Voluntary Advantage
Voluntary Advantage
  • Home
  • Menu
    • About Us
    • Publications
    • Calendar of Events
    • Vendor Directory
    • Document Library
    • Video Library
    • Relational Leadership
    • Glossary
    • Voluntary Advantage News
    • Engage with Us!
    • Privacy Policy
  • Subscribe
  • Member Portal
  • More
    • Home
    • Menu
      • About Us
      • Publications
      • Calendar of Events
      • Vendor Directory
      • Document Library
      • Video Library
      • Relational Leadership
      • Glossary
      • Voluntary Advantage News
      • Engage with Us!
      • Privacy Policy
    • Subscribe
    • Member Portal
  • Sign In
  • Create Account

  • My Account
  • Signed in as:

  • filler@godaddy.com


  • My Account
  • Sign out

Signed in as:

filler@godaddy.com

  • Home
  • Menu
    • About Us
    • Publications
    • Calendar of Events
    • Vendor Directory
    • Document Library
    • Video Library
    • Relational Leadership
    • Glossary
    • Voluntary Advantage News
    • Engage with Us!
    • Privacy Policy
  • Subscribe
  • Member Portal

Account


  • My Account
  • Sign out


  • Sign In
  • My Account

Glossary of Terms

Worksite or Traditional Benefits

Worksite or Traditional Benefits

Worksite or Traditional Benefits

Typically refers to individual policies (or an individual contract) sold on a payroll deducted basis as an employee benefit. May be used interchangeably with "Voluntary Benefits". 

Accident Insurance

Worksite or Traditional Benefits

Worksite or Traditional Benefits

Supplemental medical plan that pays indemnity-based benefits to the member based on treatment received for accidental injuries. Can be structured for 24-Hour or Off-Job coverage.

Critical Illness Insurance

Worksite or Traditional Benefits

Hospital Indemnity Insurance

Supplemental medical plan that pays a lump sum benefit to the member if they meet the diagnosis requirements for a covered condition. Covered conditions typically include: Cancer, Heart Attack, Stroke, Major Organ Transplant/Failure, and End Stage Renal Failure.

Hospital Indemnity Insurance

Hospital Indemnity Insurance

Hospital Indemnity Insurance

Supplemental medical plan that pays indemnity-based benefits to the member if they are confined to the hospital for illness or injury. Optional benefits may also be available for outpatient treatment including: surgery, X-ray, diagnostic tests, and more.

Heaped Commissions

Hospital Indemnity Insurance

Heaped Commissions

Heaped Commissions pay a high 1st year commission, with a lower flat renewal – for instance, a 60% commission in year 1, with a 10% renewal available thereafter. 

Level Commissions

Hospital Indemnity Insurance

Heaped Commissions

Commission structure that pays a level commission amount year after year, typically 10%, 15%, or 20%.

LDEx Standards

Minimum Essential Coverage (MEC)

Minimum Essential Coverage (MEC)

Data exchange standards created by LIMRA, focused on automating the application and enrollment processes for most insurance product lines; thus creating quicker turnaround times and eliminating the potential for mistakes. 

Minimum Essential Coverage (MEC)

Minimum Essential Coverage (MEC)

Minimum Essential Coverage (MEC)

 The concept of Minimum Essential Coverage (MEC) was established by the Patient Protection and Affordable Care Act (ACA) in 2010. The ACA, also known as Obamacare, was a comprehensive healthcare reform law that aimed to improve access to healthcare and make it more affordable for Americans. The MEC provision of the ACA mandates all health insurance plans to offer essential health benefits, ensuring access to basic healthcare services for all Americans regardless of their income or health status.

Claims Integration

Minimum Essential Coverage (MEC)

Claims Auto-Notification

The act of proactively notifying or processing claims based on data collected internally or through a 3rd party.

Claims Auto-Notification

Claims Auto-Notification

Claims Auto-Notification

When a Member experiences an event that potentially qualifies for a claim payment, and are then automatically notified that they have a potential claim they can file on their Supplemental Health plan once that claim is processed on another line of coverage (Ex. Health Insurance).

Claims Auto-Submission

Claims Auto-Notification

Claims Auto-Adjudication

When a Member experiences an event that potentially qualifies for a claim payment, and the claim is automatically submitted on their Supplemental Health plan based on data collected on another line of coverage, and the Member receives a notification.

Claims Auto-Adjudication

Claims Auto-Notification

Claims Auto-Adjudication

When a Member experiences an event that potentially qualifies for payment, the claim is automatically processed and paid with minimal human intervention from Member or carrier, based on data the carrier has in-house or through a 3rd party.

Disability Insurance

Permanent Life Insurance

Permanent Life Insurance

Insurance policy that pays the member a weekly or monthly payment when they are unable to work due to sickness or injury.  Benefits are subject to an elimination period and benefit period, and members typically need to submit an Attending Physician's Statement showing the diagnosis and anticipated date of return to work to qualify for benefits.  Can be structured as Short Term Disability (can receive up to 1 year of benefit), or Long Term Disability (can receive benefits up to retirement age).

Permanent Life Insurance

Permanent Life Insurance

Permanent Life Insurance

Life insurance policy that features a level premium (does not increase as you age), is portable, and able to be continued into retirement. It takes several forms including: Whole Life, Univeral Life, or Level Premium Term products. They often feature riders that allow you to customize coverage to your unique needs (Ex Chronic Care, Long Term Care, AD&D, Premium Waiver, Spouse or Child Term Life, and more.

Level Premium Term

Permanent Life Insurance

Universal Life Insurance

Life insurance that features a fixed death benefit, level premium, but does not grow a cash value. Coverage is for a set period of time - 10, 20, 30 years or to a certain age (Ex. 100).

Universal Life Insurance

Universal Life Insurance

Universal Life Insurance

Permanent Life insurance that features a fixed death benefit, flexible premium, and grows a cash value with interest accruing on a tax deferred basis. Coverage is typically purchased for final expenses, for retirement savings, or as a solution for long term care services.

Whole Life Insurance

Universal Life Insurance

Long Term Care Insurance

Permanent Life insurance that features a fixed death benefit, level premium, and grows a cash value with interest accruing on a tax deferred basis. Coverage is typically purchased for final expenses, for retirement savings, or as a solution for long term care services. 

Long Term Care Insurance

Universal Life Insurance

Long Term Care Insurance

Coverage that pays a monthly benefit if you are receiving long term care services. To qualify for coverage, you typically must be receiving care and unable to complete at least (2) Activities of Daily Living (Ex. bathing, dressing, walking, using the toilet, eating, hygiene).

Employee Perks

Identity Theft Coverage

Identity Theft Coverage

Term used to describe extras available to employees in the workplace. They can range from discount programs, to assistance with childcare, time-off, and more. 

Identity Theft Coverage

Identity Theft Coverage

Identity Theft Coverage

Commonly offered Voluntary Benefits that resolves identity theft issues for you. They typically also have proactive resources to reduce the likelihood of identity theft and include an insurance policy to assist with costs to resolve the identity theft and stolen funds.

Legal Coverage

Identity Theft Coverage

Group Auto & Home

Commonly offered Voluntary Benefits that assist you with legal needs including finding a lawyer and paying for services. Offered as an insurance policy or a discount program.  Covered services range from: creating a Will, POA or Trust - to traffic ticket defense - to family law matters, and more.

Group Auto & Home

Student Loan Services

Group Auto & Home

Employee perk that allows employees to purchase discounted home and auto insurance through their workplace. Premiums can be offered on a payroll deducted or direct pay basis.

Pet Insurance

Student Loan Services

Student Loan Services

Plan that assists members in paying for veterinary treatment for their pets. Coverage is typically subject to a deductible, coinsurance and annual limit. 

Student Loan Services

Student Loan Services

Student Loan Services

Employee perk that assists employees with managing their student loan debt. Services range from assistance with refinancing or consolidating student loan debt, to expert guidance and advice, to managing contributions to student loan debt.

Articles

Needs of Key Stakeholders

What Is 7702B & Why Is It Important for Long Term Care?

What Exactly Are API Connections?

Read More

What Exactly Are API Connections?

What Is 7702B & Why Is It Important for Long Term Care?

What Exactly Are API Connections?

Read More

What Are Decision Support Tools & How to Leverage Them

What Is 7702B & Why Is It Important for Long Term Care?

What Is 7702B & Why Is It Important for Long Term Care?

Read More

What Is 7702B & Why Is It Important for Long Term Care?

What Is 7702B & Why Is It Important for Long Term Care?

What Is 7702B & Why Is It Important for Long Term Care?

Read More

Best Practices for Minimum Essential Coverage (MEC)

Best Practices for Minimum Essential Coverage (MEC)

Best Practices for Minimum Essential Coverage (MEC)

Read More

Heaped vs Level Commission

Best Practices for Minimum Essential Coverage (MEC)

Best Practices for Minimum Essential Coverage (MEC)

Read More

What to Know About Student Loan Debt

Best Practices for Minimum Essential Coverage (MEC)

What to Know About Student Loan Debt

Read More

What Is The Washington Cares Fund?

Best Practices for Minimum Essential Coverage (MEC)

What to Know About Student Loan Debt

Read More

Copyright © 2025 Voluntary Advantage - All Rights Reserved.

  • Privacy Policy
  • Subscribe
  • Member Portal

Welcome to Voluntary Advantage!

We are glad you are here! Subscribe for free today to get all of our updates.

Subscribe

This website uses cookies.

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.

Accept