Health Insurance: Protecting your families from the financial losses.
The fact that public Health Insurance is available to Canadians is a blessing, but many who have used these services are aware that important aspects of their demands for wellness and health are not covered by government programmes.
The majority of medical expenses are covered by private insurance. This covers even “routine” requirements like out-of-country coverage, dental and optical care, prescription medications, income replacement in the event of incapacity, and more.
Over the years, employers have realised how important it is to provide their staff with coverage for these “extended” health benefits in order to maintain a competitive business. As a result, employers in Canada now provide over $40 billion in employee health benefits.
Offering these benefits could seem expensive, particularly if you own a small firm. However, there are some benefits to providing your staff with a tempting health benefit package.
Why is employee medical insurance so popular as an employee benefit?
The quick response is that healthcare is quite pricey. Healthcare expenditures in nations like the US amount to around USD 3.5 trillion annually, a pace that has increased by 12,300% since 1960.
It is the same all throughout the world; even low-cost nations like Thailand have found it difficult to keep expenses low while raising quality. More and more people are turning to insurance to give them peace of mind in the event that they become ill or wounded.
In light of this, it is understandable why having access to health insurance through an employer is so highly appreciated by employees. According to a Clutch survey, a whopping 73% of employees receive benefits of some form from their employers, with 55% of those respondents citing health insurance as being the most crucial to their level of job satisfaction.
Although they are now the group most likely to require it, millennials were more likely to select vacation time and overtime benefits than health benefits.
A generation ago, it would have been reasonable to inquire “Why is health insurance important as an employee benefit?” The majority of businesses today realise that offering a group health insurance plan to their employees is not only “nice to have”; rather, it is essential as the workforce has evolved and people are less prepared to accept a bad work-life balance.
Healthcare for Employees
One of the most straightforward but most successful actions you can take to reward and attract talent is to offer health insurance as an employee benefit. Insurance for employees’ health can also have a number of positive effects, including raising morale, boosting productivity, and fostering a supportive workplace environment.
Although there are many alternatives accessible to firms wishing to offer medical insurance to employees, group health benefits typically take the following forms:
- The inclusion of pre-existing diseases, outpatient and inpatient care, coverage for dependents, worldwide and regional coverage, and outpatient care are all examples of basic health benefits.
- Maternity and fertility insurance, vision and dental coverage are common supplementary benefits.
- Benefits that are extensive or all-encompassing include: immunisations and health screenings, support for general wellness, and general wellness.
The basic objective of an employee medical insurance programme is to safeguard and promote employees’ health and wellness so they can continue to contribute actively to the business.
Despite the fact that there are other benefits of employee health insurance, such as financial assistance or educational benefits, it is frequently the case that employee medical insurance is the most prevalent extra compensation package supplied globally.
