A Comprehensive Guide To Health Benefits For Large Companies

The job market gets more competitive by the day and employers have to think up ways of making their job offers attractive. One of the ways of attracting and retaining staff is by offering them perks and benefits that they cannot get with your competitors.  A robust health benefits for large companies employees is a sure-fire way companies can demonstrate their commitment to the general well-being of their employees.

Additionally, a well-thought-out health insurance or benefit package also helps increase productivity, reduce absenteeism, and improve job satisfaction. Seeing as the cost of healthcare is skyrocketing, any company that provides a package that mitigates this cost is sure to have loyalty from its workforce.

Click here for tips on how to boost employee morale and motivation.

In this article, we will explore the major health benefits that large companies can provide for their staff and the benefits for both employers and employees.

Different Packages and Their Benefits to Employees

We have established that giving staff additional perks and benefits can serve as motivation and also enhance productivity. Find below the different kinds of packages that large companies can incorporate into staff benefits.

Comprehensive Health Insurance Coverage in Health Benefits for Large Companies

The bedrock of any wellness package for employees is health insurance.  This package is vital for large companies so that their employees can have access to medical care whenever they need it. The plan should cover the following:-

1. Hospitalization

2. Doctor’s visit and Specialist care

3. Prescription drugs

4. Mental health services

Benefits for Employers

The following are benefits that employers who provide the above package enjoy:-

1. Attraction and retention of manpower and talent

2. Reduced employee turnover

3. Improved productivity

Preventive Care and Wellness Programs as Part of Health Benefits for Large Companies

These programs are important additions to staff insurance plans as they help in preventing serious illnesses and diseases in the workforce and also maintain their wellness. Initiatives in these programs include the following:-

1. Yearly medical screening

2. Vaccinations

3. Fitness programs

4. Nutrition counselling

5. Stress Management and Mindfulness programs

Benefits for Employers

1. Reduced costs for Healthcare
2. Increased Employee Engagement
3. Lower Absenteeism

Mental Health Benefits in Health Benefits for Large Companies

People oftentimes neglect mental health even though it is as important as physical wellbeing. However, addressing mental health issues is no something to be ignored and that is why large companies are providing packages that take care of these issues. These packages include:-

1. Access to Counsellors and Therapists

2. Employee Assistance Programs (EAPs). Visit this site:https://www.state.gov/ for more details.

3. Meditation and Mindfulness Programs

4. Mental Health Days

Benefits for Employers

1. Higher Employee Satisfaction

2. Increased productivity

3. Lower staff turnover

Dental and Vision Coverage in Health Benefits for Large Companies

This coverage provides essential care that is usually not included in the standard package for health insurance and it covers the following:-

1. Dental – This includes regular exams and cleanings and treatments such as crowns, fillings and orthodontics.

2. Vision – This covers eye examinations, contact lenses and glasses. Some even go as far as providing coverage for corrective procedures such as laser eye surgery.

Benefits for Employers

1. Improved Employee Satisfaction

2. Prevention of greater healthcare problems

3. Attracting top talent

Family and Dependent Coverage

An employee with sick family members cannot be fully productive at work that is why most big businesses provide a plan that covers family and dependents. This plan includes:-

1. Coverage for spouse and partner

2. Child coverage – This will typically provide preventive care such as regular paediatric check-ups and vaccinations.

Benefits for Employer

1. Increased loyalty

2. Work-Life Balance

3. Reduced Absenteeism

Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs)

These are plans that provide workers with a tax-advantaged means of saving money for medical bills. Big companies most times include this in the health package of their staff.

1. Flexible Spending Accounts (FSAs)-

These accounts enable workers to contribute pre-tax funds for medical expenses such as prescription meds, co-payments and other wellness items that can be purchased over-the –counter. FSAs usually come with a ‘use it or lose it’ clause which means that whatever sum you have in the account must be appropriated on or before the end of the year.

2. Health Savings Accounts (HSAs) –

These accounts are usually tied to HDHPs (High-deductible health plans) and they enable workers to save pre-tax funds for medical expenses that may arise in the future. The difference between this plan and FSA is that it rolls over at the end of the year and can even be converted to retirement savings if the money is not used.

Benefits for Employers

1. Tax Savings – These accounts reduce taxable income which in turn provides tax savings for both employers and employees

2. Encourages financial responsibility – These plans, especially HSAs fosters financial stability for workers by encouraging them to plan ahead for healthcare expenses.

Paid Sick Leave and Disability Insurance

These plans give workers a kind of safety net that assures them that they will be taken care of in the event of sickness or disease. This is one of the health benefits for large companies that really make a great difference between companies. Paid sick leave caters to short-term illness while Disability insurance takes care of long-term sickness or injury.

Benefits for Employers

1. Retention of Employees

2. Reduced Spread of Disease

Conclusion

Every business is responsible for providing health insurance for its workers. However, large companies are often required to provide more than SMEs do. This is obvious because their incomes and staff demand are not on the same level.

Providing a well- rounded insurance package for staff that takes care of their physical, financial and mental well-being is what stands a company out from the crowd. This comprehensive healthcare package ensures that workers are taken care of in every aspect of their lives, promoting productivity.

Furthermore, a company that provides this comprehensive support for their staff also creates a positive and conducive work environment which invariably makes the workers feel seen and valued. Seeing how competitive the business world is, no company should neglect the benefits that we have discussed in this article because they are essential for long term success.