Key Voluntary Benefit Solutions to Help Improve Your Employees Wellbeing

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The last two years have brought the importance of financial planning and managing emotional wellbeing into sharper focus. In a recent Aon study, 49% of respondents ranked Financial Stress in the top 5 employee wellbeing issues. While a recent Singapore study showed that 54% of residents would struggle or be unable to meet their financial needs in the event of an unexpected illness or job loss. The study found that the impact of this uncertainty was most felt by people aged between 35 to 44 years, making financial and emotional wellbeing a top-of-mind issue for employers.
By offering smarter benefits solutions, employers can support the changing needs of employees, all year long. Voluntary benefits can have a meaningful impact on employees’ day-to-day lives by alleviating financial and emotional stress.
Mental Health And Financial Stress Among The Top 5 Employee Wellbeing Issues
Biggest Employee Wellbeing Issues Today Diagram
Source: Mental health and financial stress among the Top 5 employee wellbeing issues in Aon’s 2020 Health Survey report.
Key Voluntary Benefits To Offer To Employees
Four meaningful voluntary benefits solutions that can provide immediate, meaningful impact for employees and help address common or new areas of stress:
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1. My Medical Protect
Medical Insurance provides peace of mind in the event of hospitalisation.

Unforeseen healthcare costs can hurt your finances and cause stress that delays your recovery. With insurance solutions such as My Medical Protect, available via Aon's Voluntary Benefits solutions, your employees can increase the claimable amount to cover more hospitalisation and surgical costs than with your employer’s group medical insurance scheme alone – this translates to less stress over out-of pocket healthcare expenses.

My Medical Protect includes optional Outpatient Cover to take care of General Practitioner and Specialist costs. Get added flexibility to keep your Medical Insurance plan even when you switch employers, provides you and your family with additional comprehensive protection to ease your financial burden from medical costs.

2. Critical Illness
Health can change when its least expected. Almost 1 in 3 deaths in Singapore is a result of heart diseases or stroke. With high-risk conditions on the rise as we grow older, Critical Illness Insurance helps protect from the financial burden of life-changing illnesses.1

Prepare for the unexpected with Critical Illness insurance to cover life-changing illnesses that could impact your well-being and your savings.

Enhance your core medical insurance and protect yourself financially after a diagnosis for a covered condition. Coverage that supports your recovery and finances.

1 Source: 10 Common Heart Conditions & Cardiovascular Diseases | Health Plus
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3. Parent Care
Parent Care helps ensure your parent gets the support they need if you’re unable to provide for them financially because of an unforeseen accident.

As your parents live out their golden years, they may often depend on your income for their living expenses. Support your parents like they supported you when you needed them most with parent care protection.

Parent Care allows you to continue to provide for your parents if you experience permanent disablement or death in an unexpected accident. Your parent can receive payouts to cover their medical bills, daily expenses and more in the event of your accidental death or total permanent disability.

4. Health Screening
Detects medical conditions early to improve future health outcomes. A simple screening could be a life saver.

Less than 40% of Singaporeans had their breast or colorectal cancer screenings done within the recommended time for testing. With high risk of death due to cancers in late stages, health screenings could potentially advise you of diseases to increase your chance of a positive health outcome and lowers the risk of serious complications.2

Health Screening and Early detection can make a difference.

2 Source: Health Screening Behaviour among Singaporeans

How To Select And Manage Voluntary Benefits
When offering Voluntary Benefits solutions, selecting and choosing the products can be challenging and require a substantial amount of effort. For the employer, it means undertaking market benchmarking, negotiating with the insurer and ensuring a proper due diligence process. That's all prior to rolling out the program!

To reduce the time and effort it takes you as the employer to implement these solutions, Aon is offering a digitised platform where individual risk and wellbeing solutions are being offered alongside core employee benefit plans. This approach allows a relevant ready made employee friendly solution where these products are offered at preferential rates, with discounts, where the employer outsources the heavy lifting when it comes to sourcing credible insurers and suitable products that employees actually need.

In addition, Aon is offering an end-to-end administrative platform to manage enrolment and provide a seamless year-round billing solution. Such platforms make it more convenient for employees to access their personal protection benefits and improve employee engagement with the program with a positive impact on participation rates.

Employers don’t need to wait until the next open enrolment period to implement voluntary benefits. These offerings can be rolled out quickly and efficiently at any time of the year and also be linked to the organisation broader benefit initiatives. You can start work now with Aon to develop the right Voluntary Benefits strategy, leveraging the heavy lifting we have already done to negotiate the appropriate Voluntary Benefits portfolio for your employees.

Find Out More About Our Voluntary Benefits Solution Unique To South-East Asia.