Mental health care coverage has exploded over the last few years, with employers seeing direct benefits through improved employee productivity. Employees take fewer days off, are less likely to leave for another employer, and lower health care costs when they engage in mental health care.
Currently, federal law requires all health insurance policies to offer mental health coverage as part of their benefits. However, the coverage tends to be limited unless the employer looks closely at the available NYC employee health benefits packages to support their employees’ mental and physical health needs. Here’s a look at where mental health insurance coverage is headed and how an employer can provide comprehensive coverage for employees.
Expanding Mental Health Benefits Delivers a Return on Investment
Mental health programs are sometimes limited in their scope and therapy options. That is, they don’t always make it easy for a trauma survivor to find someone who knows how to treat their condition. An employer can do right by their employees by looking into employee assistance programs (EAP) that connect the employee with the right provider.
Taking on an EAP or policy with coverage can look like an expensive proposition on the surface, but it does pay off. Studies have shown that companies that expand their mental health coverage benefit from improved productivity. Investing in the mental health of a workforce results in better attendance and individuals who have an easier time performing their duties.
Employers Benefit From Encouraging Their Employees to Engage in Mental Health Care
The populace at large still carries a stigma when it comes to getting therapy. Many see it as a weakness instead of acknowledging that they need help. That means employers have to deal with people who have difficulty functioning at their best and don’t perform as well as they should.
The current trend for employers is to encourage employees to take advantage of the mental health care available to them. Employers who place mental health care in the same position as physical health care are de-stigmatizing the concept of engaging in mental health care and putting it in the area of holistic care.
Creating a Place Where People Want to Work
A comprehensive benefits package has long been used to attract talent. That talent is now looking for employers who offer mental health benefits as part of the package. Employers looking at new health insurance for a Suffolk County, NY, business can signal that their business is a good place to work with a robust mental health benefit.
Lower Spending on Health Care Costs
It’s a known fact that stress impacts your health, and stress is difficult to avoid. All workplaces, regardless of how they’re run, generate stress among their employees due to various pressures. This results in more sick days taken by employees because of an inability to cope. When employees have the option to engage in mental health, they’re more effectively able to deal with the pressures of work.
Employees who have the tools to deal with work-related stress are the ones that stay healthy because they’re not overwhelmed and feel overworked. Employers benefit from better attendance and improved performance.
Learn More About Mental Health Coverage for Your Business
Finding the right insurance policy that provides the right mental health coverage for employees can be difficult. At Margolis & Associates in NYC, we can help you understand what this coverage entails. Our team is ready to help you find the best policy or EAP that makes it easy for your employees to utilize and provides them with the help they need. Call or contact us today to learn more about expanding your mental health benefit offerings.