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Voluntary Benefits Rounding out your benefit package! 11.

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Presentation on theme: "Voluntary Benefits Rounding out your benefit package! 11."— Presentation transcript:

1 Voluntary Benefits Rounding out your benefit package! 11

2 What are voluntary benefits? Voluntary benefits have these characteristics: You can pay through payroll deduction Some Pre-tax and some After-tax deductions Group discounts Convertible to personal policies Helps you insure against some hidden pitfalls 2

3 What are the voluntary benefits? Available are: Three different home & auto plans Vision insurance Short Term Disability (STD) insurance 529 Next Gen College savings plan Long Term Care Insurance 3

4 Home & Auto companies You have three Home & Auto companies to choose from. Many experts suggest going out for bid every 5 years or so. Also, these companies might have additional lines of coverage to consider such as Umbrella policy Renters insurance Snowmobile coverage Personal liability, etc. 4

5 Home & Auto companies MetLife GET-MET8, Liberty Mutual Ron Morin, x50002 Northeast Bank Betsy Sibley, x3442

6 Vision Insurance Available through Human Resources Uses the network, toll free number of Pre-tax contributions Benefits include: $20 co-pay for annual eye exam $150 allowance for lenses and frames in-network with a $10 co-pay OR $150 allowance for contact lenses with no co-pay (every 24 months)

7 Short Term Disability (STD) Available through Human Resources Claims processed by The Hartford Pre-existing conditions excluded during first 12 months of coverage Two week waiting period Maternity is treated as an illness CT and ESB may be used to supplement STD income (cant exceed 100% of your normal pay) Covers up to 70% of your income up to $3000/week

8 529 College Savings Plan Part of Maines NextGen College savings Invest after-tax money to build accounts to pay for educational expenses You can designate yourself, child or grandchild as owner of the funds For more information, contact Art Chamberlain (207)

9 Long Term Care Insurance Purchase LTC Insurance with group rates More information may be obtained from Todd Grove, LTCP, CLTC LTC Financial Planners 72 Pine Street Portland, ME (207)

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