The gift of employee insurance

MANY years ago, salaries and wages were the only things that mattered for most jobseekers. For as long as the pay was good, they were willing to take on the job. But in recent years, another item is becoming an important consideration for job offers — employee benefits. According to a recent report by Glassdoor (a US website), nearly 60 percent of jobseekers consider employee benefits when deciding to accept a job. This includes, but is not limited to, retirement plan, career growth, work conditions and, most importantly, insurance. Employees covered by the Glassdoor survey said that for them, health insurance is the most important benefit from their employer.

The pandemic is a big contributor to this. Many employees who became seriously ill and critically hospitalized due to Covid had to rely on their group health insurance to cover the related expenses. As we know, Covid expenses can run into the millions, and having a group health insurance is a big financial relief for both the patients and their families. While those who succumbed to the virus, at least, had life insurance policies to pay off the final expenses. This triggered an increased awareness on the value of insurance among the employee force. In fact, many of those who lost their jobs during the pandemic regret losing their group insurance coverage more than their basic salary.