In an increasingly dynamic and competitive business environment, organisations have opted to provide their employees with different benefits that add an extra element to the table and increase talent retention. Therefore, employee benefits have become an essential tool to increase job satisfaction and improve productivity within organisations.
Within this context, health insurance for companies has positioned itself on the list of the best benefits to offer to workers, as it benefits employees and brings numerous advantages to companies.
In fact, according to several studies, health insurance is the most valued benefit for employees. It also improves companies’ image by positioning them as institutions that look after the well-being of their staff.
What is health insurance for companies?
Health insurance for companies are contracts that provide health coverage and private medical services, specifically aimed at meeting the health needs of employees and executives of any company, whether a small or medium-sized enterprise or a large corporation.
These company health insurances represent a tool capable of preventing absenteeism, as they cover the medical services employees need. Thanks to health insurance, companies can retain talent due to its numerous advantages to workers.
Benefits of health insurance for companies
Attracting and retaining talent
Offering corporate health insurance can be a decisive factor in attracting high-quality candidates and retaining current employees. This benefit is especially important in competitive labour markets, where top talent is looking not only for a good salary, but also for a comprehensive benefits package.
Increased employee satisfaction and productivity
Employees with access to quality health insurance for companies tend to be more satisfied with their jobs. The peace of mind of knowing that they can access quality medical care when they need it reduces stress and improves their overall well-being, which translates into higher productivity and lower absenteeism.
Mental health and health insurance
The inclusion of mental health care coverage in health insurance for companies is crucial. Just as corporate mental health programmes help employees manage stress, anxiety and other mental health problems, which not only improves their quality of life but also increases their efficiency at work, insurers are also increasingly recognising the importance of mental health by offering psychological support and therapy services through their various services.
“Our partnership with ifeel has catalysed a positive shift in discussing mental well-being at SCOR. Since implementing ifeel’s solution, we’ve seen an increase in open conversations about mental health within our organization.”
— Sabrina Kruse, Head of HR EMEA & Group Head of Diversity, Inclusion and Engagement at SCOR.
Improved company image
Providing health insurance for companies reinforces the company’s image as an employer that cares about the well-being of its employees. This not only enhances the company’s reputation among current employees, but also among potential future employees and the general public.
Reduced absenteeism
Health insurance helps keep employees healthy and allows for quick attention in case of illness, significantly reducing the time spent on medical leave. In addition, video consultation facilitates access to medical care without needing time off work.
Pay negotiation add-on
Including health insurance in the compensation package is a form of emotional pay, and can be an effective supplement during salary negotiations, offering added value without the need to increase salary costs significantly.
Tax advantages
Taking out employee health insurance offers tax advantages for the company and the employees. The company can deduct the cost of the policy from corporate income tax. At the same time, health insurance is exempt from personal income tax for employees, which does not affect their taxable income. In addition, workers receive this benefit as a supplement to their salary.
Types of health insurance for companies
Companies have different types of health insurance, varying depending on the coverage type taken out. Policies are usually flexible and adapted to the company’s requirements. Within the different modalities, there are:
- Insurance without hospitalisation: these insurances cover primary medicine and specialties, some diagnostic tests, and therapeutic methods but do not include hospitalisation. They are a cheaper and more accessible option.
- Comprehensive health insurance: These provide comprehensive coverage that includes hospitalisation, surgical interventions, emergencies and a wide range of medical specialties. They are ideal for companies looking to offer comprehensive health coverage to their employees.
- Overseas assistance insurance: These are designed for employees working abroad, offering worldwide coverage and additional services such as evacuation and repatriation.
- Reimbursement insurance: These allow employees to go to any doctor or medical centre of their choice, even outside of the medical insurance scheme. The insurer reimburses a percentage of the medical costs incurred.
- Insurance with video consultation: These include digital services such as video medical consultation, facilitating access to fast and efficient medical care, thus reducing absenteeism and optimising the company’s resources.
Mental health solutions in companies
Mental health for insurers and including mental well-being solutions in the workplace, such as the one offered by ifeel, are becoming essential components of corporate health insurance. These solutions not only provide support to employees but also demonstrate a company’s commitment to the holistic well-being of its staff. Mental well-being solutions can include:
- Therapy and counselling: Access to therapy sessions with specialised psychologists.
- Workshops and seminars: Education on stress management, mindfulness, and other well-being techniques.
- Online helplines and resources: Digital platforms offering mental health counselling and resources available 24/7.
Redefining mental health for insurance
At ifeel, we understand that health insurance for companies is an investment that brings significant benefits to both employees and organisations. With various options available, companies can choose the type of insurance that best suits their needs and budget, thus ensuring a healthy and committed working environment.
It is, therefore, timely for insurers to rely on experts to ensure that their product remains at the cutting edge. To assist in this process, ifeel has developed a mental well-being solution for insurers to help insurers increase accessibility and reduce mental health claim costs.
Thanks to this service, insurers can receive personalised, data-driven advice on the most effective measures to detect mental health problems in their policyholders, accurately understand users’ needs and respond appropriately to their claims thanks to our innovative triage system.
This approach helps insurers provide continuous and adaptive support, improving customer satisfaction and loyalty. In addition, this solution helps reduce the frequency and severity of mental health-related claims, optimising risk management.
Clients such as SCOR, AXA, and Femi Connecting Healthcare already rely on our services, which improve the quality of life of their policyholders and increase the operational efficiency of their organisations.We hope you found this article on health insurance for companies interesting. If you would like to learn more about our mental well-being solution for insurers, simply request it, and we will contact your team as soon as possible.
