Are voluntary benefits worth it?

Choosing employee benefits can feel like a multiple-choice test, especially when it comes to all those extras like accidental insurance and vision benefits. That’s why so many people end up defaulting to an “all of the above” or “none of the above” checkbox without much consideration.

But are any of those “voluntary benefits” worth the expense and the effort it takes to figure them out?

Well, it depends. It depends on how old you are, your health status, where you live, whether you have dependents, and/or a pet iguana. But that’s not the only information that can be helpful. In fact, there are literally billions of datasets that can give you insight about which voluntary benefits might be not only right—but truly helpful—to you.

Where, you might ask, can you get billions of datasets? At Nayya. Nayya leverages information across the healthcare and insurance industries to simplify—and clarify—your selection of benefits. That’s because we know that the benefits selection process you look forward to (?) every year can feel like an endless series of hoops to jump through. But Nayya is changing all that by providing personalized guidance on selecting voluntary benefits you’re likely to need, and then supporting you in actually using them to save money all year long.

Aren’t these just “perks”?

Well, no. A perk might be snacks, use of a company car, a standing desk, or Summer Fridays. Unlike benefits, they vary greatly in value and are loosely defined. In contrast, voluntary benefits offer you a specific and well-defined benefit that can help you save money on something you plan to purchase anyway, or protect you from unanticipated costs.

Most employers offer a voluntary benefits package in addition to the core benefits paid for by the employer. This suite of benefits is administered by the employer, but typically paid for by the employee via payroll deductions. The most common types of voluntary benefits are supplemental life insurance, vision, dental, long-term care, short-term disability, and accidental death and dismemberment coverage. But voluntary benefits can include almost anything, from pet insurance to identity theft insurance, computer purchase programs, transit assistance, and even adoption assistance.

What are the advantages? There are several.

• Benefits are offered at a price lower than can be otherwise secured by an individual.
• The payroll deductions are pre-tax
• Having a plan in place increases convenience and eliminates the need to shop around
• Supplemental plans offer added financial protection

At Nayya, we understand that your lifestyle is unique and encourage you to enroll in voluntary benefits that are tailored to your needs. But we don’t expect you to predict the future or make an “educated” guess. Instead, Nayya links you to data-driven insights and completely personalized recommendations for all the benefits available to you. And when your needs or priorities change? Nayya is there to help you adjust your selections accordingly.