Voluntary Employee Benefits
Learn how your organization can benefit from voluntary employee benefits.
What are Voluntary Benefits?
Voluntary benefits offer valuable coverage for health and care, financial wellbeing and personal protection. Voluntary benefits can help offset out-of-pocket medical costs, fill in the gaps in the event of death or disability, or protect from identity theft or legal vulnerability. A well-rounded benefit offering cannot be complete without additional health, life, disability and financial portfolio products. Aon’s Consumer Benefit Solutions provides employees convenient access to purchase valuable coverage through a trusted source while improving the employer's overall healthcare strategy.
Why are Voluntary Benefits Important?
A foundational driver for employee satisfaction is pay and benefits. As competition for talent increases, competitive benefits become a main factor for attracting and retaining talent. For many organizations, voluntary benefits are a valuable way to offer employees more comprehensive, thoughtful benefits without a major impact on the bottom line. According to a recent Aon Health Survey, the top reasons employers offer voluntary benefits include; meeting employees' needs with expanded coverage options, supporting the financial wellbeing of employees and helping offset the increasing healthcare costs.
77%
77 percent of organizations indicate that offering voluntary benefits is the best way to address affordability of healthcare.
Source: Aon's Health Survey, 2022
Examples of Voluntary Benefit Offerings
-
Health and Care
Accident, critical illness, hospital indemnity, caregiver solutions and pet insurance
-
Financial Wellbeing
Permanent life with long-term care, individual short-term disability, employee discount purchasing programs and student loan assistance
-
Personal Protection
Auto/home insurance, identity theft coverage and legal protection
How Aon Can Help
-
Better Benefits Strategy
Aon’s proprietary value-based plan analysis weighs price, plan design and population health when recommending which products to implement. We compare a variety of factors to accurately assess your plan’s competitiveness and identify areas for improved coverage and cost.
Aon’s best-in-class selection of products, providers and services will effectively align with and support your organization’s human resources and benefits strategies and goals. -
Better Broking
As the market leader in the voluntary benefits space, Aon is constantly first to market with innovative, industry-shaping ideas and solutions. Aon has a Structured Portfolio Solutions (SPS) panel for voluntary benefits product portfolios that is unique to the industry. Carriers are thoroughly vetted and have committed to market-leading coverage enhancements, terms, and conditions, thereby offering greater value exclusively for Aon clients and their participating employees. Aon’s streamlined broking process provides clients with an efficient analysis of available carriers and coverage options.
-
Better Year-Round Support
Aon makes it easy for our clients to offer a suite of voluntary benefits by managing the administration and premium reconciliation of these programs. Aon’s Voluntary Benefits Premium Administration One-Call, No-Bill solution implements and administers supplemental benefits with minimal impact on Human Resources and Payroll staff.
-
Better Education and Enrollment
In addition to providing desired supplemental benefit options to employees, Aon can help employers implement effective education and enrollment strategies for all employee benefits to serve diverse, multi-generational employee populations – ensuring employees make confident benefit decisions.
41%
In 2022, Aon saw a 41% increase in the number of clients that offered new or additional voluntary benefits.
