The benefits of offering voluntary employee health benefits in addition to mandatory coverage in Nigeria can be numerous. The Nigerian healthcare system faces several challenges, including inadequate funding, limited access to medical facilities, and a shortage of skilled healthcare professionals. In a country where the healthcare system is struggling to meet the needs of its citizens, offering additional health benefits to employees can provide peace of mind and improved health outcomes for those who take advantage of them.
One of the main benefits of offering voluntary employee health benefits is that it can help improve employees' overall health and well-being. This can lead to increased productivity and reduced absenteeism, which can ultimately benefit the bottom line of the company.
Also, offering these benefits can also help to attract and retain top talent, as employees are more likely to be satisfied with their job and stay with the company if they feel that their employer is investing in their health and well-being.
Some examples of voluntary employee health benefits that companies in Nigeria may want to consider include:
- Health savings accounts (HSAs): HSAs allow employees to set aside pre-tax salary earnings to be used for out-of-pocket medical expenses. This can be especially beneficial for employees who have high deductibles or limited coverage under their mandatory health insurance.
- Health reimbursement arrangements (HRAs): This is an employer-funded programme that reimburses employees for certain out-of-pocket medical expenses usually not covered by health insurance coverage or co-payments where health insurance only covers part of the cost.
- Employee assistance programs (EAPs): EAPs provide employees with access to counselling and other services to help them cope with personal and work-related issues. These programs provide employees with confidential counselling services, referral services for legal and financial issues, educational programs, and wellness programs. EAPs can also provide employees with access to stress management programs, work-life balance programs, and emotional support services.
- Wellness programmes: This typically includes activities such as gym memberships, smoking cessation programs, and health coaching. These programs can help employees improve their overall health and reduce their risk of developing chronic conditions, which can ultimately lower healthcare costs for the employer.
WellNewMe, also offers health risk assessments to corporate clients that purchase insurance policies through them, to help employers in Nigeria to offer better employee health benefits. By providing employees with personalized health risk assessments, WellNewMe can help identify potential health risks and provide recommendations for addressing them. This can help employees take proactive steps to improve their health, which can ultimately lower healthcare costs for the employer.
A company that offers voluntary employee health benefits in addition to mandatory coverage may see a reduction in the number of employees who are unproductive. This is because employees will have access to preventative care services and resources that can help them to manage their health and stay on the job. Additionally, employees who have access to voluntary benefits may be more likely to seek out care when they need it, which can prevent more serious health issues from developing and ultimately save the company money in the long run.
In addition to the examples above, there are many other voluntary employee health benefits that employers can offer to their employees in Nigeria. These can include things like cancer insurance, critical illness insurance, and long-term care insurance. By offering a range of voluntary employee health benefits in addition to mandatory coverage, employers can help ensure that their employees have access to the care they need when they need it.
In conclusion, offering voluntary employee health benefits in addition to mandatory coverage in Nigeria can provide numerous benefits to both employees and employers. These benefits can include improved health outcomes, lower healthcare costs, and increased job satisfaction. Employers can take advantage of health tech companies such as WellNewMe to help identify potential health risks and recommend solutions to their employees.