Author: Kalleigh Gore
In today’s competitive business landscape, providing good employee health cover helps in attracting staff and has additional advantages for both the employer and employee. At HRTorQue Financial Services (a registered FSP) we work with a number of health insurance products. Our focus is on implementing these benefits for little or no extra cost to employers and making sure employers and employees then get the real benefits from the product. This article outlines some of the benefits we see with these products for the different participants.
Health cover for lower paid employees
In the market we see most employers have medical aid benefits for their higher income earners. However, they tend not to have anything available for lower income employees as medical aid for these segments becomes too expensive. While medical aids offer treatment for specific conditions, health insurance works by covering employees on the occurrence of specific insurable events. As the cover is limited financially the insurance is offered at far more affordable rates and therefore works to cover lower income earners.
Easier to access – saving time
Without health insurance and using public facilities, employees often need to take a full day’s sick leave to go and stand in a long queue at a clinic to be seen for basic ailments. With health insurance products, employees are able to see a GP online and immediately receive prescriptions or referrals to hospitals in the provider’s hospital network.
Prevention is better than cure
Without health cover employees are more likely to wait until a condition is chronic before seeing a medical specialist. With health insurance, basic healthcare including dentistry and optical care is usually covered making it easier for employees to treat medical conditions before they become a bigger issue. In addition, wellness days can be facilitated to educate employees and give them the opportunity to take advantage of these basic interventions.
Employee Assistance Programs
Mental health is increasingly important. An employer sponsored assistance program can be very expensive. Some of the top health insurance products offer an employee assistance program for employees to contact in cases of stress, financial struggles, domestic troubles etc… If used properly this can be of huge benefit to employers and employees alike.
Better data
Not only can health insurance reduce sick leave per employee, but it also offers the ability to get anonymised data on the employer’s workforce to identify underlying issues allowing for more proactive management.
Ancillary benefits
Similar to medical aid platforms which offer incentives for healthier lifestyles, health insurance providers also offer incentives to members for better health. For example, monthly cell phone data bundles for a check-up and healthier heart score. This has a direct monetary benefit for staff.
How we can help
HRTorQue specialises in working with employers to implement employee benefits to get the best possible outcome for employers and employees.
Contact HRTorQue Outsourcing today to discuss how we can support your business now and into the future.