mortgages, tuition, and maintain a way of life for those we leave behind. That is why it becomes crucial to plan for the unexpected in advance.

Many employers provide a base level of life insurance for employees. This is typically provided in the form of group term life insurance. The benefit amounts can vary, however they are often a flat amount such as $5,000 or $10,000 or more specifically based on an employees' salary. This is a nice benefit to provide employees, however frequently these plans end when an employee leaves the company, whether through lay-offs or other forms of termination that can include retirement. This is the time many people most need life insurance and it can be difficult to obtain. Life insurance premiums are based on several factors including current age, smoker/non-smoker status and the amount of coverage applied for. When someone retires and applies for life insurance the cost can be very high because of their age at that time. In addition, when applying on an individual basis, you are medically underwritten and may be declined if you have certain health conditions.

The best opportunity for individuals to acquire permanent life insurance is through voluntary, employer sponsored programs. Often times this coverage can be obtained on a guaranteed issue basis meaning that employees who on their own would be declined will be approved.

Voluntary life insurance is fully portable as well, meaning that when you leave the job the coverage stays with you at the same cost. There are several different kinds of voluntary life insurance available such as universal life, whole life and term life. In addition various policy riders that can be added to the plans such as Accidental Death & Dismemberment, Long Term Care, Critical Illness, Waiver of Premium and more.

Voluntary Vision Programs

Voluntary vision coverage is one important insurance benefit that no employee should be without.Utilizing your voluntary vision coverage can help reduce your overall healthcare costs and improve your health and quality of life. Regular eye exams are crucial to maintaining healthy vision and can often detect major medical problems in the early stages of development, such as diabetes and high blood pressure. This coverage greatly reduces an insured's out of pocket cost when dealing with these expenses for themselves and their families.

Typical voluntary vision programs will cover the cost of frames, every year or two, contacts, materials and annual eye doctor visits as well. There are generally co-pays and deductibles associated with this, although having a vision plan will allow employees to realize savings for these services. In addition many voluntary vision programs provide access to discounted laser eye surgery procedures. Conveniently, most comprehensive vision plans offer a network of providers including both private practice and retail chain providers.

Voluntary Dental Programs

Dental benefits offer a great deal of flexibility in terms of the types of services that are covered and the types of plans that are available. It is important to understand all the options available before selecting a plan. The primary services included in a dental plan are preventive care, basic restorative care and major restorative care. Preventive care covers routine checkups, such as services used to prevent tooth decay and other oral diseases. Basic restorative care covers common procedures including fillings, repair of damaged teeth, crowns and bridges. Finally, major restorative care covers major dental procedures such as replacing teeth and the repair of severely damaged teeth. Generally, most dental plans will provide coverage for preventive and basic restorative services whereas major restorative care and orthodontia benefits are often optional.

Dental plans, like medical plans, can be structured in any number of ways. However, the preferred provider organization (PPO), health maintenance organization (HMO} and the dental indemnity plan are the most common. PP0 plans involve a network of providers in which members are encouraged to use because the fees have been previously negotiated. Members can use an out of network dentist, although the highest level of benefit will be realized staying in the network. HMO plans are similar to a medical HMO in that members must stay within a limited network of dentists. Finally, a dental indemnity plan allows members to receive service from the provider of their choice and the plan will reimburse them for up to a pre-determined maximum based on the specific service.