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08 Feb 2021

How health insurances can support better employee financial wellbeing

The ongoing effects of the Covid-19 pandemic are having a significant impact on the UK’s mental and physical health. In addition to tough lockdowns and severely restricted contact with family and friends, many have lost their jobs or been forced to significantly reduce their working hours, adding to an already stressful and uncertain time.

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Intrum’s European Consumer Payment Report 2020 revealed that 54% of Europeans across all age groups have lost income due to the crisis, and 47% say that the pandemic has negatively impacted their financial wellbeing. In addition, 47% of those with children say their bills are increasing at a higher rate than their income, compared with 38% of households without children.

Financial wellbeing plays a vital role in our overall wellbeing, and it’s doubtful that one can experience high levels of wellbeing when worried about finances.  

Fortunately, today, more and more employers are taking the necessary steps to look after their employees' wellbeing. In fact, Bank of America’s 2020 Workplace Benefits Report reveals that 62% of employers say they feel “extremely” responsible for their employees’ financial wellness.

Employer-sponsored health insurance
Among the myriad concerns around Covid-19, if there is just one thing that employers can do to relieve employee worries, then it's surely worth doing. During a time when many people are facing financial uncertainty, one of the best things employers can offer their employees is employer-sponsored health insurance.

For many people, financial wellbeing can feel like a catch-22; those experiencing financial stress are more likely to avoid taking out health insurance due to concerns about how much it will cost them. After all, when stressed about your finances, the last thing you want to do is add to your list of expenses.

Employer-sponsored health insurance can help provide employees with much-needed peace of mind during a time of great uncertainty. Employer-sponsored healthcare insurance gives employees access to affordable care and allows employees to undergo medical procedures at private facilities, bypassing NHS queues. This knowledge alone can help reduce stress, with employees safe in the knowledge that they can afford help and get access to it when they need to.

Flexibility and personalisation

When it comes to employer-sponsored health insurance, offering flexible solutions for your employees’ health and wellbeing is also essential, addressing the needs of each generation depending on their life situation. 

Customisation and flexibility – the ability to customise one’s health insurance to fit personal needs – is vital to financial wellness.

In our The Benefits and Engagement Report (2020), which included a survey of 5,000 workers, 66% of UK employees said it would be helpful if they could adjust their employee benefits package based on their personal needs. Similarly, 60% say it’s important that their employer offers them a choice of benefits relevant to their life stage.

Convenient digital enrolments

Of course, enrolment in any health insurance plan should be simple and not add to employee stress. Therefore, it’s important that employees can enrol in benefits and insurances digitally.

By enabling employees to enrol in benefits digitally, employers not only create greater employee self-service but also reduce administration, and cumbersome processes, resulting in significant cost savings for the employer.

Better yet, if your benefits platform provider also has an employee app, your employees can enrol anytime, anywhere, from their mobile phones without the need for HR assistance. Think: the greater the ease, the higher the participation.

Are you thinking of offering your employees’ health insurance? Download our 5 Steps to a Successful Benefits Strategy blog for tips on how to support your employees’ financial wellbeing.

Original article published by Benify.

In partnership with Benify

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