"An adviser will be able to help an employer navigate the system and find the right support for their employees, at the right cost."
- David Williams, Head of Group Risk at Towergate Health & Protection
Towergate Health & Protection calls for more attention to be paid to businesses that are struggling to support their employees’ wellbeing affordably during the Cost-of-Living Crisis. David Williams, Head of Group Risk at Towergate Health & Protection, said that “when considering the best-value benefits to support employee wellbeing, I would certainly encourage employers to consider Group Life Assurance […] with providers now including a whole host of added wellbeing benefits, it’s one of the most cost-effective ways to get a programme up and running.” He believes this will be particularly attractive for smaller and mid-sized businesses.
“It’s not uncommon for a business to have an Employee Assistance Programme (EAP) embedded in their group risk benefits but not be using it, as [employees] don’t know it’s available,” David explained. Life Assurance, Income Protection (IP), and Critical Illness (CI) include embedded benefits which make them “good value for money” for employers. As previously identified, EAPs are often included at no additional cost, offering a wide range of support, from counselling sessions to legal aid. As such, “if these added-value elements of group risk are utilised, they can prove hugely valuable to the point where the wellbeing support is the main benefit and the insurance is almost a bonus.”
For businesses without group risk benefits in place, Towergate calls for the implementation of standalone EAPs, with very low monthly premiums charged on a ‘per employee’ basis. Likewise, for a relatively small monthly premium, Health Cash Plans will allow employees to claim back everyday healthcare costs, such as routine dental, optical or physiotherapy treatment. The cost of a Cash Plan depends on the benefits selected, and for the employees that can make use of them, highly valued.
Towergate also identified virtual GPs are increasingly popular among employees - often available as an added-value benefit within Private Medical Insurance (PMI) and group risk. These services can reduce absenteeism in the workplace as employees no longer have to see medical professionals face-to-face and can get appointments quickly.
“There is no such thing as a free lunch, but there are lots of low-cost health and wellbeing benefits that come with additional support […] it makes sense for employers to consider them,” David concluded.
