A combination of changing priorities post Covid, workplace dissatisfaction, economic pressure and fears about the NHS’s ability to treat them has led people to ask more of their companies – particularly around health and wellbeing. Equipsme research has found that interest in private health cover has doubled - and that nearly 6/10 Brits are prepared to sacrifice salary to secure it.
As businesses struggle to attract and retain top talent amidst the Great Resignation, more and more are responding to this new demand by boosting benefits packages.
What do workers want?
According to Aon’s 2022 Benefits and Trends survey, 93% of companies think that employee’s expectations of their work experience are changing.
While agile working and flexible working hours are the top two worker-expectations, there’s also been an increase in demand for health and wellbeing support – for instance demand for better mental health support increasing from 38% to 82%.
Perhaps because of the pandemic-heightened awareness of health on business performance, what’s stark is that 95% of businesses now agree they have a responsibility for the health and wellbeing of their employees. Reflecting that, 88% of businesses have responded by increasing their emphasis on health and wellbeing, and 87% on mental health support.
Why are people focussing on health and wellbeing benefits?
Quite simply because more benefits bring more productivity.
Recent research from the Association of British Insurers (ABI) – who found that three in five Small to Medium Sized businesses said providing health and wellbeing benefits had a high impact on supporting the productivity of their company.
Meanwhile in Mercer Marsh’s Health on Demand report, surveying 14,000 employees across the globe, it was found that 59% of those with 10 or more health benefits said they’d be less likely to move jobs, 62% felt their employer cared for them, 64% said they felt energised at work, and 93% said they felt confident they could afford the healthcare they and their families needed.
What kind of health and wellbeing benefits are people getting for their employees?
Aon’s cross-sector report shows that 87% of employees taking part in the survey are offering ALL staff an Employee Assistance Programme or EAP, 52% a digital GP service, 45% Private Medical Insurance, 18% health screens, 11% a health cash plan, 9% a dental plan and 6% gym memberships.
Meanwhile 87% are also providing Life Assurance, 50% Income Protection, 18% Personal Accident cover, and 15% Critical Illness cover, are offering
Who else is buying company private health cover?
Who is buying private health benefits is changing. It used to be something that was only for top executives at large firms. But at Equipsme we’re seeing lots of businesses of all sizes inquiring about a health insurance plan for the very first time - and others looking to extend private health cover across more of their workforce for the first time, too.
Our clients include large construction firms, hospitality chains, theatres, independent music producers, tech consultants, physiotherapy clinics and marketing businesses.
Read some of our client stories here.
What should I look for in a company health insurance plan?
What you want out of a company health insurance plan will depend on the size of your business, the nature of your work, the kind of benefits you want to provide - and obviously your budget. Three other key things to think about are:
1. Administration
Consider who and how is going to deal with the ongoing administration of a company health insurance plan, how much time your business has to take on this task - and how much support it’s likely to require.
2. Sustainability
Your initial price may change on renewal, depending on claims levels, market conditions, and your own growth. Consider whether you’ll be able to sustain your plan over an extended period.
3. Flexibility
Can you shape your plan to fit your business, create different packages for different levels or durations of work, or change the mix of your benefits? Look for a company health insurance plan that can be tailored to your needs, and grow with your business.
Read these next:
How much does company health insurance cost?
Traditional medical insurance, a cash plan, or private health cover from Equipsme
Cover for small businesses
Cover for construction businesses
