How to create a comprehensive benefits package and group health insurance policy to boost retention and employee satisfaction
As an employer or a member of the People & Culture or HR team, you’ve got a lot on your plate. From managing deadlines and payroll to juggling projects, it can feel like there’s never a moment to catch your breath. But there’s one important thing you can’t afford to overlook—the health and well-being of your team.
By providing a solid employee benefits package along with proactive and reactive healthcare, you can help attract and retain top talent as well as ensure the well-being of your employees. As an employer, you should take care to include the following five essential elements in your GHI policy to keep your team happy, healthy, and productive.
Comprehensive Medical Coverage
A basic health insurance policy offers the bare minimum of protection, which is sufficient to pay for common medical costs like minor diseases, room rent, diagnostic tests, doctor consultations, and other costs if you are admitted to the hospital for an extended period of time. However, if you or a member of your family is told they have a serious illness like cancer or heart disease, it may not be very useful.
A comprehensive health insurance policy, on the other hand, provides more coverage than a typical policy. This should include coverage for inpatient and outpatient treatments, prescription drugs, preventive care, and any other medical expenses that you may incur. Your policy should also include coverage for mental and physical health like gym subsciptions and access to resources to tackle anxiety, stress and depression, which are becoming increasingly important as the prevalence of awareness around mental health disorders continues to rise.
Continue reading: All You Need To Know About Medical Benefits For Employees In India
Dental and Vision Coverage
According to the National Blindness and Visual Impairment Survey India 2015–19, cataract is the main cause of blindness among individuals over 50 years of age, and according to a 2017 study by the World Health Organization, only about 30% of the Indian population has access to dental care.
While basic medical insurance plans may cover only the essentials, dental and vision coverage are often not included. However, these are important aspects of an employee's overall health and should be included in your group health insurance policy. Including dental and vision coverage as part of an employee benefits package can benefit employers in a number of ways.
- Increased employee satisfaction and retention: Offering dental and vision coverage can help to attract and retain employees, as these benefits are often considered important components of a comprehensive benefits package.
- Cost savings: Offering dental and vision coverage can help to reduce the overall healthcare costs for employers. By providing preventative care and early intervention, employers can avoid more costly treatments down the road.
Healthcare Credit Line, beyond Flexible Spending Account (FSA) and Health Savings Account (HSA) options
According to a 2017 study by the National Sample Survey Office (NSSO), around 68% of health expenditure in India is financed through out-of-pocket (OOP) payments by households. This suggests that a significant portion of medical expenses are being paid for by employees themselves.
A Flexible Spending Account (FSA) and a Health Savings Account (HSA) are both types of savings plans that allow employees to set aside money on a pre-tax basis to pay for certain medical expenses.
Flexible Spending Accounts (FSA)
- An FSA is an employer-sponsored benefit that allows employees to set aside a portion of their salary on a pre-tax basis to pay for eligible medical expenses.
- The funds in an FSA are not carried over from year to year, any unused funds at the end of the plan year are forfeited.
- FSA can be used for a wide variety of eligible medical expenses, such as co-pays, deductibles, prescription drugs, and dental or vision care.
Health Savings Accounts (HSA)
- An HSA is a type of savings account that is designed to help individuals save for medical expenses and is typically paired with a high-deductible health plan.
- Unused funds in an HSA can be carried over from year to year, and funds can be withdrawn tax-free if they are used for eligible medical expenses.
- HSA are more restrictive in terms of the types of expenses that are eligible for reimbursement, typically it is only for medical expenses and not for some of the over-the-counter drugs.
Both FSA and HSA options can be beneficial for employees, as they allow them to set aside money on a pre-tax basis to pay for medical expenses, potentially saving them money on taxes. Employers can choose to offer one or both options as part of their employee benefits package.
With Nova Benefits, your employees can access a Healthcare Credit Line starting at 699. To know more, contact [email protected]
Employee Assistance Program (EAP)
An Employee Assistance Program (EAP) is a confidential counseling service that is designed to help employees with a wide range of personal and work-related issues. EAPs can provide a variety of services and can be beneficial for employees.
According to a study conducted by the Federal Occupational Health (FOH), the largest provider of occupational health services in the federal government, employees who use EAP services experience an average 24.2 percent improvement in life satisfaction.
EAPs can provide confidential counseling services for a variety of personal and work-related issues, such as mental health concerns, financial and legal problems, and substance abuse. This can help employees manage stress, improve their mental and physical health, and increase their productivity and job satisfaction. Additionally, EAPs can help reduce absenteeism, presenteeism, and turnover rates, which can result in significant cost savings for the company. EAPs are generally considered to be a low-cost, high-benefit benefit that can help to promote a positive and healthy work environment.
Want to provide your team with access to personal therapy sessions and mental awareness workshops? Nova Benefits has got you covered with top-notch personal therapy sessions and mental awareness workshops.
To learn more about our program and see how it can benefit your team, schedule a free demo call with one of our experts today.
Click here to schedule your call and take the first step towards a healthier, more productive workforce
In addition to providing comprehensive medical coverage, employers should also promote wellness among their employees. This can be done by offering wellness programs such as fitness classes, health screenings, and incentives for healthy behavior. These types of programs can help employees stay healthy and fit, which can reduce their risk of serious illnesses and lower their overall healthcare costs.
Are you ready to turn your team into fitness fanatics?
Nova Benefits has the perfect solution for you.
Nova Benefits offers a comprehensive approach to employee wellness that is tailored to meet the specific needs of your organization. Our services include:
- Fitness and sports membership options to help employees maintain a healthy lifestyle.
- Emotional Risk Assessments to identify potential mental health concerns and provide appropriate support.
- Personal therapy for employees experiencing emotional or mental health issues.
- Mental awareness workshops to promote mental well-being and reduce stress.
- Employee engagement programs to promote a positive and healthy work environment.
- Financial workshops to help employees manage their finances and reduce financial stress.
- Personal wellness services such as geriatric care, pet care, and child care to support employees in all aspects of their lives and many more.
At Nova Benefits, we understand that every organization is unique and that one-size-fits-all solutions are not effective. That's why we work closely with you to understand your organization's specific needs and tailor our services to meet those needs.
With our comprehensive approach to employee wellness, you can be confident that your employees will have the support they need to thrive both personally and professionally.
Schedule a free demo call with us and let us show you how easy it is to get your team moving.
Want to know if your corporate employee wellness program is truly making a difference?
Check out our latest blog post, "How to Measure the Impact of a Corporate Employee Wellness Program."
In conclusion, as an employer, offering a comprehensive group health insurance policy is a great way to attract and retain top talent, as well as ensure the well-being of your employees. By including the five essential elements outlined above in your policy, you can ensure that your employees have access to the medical care and support services they need to stay healthy and productive. Remember that these employee benefits can not only take care of your employees but can also reflect positively on your organisation and employer branding.
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