Why Employer Provided Health Insurance is a Game Changer for Employees

Health insurance is a critical aspect of an employee’s compensation package. It directly impacts the financial stability and wellbeing of employees. According to a survey conducted by the Kaiser Family Foundation, 56% of the American workforce receives health insurance through their employer. Moreover, the survey showed that 85% of employees considered health benefits to be as important as their salary.

Financial Stability

Employer provided health insurance provides financial stability to employees. It gives them the assurance that they are covered in case of any medical emergencies. This financial stability decreases the stress and worries they may have about their health and finances. With less worry, employees can focus better on their work, leading to increased productivity. It also increases employee loyalty towards the employer as they know the employer is investing in their wellbeing.

Increased Access to Healthcare

Employer provided health insurance increases access to healthcare for employees. In many cases, employees can access healthcare services that they would not be able to afford otherwise. This can include preventive care that can identify medical issues before they become serious. Early diagnosis and treatment can help employees get back to work sooner, reducing absenteeism. It also leads to healthier employees, which further improves productivity.

Reduced Healthcare Costs

Employer provided health insurance can also help employees save on healthcare costs. Employers are usually able to negotiate better rates with healthcare providers, reducing the overall cost of healthcare. The cost of healthcare is usually much less when the employer is covering the cost compared to the employee paying out of pocket, as the employer provides a much larger insurance pool. This can make healthcare more affordable and accessible for employees.

Retention & Recruitment

Employer provided health insurance can be a game changer when it comes to employee retention and recruitment. According to a survey conducted by Glassdoor, 79% of employees would prefer new or additional benefits to a pay increase. Health insurance is a benefit that can significantly impact an employee’s decision to stay or leave a company. Employers who provide better healthcare benefits may be more likely to retain their employees and attract new talent.

Case Study: Starbucks

Starbucks is a company that takes employee health benefits seriously. They provide comprehensive health insurance coverage to all employees, including medical, dental, vision, and mental health services. This has led to increased loyalty towards the company, with many employees staying with them for years. Moreover, it has enabled Starbucks to attract new talent and differentiate themselves from their competitors.

Conclusion

Employer provided health insurance is a game changer for employees. It provides financial stability, increased access to healthcare, reduced healthcare costs, and can impact employee retention and recruitment. Employers who provide high-quality health benefits may be better positioned to attract and retain talent, leading to a more productive and loyal workforce.

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