Why Mental Health Cover Can Benefit Both Employees and Your Business
One in four people in the UK experience mental health problems every year, according to the NHS. For employers and the economy, this means roughly £70 billion (OECD) is lost every year in productivity, benefit payments and healthcare expenditure. With World Mental Health Day taking place on 10th October, Andy Jenkins, our Operations Director, talks about how employers can manage the wellbeing of their workforce more effectively.
“Awareness of the importance of good workplace mental health and wellbeing is growing with more and more employers starting to take the issue seriously. However, with a such a hefty price tag on doing nothing, this should be a priority for businesses of all sizes and there are a number of steps that employers can take for a more positive and proactive approach.
“Companies should consider devising a mental health at work plan, addressing any issues with company culture and workload in general, introducing a counselling service or helpline for staff, encouraging a healthy work life balance and providing training for line managers.
“When mental health problems occur, giving your employees quick access to fast and appropriate treatment is critical. With early intervention, mental health conditions are far less likely to escalate. This reduces the cost of treatment and helps your employee return to work quickly.
“Private Medical Insurance is an increasingly popular way of safeguarding against unexpected costs and guaranteeing access to the UK’s finest medical facilities. Approximately 1 in 10 companies currently choose to provide a private healthcare benefit for their directors and key staff, and this number is rising. Around three-quarters of Britain’s private medical insurance policies – covering around seven million people – are provided by companies on behalf of their staff.
“Private Medical Insurance provides an important failsafe for employers in the event of absence due to mental health problems. From an employee perspective, access to private healthcare is viewed as the second most valuable benefit after a pension. Regardless of the number of staff that a business employs, it’s likely that with a combination of different types of healthcare provision, there will be a solution to fit most budgets which adds real value to employee benefit packages.
“Independent advice is key to obtaining the most suitable, cost effective healthcare solution for your business. Not all policies will cover mental health issues, by going through a broker, you can make sure you have the right level and focus of cover that will best suit the needs of you and your workforce.
“Employers that take steps to support mental health at work will benefit from a more productive, happy and loyal workforce. Those that ignore the issue, risk not only the health of the people who work for them, but the wealth of their business.”
As well as private medical insurance, we also advise on health cash plans, hospital treatment insurance, individual healthcare policies, international healthcare, group dental policies and group worldwide travel policies.
To get in touch with the Russell Scanlan team, call 0115 947 0032.