The Gift That Keeps on Giving – Which Employee Benefits are Most Appreciated?
While most of us spend the end of the year tying up financial documents, closing out projects and preparing for the holidays, it’s also open season in the employee benefits world. That means employees are evaluating benefits programs available to them, whether company-sponsored or on the open market.
According to MetLife Insurance, the percentage of employees who say, “meeting the needs of employees across all life stages and the diversity spectrum is an important benefits objective” is a whopping 80%.
Millions of Americans are right now comparing which plans offer the best coverage for things most important to them. Some younger people may opt for insurance that solely covers catastrophic circumstances, others may be looking at maternity or orthodonture coverage, while others are inevitably taking a hard look at plans that cover top to bottom, whole health coverage.
Either way, coverage that has become increasing important to employees is, no surprise, mental health and/or behavioral health insurance packages. During the pandemic, a record number of companies heard very vocal requests for increased mental health and wellness benefits, and the industry listened.
As that demand rose, so did supply and while there’s still more need than availability, it’s getting better. Today, it’s easier than ever to bring high-quality mental health, substance abuse and preventive care providers into your networks.
According to a survey conducted by AHIP, a health insurer’s trade association, respondent members who offer health plans in the employer-sponsored group market had good news. All respondents provided at least some telehealth coverage for mental health services. And for mining companies with employees spread globally, telehealth medicine is crucial.
The survey also found that of respondents, 83% of health plans are actively recruiting mental health providers who reflect the diversity of the people they serve, and 78% have increased payments to practitioners and providers to entice more high-quality professionals to their plan networks.
The efforts are paying off. In fact, providers with the ability to prescribe medication-assisted therapy for substance abuse disorders rose by 114% in the past three years. The number of in-network behavioral health providers offered by health plans grew by an average of 48% in the last three years. Employees are increasingly able to get the valuable care they need.
WHAT DOES THAT MEAN FOR YOUR COMPANY?
It means better access to healthcare for your employees, and workers who feel supported in all their health needs are more likely to stay with you.
Check-in with your benefits plan administrator. Find out what changes they’re seen in your company-offered plans. You may be pleasantly surprised.
Improved health and wellness plans mean healthier employees. Healthier employees are more long-term employees, and isn’t that a holiday gift we’d all like to receive?
If you’re looking to make a career change, MRC can help connect with us or submit your resume.