April 19, 2018
Why international medical insurance is the smartest benefit you can offer
Why international medical insurance is the smartest benefit you can offer
Standing out as an employer
of choice is paramount and the employee benefits package is a key part of the
overall offer. In fact, 57% of people report that benefits and perks are among their top considerations
before accepting a job.
Not only can employee
benefits serve to attract new talent, introducing new benefits during the
employment period is a surprisingly effective retention strategy. A survey by
Glassdoor revealed that four in five workers say they would prefer
new benefits over a pay raise. Healthcare insurance was the benefit most valued
by these surveyed employees (40%), ranking above paid vacations (37%), flexible
work schedules (30%) and employee development programs (19%)
Benefits offered by global
giants are many and varied and can include headline grabbers like baby cash for
new-borns (Facebook), free meals and massages (Google) and unlimited holiday
time (Virgin).
But in spite of the
increasing range of novelty perks offered by employers, a recent survey by the
Society for Human Resource Management reveals that 95% of HR professionals agree that healthcare is the
benefit that employees value most.
Investing in private
healthcare for employees brings double benefits; not only is it an effective
tool for attracting and retaining employees, it´s also key to sustaining their
optimum health, which contributes to productivity and direct impacts the bottom
line.
Another survey conducted by Aon 2015 - Global
Benefits Survey - demonstrated the link between
employee health and engagement levels. In this study, 87% of ´highly engaged´
employees say they are in good or very good health, while only 24% say they are
in poor health. Further to this, the Gallup Organisation has gathered evidence
over decades, which irrefutably links employee
engagement with business outcomes.
All this evidence points to a conclusion we
instinctively know to be true: declining employee health leads to falling
levels of employee engagement and disappointing business outcomes. Employee
health insurance is therefore a sensible investment as well as an attractive
benefit.
There are many providers of private medical
insurance, so here are some principles to guide search and selection.
Prioritise
wellbeing, not just physical health
Choosing private medical
insurance which takes a holistic view of health is essential to keep your
employees performing well. The World Health Organisation counted 15 billion
lost days of work every year as a result of anxiety and depression, costing
companies $1.15 trillion (USD). Investing in mental health pays dividends; a
study published in the Lancet Psychiatry in 2016 estimates that every $1 invested in scaling up
treatment for depression and anxiety leads to a $4 return in better health and
ability to work.
Regency for Expats includes 24-hour access to
psychological support and personal coaching, so employees can always tap into
talking therapies to maintain their mental wellness.
Look
for flexible options for a global workforce
Global companies rely on the
skills of a mobile workforce, so it´s important to choose healthcare insurance
that moves with them. Regency for Expats allows people to receive inpatient
treatment in any hospital in the world (excluding the USA). Hospital
admissions, emergency treatment, ambulance services and surgery are all
covered. As an outpatient, employees can see alternative therapists as well as
general practitioners and all their physiotherapy and medication are covered.
Create a culture of health awareness
Encouraging employees to take
an active role in their own health is important, so Regency for Expats covers
annual medical check-ups, vaccinations and routine eye tests. Routine and
emergency dental is covered, including major dental procedures.
Keep your employees safe
International travel exposes
employees to risks which were hardly considered 20 years ago; Regency for
Expats has extended their cover to the personal security of employees, providing
support in the event of terrorism, hijacking or mugging.
Invest
in a reputable provider
Regency for Expats
paid more than 98% of claims submitted to them in 2016. Employees receive
support from an independent 24-hour claims & assistance
adjudication provided by international assistance company Medihealth.
Regency for Expats is
a specialist provider of international insurance programs for expatriates and a
fully owned subsidiary of global financial services company Regency Assurance.
Regency Assurance is regulated
by the Financial Services Regulatory Commission and provides insurance and financial services across 120 countries.