capaDATA
  • PERFORMANCE
    • Younger saver, 30 years to retirement – 5-year annualised returns
      • Line chart
      • Bar chart
    • Younger saver, 30 years to retirement – 3-year annualised returns
      • Line chart
      • Bar chart
    • Younger saver, 30 years to retirement – 1-year annualised returns
      • Line chart
      • Bar chart
    • Older saver, 5 years to retirement – 5-year annualised returns
      • Line chart
      • Bar chart
    • Older saver, 5 years to retirement – 3-year annualised returns
      • Line chart
      • Bar chart
    • Older saver, 5 years to retirement – 1-year annualised returns
      • Line chart
      • Bar chart
  • RISK/RETURN
    • Risk/Return – Younger saver, 30 years from retirement, 5-year annualised
    • Risk/Return – Younger saver, 30 years from retirement, 3-year annualised
    • Risk/Return – Younger saver, 30 years from retirement, 1-year annualised
    • Risk/Return – Older saver, 5 years from retirement, 5-year annualised
    • Risk/Return – Older saver, 5 years from retirement, 3-year annualised
    • Risk/Return – Older saver, 5 years from retirement, 1-year annualised
  • PROVIDERS
    • Aegon Master Trust
    • Aon Master Trust
    • Atlas Master Trust
    • Aviva Master Trust
    • The Bluesky Pension Scheme
    • Ensign Retirement Plan
    • Fidelity Master Trust
    • Legal & General Investment Management – WorkSave Pension Mastertrust
    • LifeSight (Willis Towers Watson)
    • Mercer Master Trust
    • National Employment Savings Trust (NEST)
    • Now: Pensions
    • The People’s Pension
    • Salvus Master Trust
    • Scottish Widows Master Trust
    • Smart Pension
    • Standard Life DC Master Trust
    • SuperTrust UK Master Trust
    • TPT Retirement Solutions
    • Welplan Pensions
  • Research
    • ADVISERS
      • Pension provider selection factors
      • Switching
      • Diversification
      • Illiquids
      • ESG
      • Green
      • Digital
      • Consolidation
    • PROVIDERS
      • Master Trusts by number of members
      • Master Trust defaults by assets and number of employers
      • Member charges
      • Employer charges
      • Master trust investment advisers
      • Equity exposure
      • Derisking
      • Asset managers used
  • NEWS
  • MORE
    • About
    • Advertise
    • Contact us
    • Privacy policy
    • Content syndication
    • Terms & Conditions
CAPA
No Result
View All Result

Employers urged to prioritise health benefits during Covid crisis

06 April 2020
‘Expectation gap’ when it comes to workplace wellbeing support
Share on TwitterShare on FacebookShare on LinkedIn

Towergate Health & Protection is urging employers to prioritise health and wellbeing benefits during the Covid crisis.

Although many firms are under financial pressure, the advisory groups warns that suspending health and wellbeing benefits puts employees and their own businesses at risk.

This remain important at a time when healthcare facilities remain under intense pressure with increasing demand on these services. Towergates also points out that  employees’ physical and mental health may also be compromised during the strain of the current situation.

Towergate Health and Protection distribution director Brett Hill says: “Under these extreme circumstances, staff of all ages are looking to employers to support them through this challenging time. 

“Actions taken now will leave a lasting impression about how employees feel about the organisation in the future. It’s important that, wherever possible, employers maintain support – particularly when it comes to employee health and wellbeing.

“Whereas a general correlation could be drawn between different age groups and uptake of certain health and wellbeing benefits, all ages now have a heightened interest in health in the wake of the pandemic. As healthcare provisions risk becoming more stretched as a result of coronavirus, many employees are actively monitoring how their organisations will support their wellbeing during this challenging phase.”

He says it is important to provide continuity in the provision of employee benefits to ensure employees are not left high and dry at a time when they need support most. For instance if firms cut back on PMI benefits this could could leave some employees not be able to continue with treatment started prior to this pandemic. 

Hill says: “To abruptly stop healthcare benefits as a cost-cutting exercise can leave employees vulnerable.  They may have to personally fund treatment, at a time when they can least afford it, or try and continue treatment in an over-stretched NHS.”

Towergate says it is worthwhile for businesses to discuss with their advisers ways to adapt services, or introduce new benefits — and to find out what’s available under many of these policies.

Organisations may be surprised to learn that there are added-value benefits within their existing schemes that they were unaware of, or yet to fully utilise.

For example, group risk protection schemes often come with employee assistance programmes (EAPs), allowing employees to confidentially discuss any concerns they have with a professional. PMI schemes may include access to mental health apps, helping employees navigate through a range of complex emotions during this extraordinary time. Speaking with benefits advisers can help unlock useful support for the health and wellbeing of the workforce.

Towergate also points out that if employers halt healthcare benefits – be it PMI or group risk cover – they may need to have employees medically underwritten when this is restarted. This may mean an increase in premium costs, or a curtailment in benefits or additional exclusions.

Towergate adds that suspending and reinstating benefits is not as straightforward as some employers may think.

Health and wellbeing schemes play a crucial role in managing sickness absence and protecting the financial wellbeing of employees. They’re designed to help keep employees healthy and return to work more quickly should they fall ill. Without providing such support to a workforce, businesses are likely to experience an increase in absence, as diagnoses, treatment and rehabilitation will be slower.

Hill adds: “Research has shown time and again, just how valued health and wellbeing benefits are to employees. And during this pandemic, employees of all ages are watching their employer’s next move when it comes to supporting their health and wellbeing. 

“Maintaining continuity of cover and speaking with advisers to see how benefits can be better utilised and adapted will help provide stability to employees when the rest of their lives can feel tumultuous.

“Whilst there may be a temptation to make sweeping cuts in the name of cost savings, the ripple effects it can have on employee engagement and retention – including reinstating health and wellbeing policies at a later date – can be more costly in the long run. Health and wellbeing should always be a priority and sending this message to employees now has never been more important.”

The post Employers urged to prioritise health benefits during Covid crisis appeared first on Corporate Adviser.

TweetShareShare
Previous Post

New group risk provider joins Grid

Next Post

Mercer appoints new trustee to master trust board

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

Category

  • By Provider
  • News
  • Not for search
  • Provider page archive
  • Uncategorized
  • video
CAPA data

© 2019 Definite Article Media Limited. Design by Bedazzled Media Limited.

  • About
  • Advertise
  • Contact us
  • Privacy policy
  • Syndication

Follow us

No Result
View All Result
  • About
  • Advertise
  • Contact us
  • Privacy policy
  • Syndication

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptReject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

SAVE & ACCEPT