What is
VoluntaryMart?
VoluntaryMart is a Supplemental insurance intended to cover non-medical
expenses - such as time lost from work, co-pays, deductibles, or
special equipment.
How does it work?
In the event of an accident or illness, the benefits are paid directly
to the policy holder. You can use this money as you see fit! You
can use it to save your 401K, pay rent, buy food, make car payments
etc.
How do I pay for
it?
VoluntartMart is a pre-tax deduction from your paycheck.
"Pre-tax"
meaning you pay the premium first - then pay tax on the remainder of
your wages. This saves you and your employer money!
VoluntartMart is also
available on a direct basis, but check with your tax advisor to see if
you can do an "above the line" deduction on your taxes.
Is VoluntaryMart
voluntary?
Yes. If your employer offers VoluntaryMart and you are not
interested,
just ask to sign the waiver form. However, if you do enroll, you
do it for one year at a time. Your VoluntartMart insurance will
automatically renew every year on the annual renewal date chosen by the
employer unless you advise your employer, prior to renewal, that you
wish to terminate coverage.
What if I leave
this job?
VoluntartMart is portable - if you leave this job you can keep the same
rates
and just pay the premium out of pocket. You may, however, lose
the pre-tax savings.
Not all policies are available in all states.
