Given the uncertainty of today’s day and age, health insurance is no longer a luxury but a necessity. A standard health insurance policy will cover some major costs, including hospitalization, health check-ups, and post-hospitalization expenses.
Companies also realize this importance as many cover their employees with health insurance packages. These form a major perk and incentive to continue working. In a 2023 survey, it was found that 94% of companies with 50 employees or more provided health benefits.
At least 91% worked in enterprises where such benefits were available even with a workforce of three or more. Employers do not need to spend exorbitant amounts if they choose group health insurance options. The price of covering each employee will offer good returns by way of boosting their morale and reducing turnover.
In this article, we will discuss what a group health insurance package is and how it acts as a morale booster for employees.
What is This Group Insurance Package All About?
The package is most commonly known as the group health, dental, and vision insurance. According to HWP Insurance, organizations invest in such policies to provide comprehensive coverage to their employees for hospital visits, prescription drugs, etc.
The dental and vision part of the package is generally offered in the bundle for routine dental care and eye examinations. Employees are assured of financial coverage against extensive procedures like root canals, fillings, and dental crowns.
Similarly, costs for contact lenses and corrective eyewear will be covered under this group insurance. On the whole, employees can be confident that serious health issues like high blood pressure, periodontal disease, and diabetes can be identified early on.
The Role of Group Health Insurance in Boosting Employee Morale
As per Allied Market Research, the worldwide group health insurance market is growing at a rate of 9.4% till 2031. It is expected to have a value of $1800 million by the said year. Employers in large numbers are incorporating these health benefits packages. Let’s learn more about how group health insurance boosts employee morale.
Employees Receive Comprehensive Coverage Benefits
Under the group health, dental, and vision insurance package, a variety of expenses are covered, including outpatient treatments, hospitalization, diagnostic tests, and more. This insurance is highly revered not just for its breadth but also the depth of coverage.
Employees are offered financial protection against routine medical visits and emergency scenarios. For instance – an employee could require an invasive surgical procedure on short-term notice. When they are covered under group health insurance, the costs of the surgery as well as post-hospitalization expenses will be reduced.
As a result, employees need not worry about financial constraints deterring them from seeking necessary medical attention. This will make the workforce healthier and extremely productive.
The Policy Enhances Employee Engagement
A recent study by PwC found that medical expenses are expected to rise by 7% in 2024. If your employees were asked to be completely honest, they would concur that healthcare costs make up a major part of life stress. This is especially true in a time when even younger demographics are at risk of serious illnesses.
Simply knowing that these expenses are taken care of due to group health insurance will create a positive ripple effect. You will observe that your employees are a lot more engaged in their workplace as they feel valued and supported.
Moreover, the benefits will extend to the employee’s family in the sense that they can stay stress-free. What you as the employer will create is a holistic sense of well-being.
Employees Can Take Control of Their Health
The primary focus of group health insurance is to secure employees from unforeseen medical expenses as well as promote healthy lifestyle choices. It is an initiative directed toward preventive healthcare measures.
Through incentives like fitness programs, healthcare screenings, and risk assessments, major diseases can be prevented and tackled well in advance. This empowers employees to take control of their health through constant interactions with healthcare providers.
For example – an employee may discover during a routine check-up that they show early symptoms of hypertension. They can receive proper treatment to prevent the condition from worsening. They will also learn about better lifestyle choices to keep hypertension at bay in the future.
Your employees are your greatest assets as even client satisfaction and ROI growth depend on their performance. As the saying goes, take care of them and they will take care of your organization. In light of how significantly a group health insurance policy can boost employee morale, there is no reason to not invest in one. Choose a reliable insurer and secure your workforce’s future today!
