Voluntary Benefits | Health & Benefits | Mercer

Voluntary Benefits

Why Voluntary Benefits Should Be Part of Your Core Benefits Strategy

Voluntary benefits are a creative way to help you meet more of your company’s and employees’ needs, allowing you to:

  • Add flexibility: In today’s changing workforce, 70% of millennials and 59% of Gen X employees are looking for more flexible benefits.
  • Offer student loan assistance: About 86% of millennials say student loan repayment assistance is an important benefit².
  • Drive employee engagement: One of Mercer’s clients increased employee participation in its consumer-driven health plan (CDHP) by 200% when the company implemented a voluntary benefits program.
  • Fill gaps and cut costs: Voluntary benefits can help control costs, improve compliance and fill coverage gaps for your employees.

 

The right voluntary benefits program can help companies save money and help employees fill gaps in their coverage. It all makes for more engaged and satisfied employees.

Up to 200%

Improvement in CDHP participation

 

Why Choose Mercer for Voluntary Benefits?

Companies of all sizes are seeing great results from our leadership in health and benefits consulting:

  • Innovation and creativity: Our health and benefits experts inspire you to think differently, helping you discover new ways to satisfy your goals and those of your employees. Learn more about why voluntary benefits have become mainstream. 
  • Flexibility: Your workforce is unique. So are the needs of your employees. More companies are turning to Mercer for a customized voluntary benefits strategy that meets the needs of your company, people, and culture.
  • Full-service solutions: We can manage all aspects of your company’s voluntary benefits offerings including communication, enrollment, administration, and billing.

 

Learn more

Watch our video about how voluntary benefits can solve today's benefits challenges.

Setting Up a Voluntary Benefits Program That Works

We have designed and coordinated voluntary benefits programs for employers of all sizes and industries. We can do the same for you.

Talk with one of our consultants about how to reward and motivate your workforce with a customized voluntary benefits offering. Your plan can include any of the following:

90% of middle-income American families aren’t confident they have enough savings to cover family emergencies.3

 

Encompassing offerings from dental and vision to critical illness, supplemental medical benefits provide important coverage and soften the financial and emotional impacts of a critical illness or unexpected medical event. Supplemental medical benefits may include:

  • Dental
  • Vision
  • Critical Illness
  • Hospital Indemnity
  • Accident Insurance

 

 

Approximately 62% of Americans have less than $1,000 in their savings accounts.4

 

Group insurance and disability benefits incorporate a wide range of life and disability coverage solutions to offer employees financial protection during times when they and their families need it the most. Companies offer benefits including:

  • Group Home and Auto
  • Pet Insurance
  • Long-Term Care Insurance
  • Life Insurance
  • ID Theft Protection
  • Disability Insurance
  • Legal Services

 

50%-90% of key employees could lose their income if they rely solely on group disability.5

 

Highly compensated employees are often unintentionally exposed to risk from group insurance and disability benefits that contain caps or do not include supplemental income such as bonus. Executive benefits can offer an additional layer of protection for this key employee group.

 

1/3 of US employees admit to missing at least one day of work in the past year due to financial stress.6

 

Millennials have entered the workforce en masse—and with record levels of student loan debt. Loan repayment benefits are quickly going from a nice option to a must-have for employers. In fact, these benefits can play a large role in recruitment and retention efforts.

 

49% of employees aren’t able to make major purchases of items they need.7

 

Employees gain collective purchasing power for everything from computers to theater tickets when companies offer these benefits with group discount solutions:

  • Online Discount Program
  • Employee Purchase Program

 

Setting Up a Voluntary Benefits Program That Works

We have designed and coordinated voluntary benefits programs for employers of all sizes and industries. We can do the same for you.

Talk with one of our consultants about how to reward and motivate your workforce with a customized voluntary benefits offering. Your plan can include any of the following:

  • Supplemental Medical Benefits

    Supplemental Medical Benefits

    90% of middle-income American families aren’t confident they have enough savings to cover family emergencies.3

     

    Encompassing offerings from dental and vision to critical illness, supplemental medical benefits provide important coverage and soften the financial and emotional impacts of a critical illness or unexpected medical event. Supplemental medical benefits may include:

    • Dental
    • Vision
    • Critical Illness
    • Hospital Indemnity
    • Accident Insurance

     

     

  • Group Insurance & Disability

    Group Insurance & Disability

    Approximately 62% of Americans have less than $1,000 in their savings accounts.4

     

    Group insurance and disability benefits incorporate a wide range of life and disability coverage solutions to offer employees financial protection during times when they and their families need it the most. Companies offer benefits including:

    • Group Home and Auto
    • Pet Insurance
    • Long-Term Care Insurance
    • Life Insurance
    • ID Theft Protection
    • Disability Insurance
    • Legal Services

     

  • Executive Benefits

    Executive Benefits

    50%-90% of key employees could lose their income if they rely solely on group disability.5

     

    Highly compensated employees are often unintentionally exposed to risk from group insurance and disability benefits that contain caps or do not include supplemental income such as bonus. Executive benefits can offer an additional layer of protection for this key employee group.

     

  • Student Loan Repayment Benefits

    Student Loan Repayment Benefits

    1/3 of US employees admit to missing at least one day of work in the past year due to financial stress.6

     

    Millennials have entered the workforce en masse—and with record levels of student loan debt. Loan repayment benefits are quickly going from a nice option to a must-have for employers. In fact, these benefits can play a large role in recruitment and retention efforts.

     

  • Group Purchasing Benefits

    Group Purchasing Benefits

    49% of employees aren’t able to make major purchases of items they need.7

     

    Employees gain collective purchasing power for everything from computers to theater tickets when companies offer these benefits with group discount solutions:

    • Online Discount Program
    • Employee Purchase Program

     

Voluntary Benefits Insights

 

            1 Mercer Inside Employee’s Mind Survey 2016

         ² 2017 American Student Assistance Young Workers and Student Debt Survey.

           3 Middle-Income America's Perspectives on Critical Illness and Financial Security, Washington National Institute for Wellness Solutions, April 2013

          4 MarketWatch, 2015

          5 Council for Disability Awareness

          6 State Street Global Advisors, DC Inventor Survey Biannual Reports, 2015

          7  Harris Poll and Purchasing Power Survey, 2015

          * Results may vary

 

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