The ongoing effects of the COVID-19 pandemic are having a significant impact on the world’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.
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 today.
Employer-Sponsored Health Insurance
Among the myriad of concerns around COVID-19, if there is just one thing that employers can do to relieve their employees’ 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 wait lines. This knowledge alone can help reduce stress, knowing employees can afford help and get help when they need to.
Flexibility and Personalization
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.
Customization and flexibility — the ability to customize one’s health insurance to fit their personal needs — are vital to financial wellness.
In our survey of 5,000 European employees last year, The Benefits and Engagement Report, 75% of employees in Sweden, 66% in the UK and 63% in Germany said it would be helpful if they could adjust their employee benefits package based on their personal needs. Similarly, 63% of German employees, 60% of UK employees, and 55% of Swedish employees said it’s important that their employer offers them a choice of benefits relevant to their life stage.
Convenient Digital Enrollments
Of course, enrollment in any health insurance plans should be simple and the process should not add to employee stress. Therefore, it’s important that employees have access to digital benefits enrollments where they can enroll in benefits and insurances digitally.
By enabling employees to enroll 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 enroll anytime, anywhere, from their mobile phones without the need for HR assistance. Think: the greater the ease, the higher the participation.
Download our Financial Wellness e-book for tips on how to support your employees’ financial wellbeing.