- Providing comprehensive health insurance coverage is crucial for employee retention
- Premium health coverage can attract and retain top talent, improving employee well-being, and productivity
- Additional coverage such as dental, vision, mental health, wellness programs, and pet insurance can also help retain employees
- Comprehensive coverage is a valuable investment for employers, lowering healthcare costs and increasing employee morale.
One of the most essential benefits a company can provide its employees is health insurance coverage. It is regarded as the best retention feature, ensuring that employees remain healthy and productive, thus contributing to the company’s growth.
According to a study conducted by Glassdoor, 60% of people consider healthcare benefits the most crucial factor in deciding whether to accept a job offer. Moreover, retaining employees satisfied with their healthcare benefits is significantly cheaper than recruiting new ones.
By providing comprehensive health insurance coverage, employees are likelier to stay with a company, as they feel that their welfare is being looked after. This, in turn, helps foster employee loyalty, which contributes to increased productivity and job satisfaction.
However, what is included in the health insurance coverage matters. Here are a few tips to help you retain top talent for your company.
Premium Health Coverage
Not all plans are created equal when providing health insurance coverage to employees. While offering range can help retain employees, providing premium coverage can make all the difference in attracting and retaining top talent.
Premium health coverage may come with a higher price tag, but the benefits to both employer and employee are significant. For starters, employees with access to premium coverage will likely be healthier and take fewer sick days, resulting in increased productivity. A survey conducted by the Society for Human Resource Management found that employee productivity was improved by 80% when employees had access to high-quality healthcare.
Additionally, premium coverage often includes more comprehensive care options, including access to specialists, advanced treatments, and preventative care services. This can help catch health issues early and prevent more serious and expensive health problems.
Premium healthcare coverage should range from $500 to $1,000 per month, depending on the number of employees and their needs. Some employers pay the total premium, while others may split the costs with their employees.
Additional Coverage
While hospital costs are a significant part of any healthcare package, other areas are equally crucial for retaining employees. Here are four additional areas of healthcare coverage that companies should consider:
Dental Coverage
Dental benefits are one of the most requested insurance benefits by employees and for good reason. Good dental health is essential for overall well-being, as poor oral health has been linked to heart disease, stroke, and diabetes. Dental coverage helps employees maintain good oral health and can also help prevent more serious dental problems that can be costly to treat in the long run. However, procedures might not be covered. You might have to partner with clinics to provide discounted tooth implant services for employees.
Vision Coverage
Like dental coverage, vision insurance is another highly requested benefit that can significantly impact employee well-being. Regular eye exams can detect early signs of eye diseases and other health conditions, such as diabetes and high blood pressure. Additionally, vision benefits can help employees pay for glasses or contact lenses, improving their vision and boosting their confidence and overall quality of life.
Mental Health Coverage
Mental health is as important as physical health, often overlooked in healthcare packages. Mental health coverage can help employees address anxiety, depression, and stress, leading to decreased productivity and increased absenteeism. Providing access to mental health services can also reduce healthcare costs in the long run, as untreated mental health conditions can result in high healthcare utilization and inpatient stays.
Wellness Programs
Wellness programs can be an effective tool for improving employee health and reducing healthcare costs. These programs may include fitness classes, smoking cessation programs, and nutrition counseling. By promoting healthy behaviors and offering resources to help employees make positive changes, companies can create a culture of wellness that can lead to lower healthcare costs and improved employee retention.
Pet Insurance
Dependents are often part of any employee healthcare package, and pet insurance can effectively cover their health costs. Pet insurance helps employees save money on veterinary visits, medication, diagnostics, and surgery for their beloved pets. Providing this benefit saves employees money and gives them peace of mind in knowing that their furry friends are taken care of too.
Pet ownership is significantly rising, and more employers see the value of offering pet insurance as part of their benefits package. A survey conducted by Forbes found that 78% of employers who offer pet insurance believe it helps to attract top talent.
Final Thoughts
Health benefits are essential for employee retention, and comprehensive coverage can significantly impact employee morale. Offering premium coverage and additional benefits such as dental, vision, mental health, wellness, and pet insurance can help employers attract and retain top talent. Although an upfront cost may be associated with providing these benefits, the long-term returns will more than make up for it.
