Why more employees want health insurance
It’s no secret the NHS has been under immense pressure over the last 5 years. Covid-19,a shortage of beds, and doctors leaving for private clinics has caused unprecedented stress on our health service. The strain has brought NHS waiting times up to 14.5 weeks, and only 58% of patients are being treated within 18 weeks. With these waiting times, employee health & wellbeing programmes have become the most highly sought after benefits. There are many offerings to choose from, and not all will suit your business. It is important to consider what works for your business, and what will satisfy the majority of your workforce. Take a look at a few examples to help you understand the world of health and wellness.
Private Medical Insurance (PMI) can be very appealing for employees or potential employees. According to research, 51% of UK employees want private healthcare provided by their company. This covers ‘acute’ medical conditions, such as diseases that will be effectively and quickly treated and get patients back to full health. Private medical insurance can be a benefit provided by your company, with different levels of cover available. PMI can also cover treatments not offered by the NHS, meaning employees that may require a specialist or specific treatment, can receive the care they require, without the extra worry of the cost.
Hospital Cash Plans offer employees the ability to claim back some of the money spent for routine health expenses, such as dental, optician or hospital appointments. Depending on how much employees pay in, the more that can be claimed back. This can be deducted from wages, or paid for by the company. This offers the ability to ‘opt in’ – making sure that only those who want the service are having premiums charged. It can be hard to get a weekend appointment, and for some services, it’s impossible. Being able to claim back on hospital stays and appointments means that the pressure of taking time off work to look after an employee’s health won’t have a large financial impact.
It’s also important to make sure employees have support for their mental health. Offering an EAP (employee assistance programme) not only gives employees peace of mind that they can get help, but your business’s overall productivity will be improved. Depression and anxiety can cause insomnia, headaches and the inability to concentrate, which can lead onto physical illnesses, and long periods of absence. Offering mental health support sets your business apart from other employers that may not prioritise the health of their employees or even promote the support they provide. In a recent survey from GRiD, 42% of employees have no idea about what benefits their company offers. Set aside time to go over all benefits available to your employees, so they can fully understand the range of assistance they can access.
It is a fact of life that at some point, everyone will need to use some kind of medical assistance, whether that be with a GP, Hospital or therapist. Having employees’ physical and mental health at the centre of your employee benefits offering will reduce stress within your workforce, assuring that your workforce remains driven, and attracts potential employees to your business.
To learn more about all the health and wellness benefits My Staff Shop offers, sign up for a free demo.
