Physical health has always been considered paramount when it comes to a person’s overall wellness and quality of life, but mental health can be just as essential – something that is getting more attention as the conversation surrounding it grows and it seen more in the public eye. While a lot of jobs offer benefits like prescription drug coverage or dental plans, as an employer don’t you want to support your employee’s continued mental wellbeing, as well? Mental health and illness are one of the top three drivers of both short- and long-term disability claims for over 80% of Canadian employers and finding a way to help improve those numbers is something that a more flexible benefits model can help you do.
Here are 3 easy ways to support the mental health of your employees with adaptive benefits programs:
EAP stands for Employee Assistance Program(s). These are programs that are sponsored by the company and organized to assist employees with numerous mental health issues that may affect them. These may be small assists that can help employees be healthier physically or more emotionally intelligent, or they may encompass larger support methods. They are confidential and can be used by employees and their families.
EAPs have numerous benefits. They will save you money as well as time, and they have been proven to improve productivity and reduce absenteeism.
Health Spending Accounts or HSAs can also be extremely beneficial when it comes to mental health in the workplace. These accounts are non-taxable, meaning they can save you money each year. The deposits into the accounts are fixed, and the employees can decide how they will use their funds. Some individuals may be extremely physically fit and wish to spend more money on counseling or , which they can easily do with an HSA. Using an HSA to supplement your traditional insurance can provide employees access to more non-traditional health benefits that might not be covered.
- Employee-Directed Benefits
Finally, we have employee-directed benefits, which can also be crucial to mental wellness at your company. This is another flexible solution that allows employees to choose how they use their healthcare plan. A high-deductible but low-cost premium plan may be paired with an HSA to provide complete and customizable coverage. Again, different employees have different priorities, and this option allows those employees who need it most to spend more on mental health benefits.
What’s the Best Fit For Your Workplace?
Right now in Canada there are half-a-million people who are employed but cannot work because of issues related to mental health.
When it comes to picking a method, all of the options listed above can be excellent for various types of workplaces. But making the final choice on a permanent solution can be challenging in some circumstances. Which plan will work best? Which will offer maximum benefits to your employees and to you?
This is where it can be helpful to have assistance from a knowledgeable benefits Advisor. Benecaid can work with your Advisor to help you customize a solution that will work best for your workplace, and you’ll look forward to optimal benefits for both you and your employees. Contact your Advisor today or email us at firstname.lastname@example.org to speak with one of our licensed Benecaid Benefits Consultants.