Voluntary Benefits

Your Voluntary Benefits Reimagined

We believe finding the right mix between employer- and employee-paid products offers a balanced approach to a benefit package, one that meets both the budget needs of the organization and employee expectations. It is with that belief, Marsh McLennan Agency established a dedicated unit of benefit experts focused on voluntary benefit offerings; experts who understand the industry and products, focus on helping employers evaluate options and make optimal decisions for their programs.

We build our strategy around our clients’ needs

The advantages of a well-rounded VB strategy extend far beyond ‘just a few’ supplemental products for employee.

  • Core benefit cost reduction and other financial strategies such as captive funding.
  • Complement a high deductible health plan.
  • Attract and retain talented, multi-generational employees.
  • Expands and broadens portfolio of employee benefits.
  • Innovative programs such as financial wellness can have an impact on productivity.
  • New technologies available for administrative efficiencies.
  • Enrollment and communications support can be used to enhance all benefits communications.

Financial Health – now an integrated VB solution component

Employers today are taking a more active role in helping their employees with strategies to support their financial wellbeing. Effectively designed financial wellness programs can help employers:

  • Bolster productivity because employees are less distracted by worries.
  • Improve physical health (those with high levels of financial stress are more prone to sickness)
  • Increase employee engagement and retention
  • Reduce costs (employer and employee)
  • Expand employee-paid product offerings to meet greater financial wellbeing

Voluntary benefits in the marketplace include:

  • Accident insurance
  • Critical illness insurance
  • Hospital indemnity insurance
  • Pet insurance
  • Identity theft protection
  • Legal services
  • Long term care
  • Retiree dental
  • Auto/home insurance
  • Individual disability insurance (IDI)
  • Vision
  • Whole life
  • Voluntary short-term disability (STD)
  • Voluntary long-term disability (LTD)
  • College planning
  • Financial Wellness
    • Student loan refinance
    • Personal loan refinance
    • Personal budget
    • Credit repair
    • Investment planning
  • Discount programs
    • Consumer products
    • Gym memberships

Case Study:

Voluntary Benefits – The Strategy and Solution to Bring Value

The client’s open enrollment strategy focused on three areas:

  1. Employee awareness and appreciation of offering.
  2. Education of Consumer Driven Health Plan (CDHP) which had low participation.
  3. Promotion of financial wellness initiatives.

Our solutions included:

  • Introduction of supplemental health benefits – critical illness and accident insurance to support employee concerns regarding the CDHP.
  • Marsh McLennan Agency used the client’s existing administration technology to create a coordinated enrollment and education process.
  • We developed an integrated communications campaign to educate employees about their medical plan options and the new employee-paid offerings.

The Results: Employee participation in the CDHP tripled, increasing from 15% to 45%.

Employers thinking about implementing and/or modifying their voluntary offerings – it’s critical to do so in a smart and thoughtful manner with an advisor who can take a holistic approach.

Contact us today to learn how Marsh McLennan Agency’s experts can help.