Employee Benefits: Probably more important now than ever
It is far from normal to go through these uncertain Covid-19 times. You have probably seen new sides of yourself, taken on new habits and hobbies. Moreover, you have realised that health and access to good health care is more important to you, more now than ever.
It’s time to take control of your future wellbeing and believe it or not, your employer plays a big part in this.
In fact, there was already a growing expectation from employees that healthcare should be included as part of a compensation package. This was particularly common amongst the millennial workforce, however with Covid-19, we are seeing this expectation growing across the board, despite the age group of employees.
A recently conducted survey by insurance broker Willis Tower Watson examining the business impact of Covid-19 on health benefits, shows that nearly half of the respondents (47%) are enhancing health care benefits, 45% are broadening wellbeing programs, and 33% plan to make changes to paid time off (PTO) or vacation programs.
Having surgery or getting medical treatment can be a very expensive experience in a country where payment of medical bills needs to come out of your own pocket. Getting medical treatment can be a stressful event, the last thing you want is to also worry about the bill afterwards. A well-designed Employee Benefit Plan provides assurance for the company and its employees. It makes sure employees will get financially supported, a helping hand so to speak, in what usually is a very unexpected situation.
Covid-19 has also brought to light the importance of underlying health conditions. A comprehensive Employee Benefit Plan can help employees with early prevention and management through specialist outpatient benefits, promoting overall wellbeing and health.
Over the past two decades, the world has endured SARS, MERS, Ebola, avian influenza and swine flu. The Covid-19 pandemic might be the latest significant threat we face, but it will probably not be the singular phenomenon we all would hoped it to be. This means that health and wellbeing will remain an extremely important topic close to everybody’s hearts. Moreover the mentality of needing good healthcare is here to stay. This makes an Employee Benefit Plan all the more important now.
Getting started with putting the plan in place can be quite a daunting task. There are many coverage options available to choose from, and there isn’t an easy way in Singapore to compare and get quotes for Employee Benefits. Anapi is solving this by creating a simple Employee Benefits calculator so that you can have an idea of the types of coverages available and get a rough idea of the cost per employee. Based on that, we can help you get a customised quote. It’s one of our goals to make insurance simple for startups, and Employee Benefits is no exception, especially as it is becomes a much more sought after cover for all companies of all sizes.