Why Is Employee Healthcare Insurance So Popular And Important?
by Arina Smith Insurance 05 January 2021
These days, employer-provided healthcare insurance has become a standard employee benefit for many companies. It is possible that the upcoming generation won’t even know what it is like to work without proper medical coverage from an employer. Future employers will probably not afford to hire good talent without providing medical insurance for the employees. Healthcare expat insurance provides your employees with a cover on their medical care, including surgeon or physician fees, prescription drugs, and hospital room. From there, you can provide extra healthcare benefits such as vision and dental insurance. Offering employee insurance solutions such as healthcare benefits results in a healthier workforce, increases productivity, boosts morale and leads to positive company culture.
The primary idea behind employee healthcare insurance is to keep, protect, and support your employees’ health and wellness for them to remain active and productive members of your company. Other employee insurance solutions such as retirement benefits, disability benefits, and life insurance are equally essential, but medical insurance is the most popular in companies worldwide. So why is it so popular?
The answer is, healthcare does not come cheap. For instance, the United States government spends around $3.5 trillion on healthcare expenses annually, which has been increasing over the years. It is difficult for a country to keep its healthcare costs low and still deliver quality services and be productive. Many people globally have realized the need to have a healthcare plan if they find themselves sick or injured. That is why many job seekers value health insurance through the employer. Employers are also realizing that employee healthcare is not ‘nice to have’ but rather a necessity for their employees.
Below are the reasons you should consider offering employee healthcare insurance.
It is simple
Many employee insurance providers offer a wide range of healthcare insurance services to suit any company, whether large or small. The industry has so much progress. Many intermediaries and insurance agents are ready to help your company get through every stage of the process. You can benefit from simple insurance plans that are easy to implement and get running, and there are experts to guide you through more complex insurance plans.
A MetLife study showed that more than 60% of employers believe that employees become more productive after being offered healthcare benefits. When you provide your employees with healthcare cover, they have a reason to take care of their health through regular medical checkups and preventive medical care, which results in a healthy workforce. It reduces the number of sick leaves annually and consequently enhances the company’s productivity.
If your company is looking for top talented workers, it would be best to consider what top performers want. If you don’t provide healthcare benefits, you just might lose them to your competitor. Healthcare insurance and other employee benefits help you attract top-performing candidates.
Healthcare insurance plans are flexible.
Do not assume that employee healthcare insurance is for big companies. A good thing about it is that it is flexible, so you can adjust it as your company grows. It is just about reviewing your current employee healthcare benefits and changing them to suit your needs.
According to a recent survey, employee healthcare insurance is the primary source of job satisfaction. The modern workforce is an advanced one and is no longer willing to accept poor work-life balances.