Employee healthcare is no longer an option, but a necessity. The coronavirus has shown us just how frail we are, and the risk we are at. Good health is of the utmost importance. That’s why as an employer, you need to focus on your team’s healthcare.
There is, however, a right way and a wrong way to address employee healthcare. Going down the wrong path won’t just lead to worse health but can have a significant financial impact on your business. Unhealthy and unproductive employees cost US employers up to $36.4 billion a year, according to the Centres for Disease Control and Prevention (CDC).
Providing the right benefits and healthcare plan not only helps save your costs but creates a happier and healthier workforce. That’s why it is important to know the right way to address employee healthcare requirements.
To know the right way, you first must understand the wrong way. Here’s where you are currently going wrong.
Employee Healthcare Pre-COVID
Turning back the time machine, do you remember what employee healthcare benefits were like before COVID-19? Mostly it was 2 things: health insurance and gym memberships. While the former is essential, the latter not so much. How many colleagues do you know who used to gym? It’s not everyone’s cup of tea, yet they were the most economical employee healthcare benefits to offer.
Even with health insurance, there’s a wrong kind. Most companies end up getting plans with high copays and limited coverage. That means employees had to spend more out of pocket for their healthcare. Older generations might not mind, but millennials certainly do.
5W Public Relations found that investing in healthcare was not a high priority for millennials. In fact, the report said that millennials were most likely to save on or cut down on healthcare costs. That has severe consequences.
Poor Healthcare Takes its Toll
The millennial generation are on track to be one of the unhealthiest generations. Longer working hours, greater stress, more sedentary lifestyles and regular smoking/drinking mean that this generation has one of the highest rates of non-communicable diseases. A 2019 Blue Cross Blue Shield report put it bluntly: “Millennials had 11% more total adverse health across condition groupings than did Gen Xers when they were the same age.”
Despite knowing that, millennials are less likely to invest in their health. Not because they won’t but can’t. Medical inflation has now grown well beyond average wages, making it hard for people to invest in their own heath.
That’s why you as an employer need to step up. Especially if you are an SME or start-up, you risk losing valuable talent to larger corporations with bigger salary packages. Offering comprehensive employee healthcare is one way to attract employees to your business. That brings us back to the topic: what is the right way to address employee healthcare?
The Right Employee Healthcare Benefits
Knowing that you have to attract millennials and Gen Z, there are a few key elements you need to keep in mind.
#1: Digital First
As tech-savvy individuals, these generations prefer digital-first solutions. The pandemic has simply accelerated that demand. Global Market Insights found that the digital health market will jump from $106 billion in 2019 to $639.4 billion in 2026. From apps to telehealth, employee healthcare today must be digital first.
That means you need to find an app-based healthcare provider. Apps are king, so chances are your employee is more likely to use their healthcare benefits if it is an app. Also, it is imperative to choose a group health insurance plan to secure your family’s health during these challenging times.
#2: A Single App
No one likes downloading multiple apps. Today, you need apps that can do multiple things at once. The same goes for healthcare. If you are providing multiple benefits, you need to ensure that they are all in a single app.
Employees are less likely to use their healthcare benefits if they have to download multiple apps and sign in. It’s just not as easy or efficient. All the employee healthcare benefits you provide must be on a single platform.
#3: Comprehensive Employee Healthcare
Employee healthcare benefits need to go beyond health insurance. There’s an urgent need for preventive care measures covering physical, mental and social wellbeing. Employees want healthcare plans that do this and much more.
The right way to address employee healthcare today is to provide access to a digital wellbeing service, with benefits like teleconsultations, discounted medication and other such services. That way, you provide 360-degree care.
#4: Employee Healthcare that Saves
Who doesn’t like to save? Employees, especially millennials will be looking for places to cut down costs, and luckily healthcare plans can help. If you pick the right plan, your employees will get access to discounts on health services.
Helping them save will make sure they keep using the service, which in turn means they are more likely to get all their health issues check out, no matter how small. That way, you benefit from healthier employees.
Everyone is different and so are their healthcare needs. That’s why AI and big data are so valuable to the healthcare industry. Using them, companies can provide more relevant and meaningful services to each individual.
As an employer, flexibility needs to be an important aspect of your healthcare plan. Ensure that your employees can add their family, and have access to a wide variety of services as needed. That way, they can take care of their health in a way that works for them.
That may seem like a long list, but it is essential that you stick to it. Wondering where you can get such a healthcare plan? Why not check out Onsurity? Onsurity’s comprehensive employee healthcare plans not only tick all these boxes, but do so at affordable costs.
As an SME or start-up, having Onsurity as your healthcare partner is not just great for retaining and attracting talent, but also to create a healthier and more productive workforce. Onsurity is the right way to address employee healthcare, no matter what their needs.