71% of Americans are concerned that their healthcare costs will continue to increase, according to an Access Perks blog. With 91% of employers planning to develop or expand their financial well-being programs, there’s no doubt that employers play a huge role in managing healthcare costs for the majority of the American population. However, despite this, one area that most employers are failing to focus on is the ever-growing unique healthcare needs of the millennials. This is where employers need to work closely with companies that offer benefit consulting & education services to understand the needs of their millennial workforce.
Every demographic of employees comes with its own unique challenges, including the types of benefits to offer. As an employer, it’s important to understand the healthcare benefits you should prioritize offering your millennial workforce. Here’s what you need to know.
Mental Health Benefits
64% of millennials feel overwhelmed at work daily, according to a recent survey by Accountemps – reason enough for any employer to invest in mental health benefits. Trying to balance workplace expectations and personal life can be challenging for the more involved modern worker. Thankfully, there are a number of ways to offer mental health benefits to workers. Companies like Ginger.io and Lantern offer great options when it comes to offering emotional support services like therapy and coaching to employees.
The key is going for consumer-friendly options that appeal to millennials, such as Headspace and Calm – which are meditation apps for managing anxiety. Providing a pet-friendly office or even offering pet insurance can also help alleviate work-related stress. Overall, the most important thing is understanding what keeps your employees up all night. This will help you better pinpoint the best solutions to help.
Healthcare Savings Benefits
Millennials are fascinating when it comes to healthcare costs. Considering that 27% of millennials have no emergency savings, it’s easy to see why employers have to step in proactively to provide their millennial workforce with healthcare savings benefits. Offering solutions like Health Savings Accounts (HSAs) and Health Reimbursement Accounts (HRAs) are great examples of healthcare spending benefits that would be a good fit.
As your HR team surveys which healthcare savings plans best suit your workforce, it’s important to understand that cost alone will not be enough to ensure participation by your millennial workforce. Say, for instance, you’re offering dental healthcare benefits. Millennials want to understand the intricate details of what you’re offering, what professional dental service options are covered, the costs they’re saving, whether they can get to choose their own providers and ultimately whether you’re involved in their well-being as an employer.
Employers should provide critical family benefits such as maternity and paternity leave. Ensuring both parents have ample time with their new child is vital. Millennials are hugely sensitive about what goes on around them as well as their family, so offering benefits that support the family unit would be a great option. Fertility benefits are also on the rise, thanks to powerful companies like Google, Apple and Facebook. Similar, adoption benefits are also increasing.
While every company would wish to offer all these healthcare benefits, many don’t have the budget to invest in all of them. But for essentials like sick leave benefits, hospitalization benefits, maternity benefits and dental health benefits, employers are working harder to ensure smoother and more reliable healthcare for employees. The ultimate goal for companies is to not only offer basic healthcare needs but to also help employees thrive on a professional and personal level.
Guest post by freelance writer Jenny Holt.