Employee wellness has risen to the top of businesses’ agendas in the last three years as the Indian workforce continues to change how it works in the wake of the pandemic. Companies must now offer comprehensive health insurance plans that cover out-patient care due to the rising prevalence of health problems among their workforce.
What our data indicates is as follows:
Recent years have seen an increase in mental illness due to increased work pressure, long hours, and a lack of work-life balance, which negatively impact employees’ mental health.
According to a recent study, young adults between the ages of 21 and 30 accounted for over 77% of telehealth mental health consultation bookings, while millennials between the ages of 31 and 40 accounted for 17%.
The Insurance Regulatory and Development Authority of India (IRDAI) recently made it mandatory for mental illnesses to be covered by standard health insurance to make mental healthcare accessible to everyone. #
Gap In OPD Coverage
Many still face substantial out-of-pocket expenses for common medical issues such as allergies, eye diseases, sleep apnea, obesity, and diabetes. While basic health insurance primarily covers hospitalisation, a considerable portion of healthcare expenses arises from doctor consultations, diagnostic tests, and prescription medications. Unfortunately, the State of Employee Benefits 2023 report indicates that fewer than 2% of Indian companies offer OPD (Out-patient Department) coverage through insurance, despite out-of-pocket medical costs constituting 65% of India’s total medical expenditures. This underscores the importance of including out-patient care insurance coverage.
The State Of Employee And Workplace Well-Being In Indian Businesses Today
Many businesses are increasingly concerned about employee attrition, prompting them to explore strategies for retaining top talent. Employee benefits play a significant role in this endeavour, as indicated by a survey that was executed by the Society for Human Resource Management (SHRM), where employee benefits ranked as the third most important factor influencing employee retention decisions. This focus on benefits is driven by a growing awareness of the rising health concerns affecting employees and their families. These concerns encompass mental health issues and the prevalence of conditions like skin allergies, eye diseases, obesity, diabetes, and respiratory problems. One can purchase comprehensive health insurance with cancer coverage to ensure financial security in case one ever faces a cancer diagnosis. Securing a health insurance policy for diabetic patients is essential to manage healthcare costs effectively.
Comparing Current Insurance Policies To The Ideal One With OPD Coverage
Nowadays, outpatient department (OPD) coverage extends to a wide range of medical services, encompassing dental and vision care, physiotherapy, doctor visits, immunisations, prescribed medications, dietary supplements, AYUSH treatments, diagnostics, and annual physicals. This type of insurance can be extremely helpful for individuals facing substantial out-of-pocket expenses, especially parents with young children who may need frequent over-the-counter medications or medical tests.
Group health insurance should not be the only form of employee health benefits. It is a smart move that can be advantageous to both the company and the employees to include OPD coverage in employers’ health insurance plans. *
Understanding how factors like age, lifestyle, and coverage impact your health insurance premium is crucial when choosing the right policy.
* Standard T&C Apply
#Visit the official website of IRDAI for further details.
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