Voluntary Benefits
Published by Trustmark Voluntary Benefits on October 22nd, 2020
The leaves are falling, there’s a chill in the air, scary movies are back on TV and voluntary open enrollment season is just around the corner. For some, these things trigger feelings of excitement and joy, but for others they drum up fear and dread. If you find yourself in that last group, we can help ease your anxiety in at least one of these areas – voluntary open enrollment. Here are some ways you can take voluntary open enrollment season from spooky to sensational.
Prepare
One of the best ways to curb anxiety about a situation is to do the prep work necessary to set yourself up for success. In the case of voluntary open enrollment, you can prepare by doing research ahead of time to understand the different types of voluntary benefits your employer offers. Take inventory of coverage you currently own and consider the type of coverage you may need.
It is particularly useful to think back through the past year and note where and how you used your medical coverage versus voluntary benefits. Did you discover any gaps in your medical coverage? Were there situations where you could have used additional voluntary benefits coverage? Also, think through any life changes that you are expecting in the coming year. For example, if you plan to have children, get married or make a career change, these can pose additional risk factors or increase the amount of protection you need for your family.
Understand your current policy
If you don’t currently own voluntary benefits, start with your medical coverage and work from there. See which conditions are covered and be sure to review any exceptions or disclaimers. In particular, take note of your deductible, copays and coinsurance as voluntary benefits are often used to help cover those expenses. If you do currently have voluntary benefits, go back through your policy and write down which areas you have covered and where you may need additional insurance. If you have questions that you need clarification on, write them down for later and make use of your HR department or benefit advisors if they’re provided by your employer. Which leads us to our next topic.
Ask questions
Fear often occurs when dealing with the unknown. For most people, the nuances of insurance and voluntary benefits definitely qualifies as an unknown. Don’t hesitate to ask questions. Some common questions surrounding voluntary benefits are about premium rates, out-of-pocket costs, policy portability and duration. Write down any questions you come up with about these or other topics while you’re reviewing your policy so that you can find the answers from your HR department or company-provided benefit advisors. This will give you the confidence you need that you’ve covered all of your bases.
Even if you are someone who likes the thrills of the spooky season, voluntary open enrollment is too important to be an area where you take risks. Follow these steps to prepare yourself and put your mind at ease knowing that you’ve peeked around the corner in time to choose the best coverage for you and your family.
Prepare
One of the best ways to curb anxiety about a situation is to do the prep work necessary to set yourself up for success. In the case of voluntary open enrollment, you can prepare by doing research ahead of time to understand the different types of voluntary benefits your employer offers. Take inventory of coverage you currently own and consider the type of coverage you may need.
It is particularly useful to think back through the past year and note where and how you used your medical coverage versus voluntary benefits. Did you discover any gaps in your medical coverage? Were there situations where you could have used additional voluntary benefits coverage? Also, think through any life changes that you are expecting in the coming year. For example, if you plan to have children, get married or make a career change, these can pose additional risk factors or increase the amount of protection you need for your family.
Understand your current policy
If you don’t currently own voluntary benefits, start with your medical coverage and work from there. See which conditions are covered and be sure to review any exceptions or disclaimers. In particular, take note of your deductible, copays and coinsurance as voluntary benefits are often used to help cover those expenses. If you do currently have voluntary benefits, go back through your policy and write down which areas you have covered and where you may need additional insurance. If you have questions that you need clarification on, write them down for later and make use of your HR department or benefit advisors if they’re provided by your employer. Which leads us to our next topic.
Ask questions
Fear often occurs when dealing with the unknown. For most people, the nuances of insurance and voluntary benefits definitely qualifies as an unknown. Don’t hesitate to ask questions. Some common questions surrounding voluntary benefits are about premium rates, out-of-pocket costs, policy portability and duration. Write down any questions you come up with about these or other topics while you’re reviewing your policy so that you can find the answers from your HR department or company-provided benefit advisors. This will give you the confidence you need that you’ve covered all of your bases.
Even if you are someone who likes the thrills of the spooky season, voluntary open enrollment is too important to be an area where you take risks. Follow these steps to prepare yourself and put your mind at ease knowing that you’ve peeked around the corner in time to choose the best coverage for you and your family.
Share
Author
Written by Trustmark Voluntary Benefits
We provide innovative voluntary benefits that help our policyholders achieve greater financial security and protect what they care about most. You care. We listen.
Topics