Health insurance benefits at workplace influence job seekers
MUMBAI: With medical expenses going through the roof, individuals are trying to find ways to deal with high medical bills. The impact of high medical bills is now visible in the job market as health insurance has now become an integral part of the job search process.
Although salary is still the most important part of job selection, health insurance coverage has also emerged as one of the main factors influencing the decision of job seekers to select a company.
A recent survey by Aditya Birla Health Insurance revealed that 79% of the respondents would actively seek an employer who insured their family’s medical expenses. This study titled ‘New Health Normal Report’, which highlighted increased interest in medical insurance products, was conducted with 6,600 respondents across 19 key cities spread across the country.
Candidates are giving priority to companies offering better health insurance coverage, say hiring managers. “Medical insurance coverage became a significant parameter just after the second wave of pandemic. This (health insurance) is now a very significant consideration for candidates when choosing an employer,” Aditya Narayan Mishra, Managing Director and CEO of CIEL HR Services- a recruitment and staffing services providing firm which is a part of the Ma Foi Group, told this newspaper.
“After the pandemic, in 2020 and 2021, when the hiring process gained pace again, the candidates looked at this particular aspect of what medical and insurance benefits a company is giving,” added Mishra.
Firms adapt to market trend
Responding to the market trend, companies have also started yielding to the demand for health insurance benefits. They are offering better healthcare coverage to attract and retain talent. “Now many companies have revised their benefits, by adding more insurance benefits and have made it a lot better than it used to be in the past,” said Mishra.
Employee health insurance is a benefit extended by an employer to their employees. An employee health insurance policy provides coverage not only for the employee but also extends to their family, depending on the chosen plan. The scope of coverage offered by these policies may vary among different companies.
Employee health insurance covers the medical expenses of employees, their spouses, and their children, and in some cases, the parents. It includes hospitalisation costs, medical tests, surgeries, and other medical procedures.
Furthermore, certain employee health insurance policies may offer reimbursements for doctor’s fees and post-check-up expenses. “As one of the leading health insurers in the country, it is heartening to see that majority of respondents, as per the New Health Normal Report, are actively seeking an employer who values their family’s well-being through medical insurance,” Mayank Bathwal, CEO, Aditya Birla Health Insurance told TNIE. “This paradigm shift underscores the growing realisation that true wealth lies not only in monetary compensation but also in the peace of mind that comes with robust healthcare coverage,” he added.
High medical cost influence job search
Taking note of rising costs associated with hospitalisations and medicines, individuals are turning to group health insurance plans of companies. For some employees joining a company offering little less salary is a profitable bet if that company is offering better health insurance coverage. Due to sedentary lifestyle and stress, diabetes and hypertension have become common among employees.
Such lifestyle-related diseases increase the chances of hospitalisation for individuals and that is prompting candidates to choose a company that offers insurance plans to cover medical expenses.
“The decision to prioritise health insurance when choosing a job has been a transformative one for me. It has provided me with security, peace of mind, and the ability to pursue my dreams without sacrificing the well-being of myself or my loved ones,” said Anand Kumar, who works in a private firm operating in the communication sector.
“Having worked for a company that offers comprehensive healthcare coverage, I can confidently attest to the immense value and peace of mind it brings to employees and their families. In today’s complex healthcare landscape, navigating insurance policies can be confusing and time-consuming,” he added.
According to individuals, employee health insurance plans provide financial protection and mental peace against future medical uncertainties.
“During my job search, I came across a company that not only offered competitive salaries and career growth opportunities but also stood out for its comprehensive health insurance benefits. The company understood the importance of safeguarding their employees’ well-being and invested in top-tier health insurance plans that covered a wide range of medical services, including preventive care, hospitalisation, and specialist consultations,” said Abhishek Chowdhury, who works in a public sector unit (PSU).
Most of the employer-provided health insurance plans offer cashless claim benefits to employees.
This feature ensures that when an employee is hospitalised, he/she is not required to pay anything out of pocket for the treatment.
Insuring for better future
Rising medical cost prompts job seekers to choose employers with comprehensive health insurance plans.
Job seekers value health insurance alongside salary in employer selection.
Companies adapt to market trends by enhancing health insurance coverage for employees.
Employee health insurance policies cover medical expenses for employees and their families.
79% of respondents in a survey seek employers who insure medical expenses.