Voluntary Benefits

Group Life and Optional Life Insurance are essential components of the benefits package offered at Stafford County Public Schools.

• Group Life Insurance: This coverage provides financial protection to employees and their families in the unfortunate event of the employee's passing. It typically offers a lump-sum payment to the designated beneficiaries and can help cover expenses or provide financial security during a difficult time.

• Optional Life Insurance: This is an additional coverage option that allows employees to increase their life insurance coverage beyond the standard Group Life Insurance provided by the organization. It offers flexibility for individuals to tailor coverage amounts according to their specific needs, providing an extra layer of financial security for their loved ones.

Both these insurance options are crucial in safeguarding the well-being of employees and their families, providing peace of mind by ensuring financial support in challenging circumstances.

The Unreimbursed Medical & Dependent Care Flexible Spending Accounts (FSAs) are valuable benefits offered at Stafford County Public Schools, designed to assist employees in managing healthcare and dependent care expenses with tax-saving advantages.

• Unreimbursed Medical Flexible Spending Account (FSA): This account allows employees to set aside pre-tax dollars from their paychecks to cover eligible out-of-pocket medical expenses. These expenses may include deductibles, copayments, prescription medications, dental care, vision care, and other qualified medical costs not covered by insurance. By using pre-tax dollars, employees can potentially reduce their taxable income, resulting in savings on federal income taxes.

• Dependent Care Flexible Spending Account (FSA): This account enables employees to allocate pre-tax funds to cover eligible expenses associated with caring for dependents, such as children or elderly relatives, while they work. Qualified expenses may include daycare, preschool, before- or after-school care, and elder care services. Similar to the Medical FSA, utilizing pre-tax dollars for dependent care expenses can lead to tax savings.

Both FSAs offer the advantage of reducing taxable income by allowing employees to use pre-tax dollars to pay for eligible expenses, ultimately providing a financial benefit while managing essential medical and dependent care costs.

• Accident Insurance: This coverage provides financial benefits in the event of an accident resulting in covered injuries or medical treatments. It typically offers lump-sum payments or benefits to help cover expenses associated with accidents, such as emergency room visits, hospital stays, surgery, and related medical costs. It provides additional financial support beyond primary health insurance.

• Cancer Insurance: This insurance is specifically designed to provide financial support for individuals diagnosed with cancer. It offers coverage for various cancer-related expenses, including treatments, medications, surgeries, and other related costs. The coverage can assist in managing the financial burden that often accompanies a cancer diagnosis.

• Hospital Indemnity Insurance: This type of insurance provides fixed cash benefits for covered hospital stays and related services. It offers financial assistance to help offset costs associated with hospitalization, such as room and board, intensive care, surgeries, and other hospital expenses.

• Critical Illness Insurance: This insurance provides a lump-sum payment in the event of a covered critical illness diagnosis, such as heart attack, stroke, organ transplant, or certain types of cancer. The benefit is paid directly to the insured individual and can be used to cover various expenses, including medical treatments, household bills, or other financial obligations during a critical illness.

These insurance options are intended to offer additional support and financial protection beyond primary health insurance, helping employees manage unexpected medical expenses associated with accidents, critical illnesses, or hospital stays.

• Short-term Disability Insurance: This coverage offers financial protection by providing a percentage of an employee's income if they are unable to work due to a covered disability. It typically replaces a portion of the individual's income for a limited period, typically ranging from a few weeks up to several months, depending on the policy terms. This benefit helps employees manage their finances during the time they are unable to work, offering financial stability during temporary periods of disability.

Trustmark Life Insurance offers an innovative and comprehensive plan called Universal LifeEvents®, which not only addresses life insurance needs but also extends coverage to assist with extended care requirements. Here's a concise description:

• Universal LifeEvents® Insurance: This plan is designed to cover both life insurance needs and potential extended care needs in the future. During your working years, the plan provides a higher death benefit, offering substantial coverage when responsibilities and financial needs are greatest. Upon reaching 70 years of age, the death benefit decreases to 1/3 of the original amount, aligning with reduced expenses during that phase of life.

• Long-Term Care Benefit: One of the key features of Universal LifeEvents is its inclusion of a long-term care benefit that remains constant regardless of age. This benefit is available to assist with expenses related to long-term care services, offering comprehensive coverage when needed most, ensuring financial support for extended care at any stage of life.

By offering both life insurance coverage and a long-term care benefit, Universal LifeEvents aims to provide a safety net that supports individuals and their families during various stages of life. It ensures that loved ones can continue pursuing their aspirations while providing financial security and care when transitioning between life chapters.