(This post is sponsored by Kaelo)
Health Insurance as an employment benefit
Employers who prioritise the health and well-being of their employees gain competitive advantages in the market, leading to considerable increases in productivity and hence, profitability.
It’s not difficult to see the logic. The public sector is unable to bear the burden of providing healthcare to the 52 million people who are unable to access private care. Public hospitals often have 7-hour waiting times just to see a doctor and collect medication. And even those with private care are looking for more affordable solutions.
Not convinced? Here are 5 good reasons to include health insurance as an employee benefit:
1. Reduction in Absenteeism
Unplanned absenteeism is disruptive to processes and operations, places strain on the at-work employees and leads to a negative culture. Current absenteeism rates are around 12 days per employee per year!
The Fix: With a well-designed health insurance product that includes good day-to-day benefits, a comprehensive network of providers and astute mental well-being care, absenteeism can be reduced by up to 84%.
2. Increase in Productivity
Employee benefits that promote health and well-being, for employees and their families, increase job satisfaction and boost morale. When employees recognise that their employer is meeting their external needs they are motivated to work harder and perform better.
Bonus: There is also a reduction in stress levels when employees are covered for potential unforeseen medical events.
3. Reduction of Burden
South Africa has an epidemic of chronic and non-communicable diseases, and has one of the highest disease burdens of all countries in the world. This has been aggravated by largely undiagnosed conditions.
Wellness screenings offered by health insurance products are a key mechanism used to detect, diagnose and treat employees and reduce mortality and disability rates for those with chronic diseases or severe illnesses.
4. Cost Efficient Solution
Individual cover is surprisingly affordable, but when purchased on a group basis (especially on a compulsory level), further savings of up to 50% can be achieved due to the pooling of risk and diminishing admin fees. Employers can potentially also claim a tax relief for the contributions to the products.
5. Top Employer Effect
Health insurance is widely becoming a “must-have” in employment packages in South Africa. By offering it to their employees, companies are seen as a “top employer”. They can more easily attract and retain premium talent, while also benefiting from the other built-in advantages of productivity and job satisfaction.
How to get started:
At Kaelo our mission is to provide more South Africans with access to affordable, quality healthcare. As a leading provider in healthcare, we offer innovative, essential solutions enabling the physical and psychological well-being of all South Africans.
Contact your health intermediary to explore what options would be suitable for your employees or contact salesadmin@kaelo.co.za.
Kaelo Risk (Pty) Ltd, is an authorised Financial Services Provider (FSP 36931).
kaelo.co.za
(Medical Insurance is not a Medical Scheme and the cover is not the same as that of a Medical Scheme. Medical Insurance is not a substitute for Medical Scheme membership.)
