COVID-19 pandemic pushed mental wellness to be taken seriously
Companies have now included mental health benefits in their insurance coverage as they recognize that workers want to work for businesses that prioritise their employees’ holistic well-being.
More from OMY: Mental wellness market now lucrative in SG
According to insurance provider AIA, less than 1% of its corporate customers included mental health coverage before 2020. In 2023, the figure rose to 10%.
More companies have also requested Mercer Singapore to include mental health coverage from 6% in 2019 to 10% in 2021.
The same growth can be observed with another insurance provider, Great Eastern. Companies that opt to cover mental health consultations increased from 2.2% in 2019 to 16.8% in April 2023.
“Mental health is a concern that employees have voiced in virtually every employee virtual engagement survey that we read. As a result, employers are actively improving that coverage, just to make sure employees feel like they are being listened to,” said Mercer Singapore president Neil Narale.
According to Kenneth Tan, chief corporate solutions officer of AIA Singapore, providing this coverage will also help in talent retention.
Employers now recognize that mental well-being is crucial to productivity.
It’s worth noting that multinational corporations make up a larger portion of companies including mental health benefits. Meanwhile, small and medium enterprises usually start with basic inclusions such as providing access to a 24/7 counselling hotline.
“If budgets are a constraint as insurance premiums are escalating, then companies should look at other preventive measures. An example could be training people managers and creating some best practices within the organisation to ensure that the risk of mental health challenges is reduced,” said Narale.
Additionally, companies are tapping programs and workshops that help enhance their mental health efforts such as health talks.
More from OMY: Best Critical Illness Insurance in Singapore
