Skip to main content

Complex Health Benefits Can Hinder Employee Productivity and Morale

Many individuals need help making sense of their options when receiving health services. In fact, a recent study from Quantum Health found that 8 out of 10 people said they faced challenges when receiving care. The study also noted that these challenges were worsened by benefits complexity. In other words, confusion toward health benefits can take a toll on employees in the workplace.

According to Quantum Health’s findings, the vast majority of consumers have reported facing hurdles while receiving care during the past two years. These challenges include issues understanding coverage levels, locating providers and navigating the insurance claims process. Issues like these were compounded for individuals with chronic conditions—90% of whom said they faced additional challenges, such as making sense of diagnoses or test results. Here are other main findings from the study:
  • Of the majority who experienced health care challenges, 57% of these consumers said they suffered negative impacts from such challenges, including:
    • Declined mental well-being (19%)
    • Declined physical well-being (17%)
  • The majority (60%) of all respondents said they spent work time dealing with health care challenges, averaging 30 minutes per issue.
  • Fewer than half (45%) of respondents said it’s easy to use their health benefits.
  • Just 35% of respondents said it’s easy to navigate the health care system.
As the study illuminated, it’s not enough to only provide world-class benefits; employers must also ensure employees can tap into that value by properly educating their workforces. Doing any less can worsen employee well-being, productivity and morale.

The Benefits of Providing Pet Insurance

Pet insurance has been a trendy benefit offering in recent years, with around a third (34%) of employers providing some version of this benefit, according to a Willis Towers Watson survey. Employers should consider adding pet insurance to their voluntary benefits for the following reasons:
  • Improves employee financial wellness—Over 90% of pet owners pay for vet expenses out of pocket, according to MetLife. Pet insurance can reduce those expenses, allowing employees to spend that money on other needs.
  • Contributes to better overall health—Research shows that owning a pet can improve an individual’s mental and physical health. During a time when employees may be working at home in isolation, having a pet companion can help their well-being. Pet insurance can make the decision to get a pet easier and thereby improve an individual’s health.
  • Shows employees their company cares—Offering pet insurance reinforces to employees that their company cares about them, both within the workplace and outside of it. Providing such a perk can also help with attraction and retention efforts, particularly among pet owners.
For more information about employee benefits, our services and products, please contact HANYS Benefit Services by email or by calling (518) 431-7735.

Popular posts from this blog

Innovative employee retention strategies: 9 fresh ideas

Employee engagement and retention are pivotal in every sector, but they carry even more weight in the not-for-profit space, where resources are often limited. High turnover can be both costly and disruptive, impacting productivity and damaging morale. In an era of workforce evolution, to effectively retain their top talent, organizations must explore innovative employee retention strategies that go beyond conventional methods.  Engaged employees are distinguished by their higher productivity, motivation and loyalty, and they are more likely to stay with a company for the long term. Gallup recently updated its research article, The Benefits of Employee Engagement , finding that "low engagement teams typically endure turnover rates that are 18% to 43% higher than highly engaged teams."  In addition to turnover, disengaged employees negatively impact a company's financial health, with turnover costs averaging six to nine months of the departed employee's salary, accordin
Read more

Employee benefits strategies: 5 budget-friendly ideas

Retirement and employee benefits help create a solid foundation for recruitment and retention. They’re also pivotal in enhancing job satisfaction, boosting productivity, encouraging employee well-being and increasing workplace morale. With the work landscape evolving rapidly, organizations are revisiting their offerings to develop stronger employee benefits strategies.  The first area most small- and mid-size employers investigate is quick, short-term ways to foster company culture. In this blog, we’ll cover budget-friendly ideas to improve your employee benefits initiatives. Think of them as smaller action items that can help you gain a competitive edge. Then, we’ll take a closer look at how customizing your benefits plan can support your new efforts.  1. Promote a healthy work culture  Investing in employee benefit plans is not just about fulfilling a checklist. It's about creating an environment where employees feel supported in both their professional and personal lives. Benefi
Read more

What are Alternative Investments? 4-Part Introduction

The market has seen a lot of uncertainty in recent years. Because of this, many organizations are looking for new ways to diversify their investment portfolios. Our best-kept “not-so-secret” secret: alternative investments. In this blog, we'll explore alternative investments with a focus on how they can potentially shield your portfolios from downside market volatility. In addition, we'll break down its benefits and risks and whether it could be a good fit for you. Part 1: What are alternative investments? Alternative investments may help diversify your investment portfolios through non-traditional investment strategies. Non-traditional investment options have varying liquidity ranges depending on the strategy and fund structure. Alternative investments are sometimes referred to as alternative assets. According to the Harvard Business School , the seven types of alternative investments are: private equity; private debt; hedge funds; real estate; commodities; collectibles; and s
Read more