Employees can use new valuable voluntary benefits this month

As announced last month and shared in Feb. 28 and March 4 emails, benefits-eligible* employees gain access this month to several more voluntary benefits. Two are purchasing programs and three are insurance coverage for homes or apartments, vehicles and pets. Employees who use them pay for them, and employees who choose to not use them incur no additional cost. They're available year round, and employees don't need to wait for an enrollment window to begin using them.

The Everyday Marketplace site for Iowa State employees went live Tuesday morning. University human resources selected the employee marketplace portal through a request-for-proposals process. Benefits director Ed Holland said the benefit selections in the portal respond to three expressed needs that emerged from the 2022 benefits survey of Iowa State employees:

• Increase their financial wellness
• Reduce their financial stress
• Access benefits that meet their needs

"Employers are looking for ways to differentiate themselves, especially in the area of benefits. At the same time, employees want benefits that address their needs and meet them where they are at that point in their life," Holland said. "So, we wanted to add offerings that begin to address those three things for our employees."

Aon, which offers Everyday Marketplace, negotiates the contracts with vendors and operates the portal sites for its clients, like Iowa State, who select from a menu of benefits for their employees.

"Employees benefit from these offerings because Aon is able to negotiate preferred pricing due to its significant purchasing power on behalf of hundreds of employers," Holland noted.

Five new voluntary benefits

Four of the new voluntary benefits are available now. The fifth becomes available on March 31, and employees will receive an email reminder about it. The five are:

• Insurance for a home or apartment and its contents, with additional discounts possible for bundling and security protection. Employees request quotes online for the coverage levels they select; seven insurance companies currently provide coverage in this program.
• Insurance for cars, watercraft, motorcycles, RVs and mobile homes, with additional discounts possible for bundling and a safe driving record. Employees request quotes online for the coverage levels they select; seven insurance companies currently provide coverage in this program.
• Insurance for a pet's common illnesses, injuries, accidents and hospitalization, including specialized care. Participants pay their veterinarian for care, submit a claim and receive 50%-70% of their money back, depending on the plan they choose. They may select other services such as access to a 24/7 vet helpline, emergency kennel fees or a death benefit. Participants may keep their current veterinarian.
• Perkspot, a website (or app) on which employees receive immediate discounts on their everyday retail purchases and services -- in more than 25 categories -- with options to shop locally or nationally. The item could be as small as a movie ticket or as large as a vehicle. Participants set up an account, log in to browse and customize their categories, and complete the purchases with a preferred payment method.
• (Available March 31) Purchasing Power. It's not a discount program, but a buy now, pay in segments option that doesn't require a credit card. With it, employees purchase national-brand products and pay for them over time, interest-free, through payroll deduction. It's different from the lay-away model because it doesn't require a down payment and the shopper receives the item at purchase time, not when it's paid for. Employees select their payment plan for items such as furniture, appliances, electronics, travel packages, jewelry, fitness equipment, tires and more.

* Benefits-eligible: Faculty and staff who work at least 20 hours/week may access and enroll on the Everyday Marketplace portal.