Voluntary Benefits
Published by Trustmark Voluntary Benefits on August 17th, 2021
Fall is approaching…you know what that means; school is back in session, many sports are starting back up and, most importantly, open enrollment season is upon us. However, much has changed since the 2020 open enrollment season. With that in mind, now is a great time to review your current benefits coverage and see what options your employer offers to better meet your needs.
Before you jump into voluntary benefit enrollment, the first thing you might want to look at is your medical insurance. While your insurance will cover a lot, it likely doesn’t cover everything and can still leave you with significant out-of-pocket costs. So consider a few of the following:
Accident insurance
As school starts and organized sports begin to pick back up, it’s important to remember the risk of injury that comes with these participating in these activities for both adults and children. Unfortunately, many people don’t know until it’s too late that their health insurance doesn’t always cover the full cost of their medical bills. That’s where accident insurance comes in. If you or your child suffers an injury, accident coverage can help pay those extra bills when your medical insurance falls short.
Hospital insurance
Sometimes a more serious injury or illness can land you in the hospital. If that’s the case, then you may be faced with costly medical bills coming your way due to the gaps in your medical insurance or a high deductible on your plan. This is similar to accident insurance and once again, voluntary benefits can help. Hospital insurance helps soften the financial blow from a hospital stay, which can cost more than $10,700 out-of-pocket.1 With that price tag, it’s best to be prepared in case you or a family member requires hospital admission. It’s especially appealing to people planning for a family – since that certainly means a hospital stay could be in your future.
Wellness benefits
If you’re a parent, you know that back-to-school also can mean back to the doctor’s office for physicals and check-ups. What you might not know is that some voluntary benefits can offer wellness benefits that help pay for routine or preventative medical services such as physicals, vision tests, follow-up tests, biometric screenings and immunizations. So, as you’re gearing up for school enrollment and benefits enrollment, see if there are coverage options for your regular doctor’s visits.
Mental health and wellness benefits
The past year has undoubtedly impacted people’s mental health and wellness and has led to increased rates of substance abuse and addiction.2 Fortunately, some forward-thinking voluntary benefit carriers recognize and can help address the need for benefits surrounding mental health and wellness as well as substance use disorders and addiction recovery. If you or a family member could use coverage in these areas, see if your employer offers admission and recovery benefits for mental health and substance use cases.
Fall is a great time to reflect on the year thus far and prepare for the year to come. As open enrollment season approaches, use these potential benefit options as a starting point and take time to consider how your needs may have changed. Doing this can help you anticipate the type of coverage you may need to financially protect yourself and your family in the upcoming year. And, if these benefits aren’t available, be sure to reach out to your employer or HR representative about making them available where you work.
1Business Insider. Personal Finance. 2018.
2SHRM. Employers Respond to Rising Substance Abuse with Treatment, Support. 2021.
Before you jump into voluntary benefit enrollment, the first thing you might want to look at is your medical insurance. While your insurance will cover a lot, it likely doesn’t cover everything and can still leave you with significant out-of-pocket costs. So consider a few of the following:
- The deductible on your major medical insurance
- Copays or coinsurance costs on your medical insurance
- Your family situation: lifestyle, age and health history
Accident insurance
As school starts and organized sports begin to pick back up, it’s important to remember the risk of injury that comes with these participating in these activities for both adults and children. Unfortunately, many people don’t know until it’s too late that their health insurance doesn’t always cover the full cost of their medical bills. That’s where accident insurance comes in. If you or your child suffers an injury, accident coverage can help pay those extra bills when your medical insurance falls short.
Hospital insurance
Sometimes a more serious injury or illness can land you in the hospital. If that’s the case, then you may be faced with costly medical bills coming your way due to the gaps in your medical insurance or a high deductible on your plan. This is similar to accident insurance and once again, voluntary benefits can help. Hospital insurance helps soften the financial blow from a hospital stay, which can cost more than $10,700 out-of-pocket.1 With that price tag, it’s best to be prepared in case you or a family member requires hospital admission. It’s especially appealing to people planning for a family – since that certainly means a hospital stay could be in your future.
Wellness benefits
If you’re a parent, you know that back-to-school also can mean back to the doctor’s office for physicals and check-ups. What you might not know is that some voluntary benefits can offer wellness benefits that help pay for routine or preventative medical services such as physicals, vision tests, follow-up tests, biometric screenings and immunizations. So, as you’re gearing up for school enrollment and benefits enrollment, see if there are coverage options for your regular doctor’s visits.
Mental health and wellness benefits
The past year has undoubtedly impacted people’s mental health and wellness and has led to increased rates of substance abuse and addiction.2 Fortunately, some forward-thinking voluntary benefit carriers recognize and can help address the need for benefits surrounding mental health and wellness as well as substance use disorders and addiction recovery. If you or a family member could use coverage in these areas, see if your employer offers admission and recovery benefits for mental health and substance use cases.
Fall is a great time to reflect on the year thus far and prepare for the year to come. As open enrollment season approaches, use these potential benefit options as a starting point and take time to consider how your needs may have changed. Doing this can help you anticipate the type of coverage you may need to financially protect yourself and your family in the upcoming year. And, if these benefits aren’t available, be sure to reach out to your employer or HR representative about making them available where you work.
1Business Insider. Personal Finance. 2018.
2SHRM. Employers Respond to Rising Substance Abuse with Treatment, Support. 2021.
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Written by Trustmark Voluntary Benefits
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