Offering the right health insurance coverage for your employees is the basis of a comprehensive benefits package. Health insurance also helps desirable candidates mark a specific employer as an employer of choice when selecting job opportunities.
Employer-provided health insurance policies are also known as group health insurance policies and offer employees numerous options for insurance coverage. However, if you want to go the solo route and search for an individual health insurance plan, platforms like HealthMarkets can help.
Group health insurance plans generally cover medical visits and checkups, emergency room services, physical therapy, hospitalization, operations, prescription drugs, and even ambulance transportation. However, every plan is different; therefore, employees need to familiarize themselves with the details of the plan that their employers are offering.
What Is Employee Medical Insurance
Providing medical insurance as an employee is one of the simplest and most effective initiatives you can take to attract potential talent. Health benefits can be just as beneficial to employers as it is for employees. There are a variety of alternatives that are accessible to businesses looking to offer employee health insurance.
Group health insurance benefits often come in the following forms:
● Comprehensive/Extended Benefits: This includes; medical checkups, general wellness, immunizations, and mental health support
● Basic Health Benefits: International/regional coverage, inpatient and outpatient care, coverage for subordinates, and inclusion of pre-existing medical conditions
● Popular Additional Benefits: Vision insurance, Dental insurance as well as fertility and maternity coverage
What Is the Significance Of Health Insurance In An Insurance Package
1. Employee Medical Insurance Benefits Help Increase Focus and Productivity
Whenever employees are worried about elements of their personal life, it impacts their work and level of productivity. Research indicates that over 50% of workers who receive medical benefits have a higher productivity rate and an even higher level of focus at work.
Poor health is the main reason employees are usually absent from work; therefore, when they can afford comprehensive healthcare services through their employee health coverage benefits, you will experience less absenteeism and a more focused workforce. Overall, providing employee health insurance benefits facilitates a general boost in productivity.
2. Employee Health Benefits Attract and Retain Employees
Every employer is aware that it’s mandatory to provide competitive salaries in order to recruit the best talent. According to an analysis, employers who provide a practical benefits package are able to attract more qualified applicants than those who don’t.
A report published by Aflac in 2016 on the American workforce revealed that over 60% of employees would readily accept a job offer with a lower salary as long as it provides suitable employee benefits. Moreover, 16% of the employees in that survey said they have had to turn down job offers and even resign from a job because of unsatisfactory or inadequate employee health benefits.
This report also disclosed that up to 42% of employees who are offered a more favorable benefits package are more motivated to stay in their jobs. Since employee health benefits are the most expected and desired benefits, it’s apparent that a competitive salary paired with an attractive employee health benefits package is essential for retention and recruitment.
3. Employee Medical Benefits Protect Your Employees
Compensation is usually the single most significant workforce investment that an organization can make. In addition to insuring your business’s buildings and properties, it is vital to insure your workforce from harm and disruption. Employee health benefits offer protection to your workforce, which allows you and your employees to fully focus on growing your business without any distractions.
Group health insurance plans ensure that if and when an employee encounters any kind of health-related problem, they can seek proper medical attention so they can get back to work as soon as possible.
To Sum It Up
When employees are communicative, flexible, and receptive about the workplace health benefits they provide, full-time employees and the business itself profit. Small businesses which can’t afford many benefit options can either look into supplementary benefits or negotiate creative, customized plans.
Employer-sponsored benefits aim at deepening the bond between employees and their place of work. Although providing benefits such as health insurance might seem technical and expensive, your employees deserve to feel like their workplace values them.