Tailor-made employee benefits
As the new challenges , not only those related to health, drag on, entrepreneurs, entrepreneurs are forced to adopt new market strategies. For a business to succeed, a committed and motivated team is a must, especially when things get tough. What can we do to safeguard the best interest and well-being of our employees at the time when we are all kept on our toes?
For many months, the pandemic has disturbed the daily routine of employers and employees alike. For once, employers had to alter working patterns due to an increased risk of infection. Also, many employees had to reconsider their career choices and rethink the role of work in their lives. On top of that, there has been plenty of anxiety about health and other threats that arise. All this poses further challenges for employers. Under the circumstances, Employers are now faced with a broader range of factors that may affect mutual relations between employers and employees.
HEALTH IS WEALTH
According to the risk mapping for Poland, developed last year by the Polish Chamber of Insurance (PIU), we continue to perceive health as a top priority. This includes our own health as well as the well-being of our nearest and dearest. We fear death and ill health. Pandemic outbreak has made us feel even more insecure. On the other hand, it turns out that we are now more ready to accept the risk which used to be perceived as rather distant and unrealistic. When confronted with a tangible threat, we look for a tangible solution. In this context, health insurance has been gaining popularity. We often decide to get one after a negative experience with public health care system. According to the PIU data, as of the end of the third quarter 2021, Poles spent more than PLN 760m on private insurance, which is nearly 15 percent more than the year before. A standard life insurance product may be supplemented with a number of health riders to make sure that the scope of coverage is most suitable for the employees in addressing their individual needs. For employees, the option to have their family members covered as well brings a sense of security, especially when insurance coverage includes small children or relatives exposed to elevated health risks. As for employers, they should educate and build awareness about disease prevention and mental well-being. There is an array of health and wellness webinars and training programs to benefit from; ranging from self-care and family care to behavioural change, good habits and corporate culture.
IN THE PRIME OF LIFE
When considering the impact on employee and employer communities, one must not ignore demography. Our population is ageing: people tend to live longer and the group of old age pensioners becomes bigger and bigger. According to Statistics Poland (GUS), at the end of 2019 in Poland there were 6,9m people aged 65+ (18.1 percent of country population). Demographic changes are reflected in population health, wellness and family life patterns. Population ageing leads to a decline in labour productivity or evolution in geographical distribution of labour. Early retirement has lost some of its appeal and most people want to stay active as long as possible. In view of all those developments, additional employee support plans are created. In recent years, the insurers increased the coverage entry age to 70–74, approximately. They are prepared to offer group solutions and coverage customized to the needs of senior citizens. For instance, an employee may choose to enhance their basic coverage with an oncological or cardiological rider. Importantly, in addition to insurance benefits, such riders offer 24-hour medical assistance services with doctor's appointments or consultations, laboratory tests done on an outpatient basis, nursing care, psychological counselling, or sanatorium care.
PEACE OF MIND
Multiplying challenges and anxieties has put our mental well-being in sharp focus. The collision of business and family duties under one roof, the widespread atmosphere of anxiety and uncertainty, the restrictions that are imposed and lifted in quick succession… all of these obviously put a strain on our psyche. This is aggravated by unfavourable economic situation, which makes us question the prospects for continuity of employment, career advancement and financial security. Once again, group insurance can provide a quantum of solace. In the event of death, serious disability or health crisis, a cash benefit is payable. Insurance coverage can be continued after termination of employment, which should reassure the insured and their loved ones. At the stage of group insurance program design, a model with a fixed benefit amount applicable across the board can be replaced with a solution where insurance benefit is defined as a multiple of the employee's salary to provide especially meaningful and much-needed help in emergency.
EMPLOYEE-FOCUSED CARE
Research findings have shown that prolonged stress and inaccessibility of specialist care may cause a wave of chronić disease cases. These include cardiovascular diseases, cancer, type 2 diabetes or autoimmune diseases. The insurers continue to finetune their health insurance packages to make sure that they are truly needs-based and the insured are taken care of. Group insurance coverage takes into account employee’s personal needs. At a time when health is a key asset we want to protect, insurance is there so that employers can demonstrate to their employees how much they care.
Author: Janusz Arczewski, Group Business Director, Unum
