Evolving Voluntary Benefits Can Address Burgeoning Mental Health Issues in the Workplace

Obviously, COVID-19 has changed everything over the last couple weeks. Travel has been cut down. Restaurants, malls, and theaters are shuttering. The markets are down. And, as you might guess, all this takes a heavy toll on your employees. It’s a stressful time for them in many ways, and that will most likely contribute to more mental health issues in the weeks and months ahead.

And, that’s going to come at a big cost. It’s estimated that workplace stress already costs employers $500 billion annually in the form of decreased performance at work or absenteeism—and that’s before this international pandemic.

With more COVID-19 cases being announced every day, it’s no surprise employees are most stressed about health care and the associated costs that come with it. Just think about a few of these stats:

• Fifty-four percent of Americans say they’ve delayed medical care for themselves in the last year because they couldn’t afford it. And, almost a quarter of Americans have delayed medical care for more than a year due to financial issues.
• Mental health is not exempt. In fact, it’s even worse. According to reports, each year, 57% of adults suffering from mental illness don’t get treatment.
• Productivity is also taking a hit. The National Alliance on Mental Health estimates that untreated mental illness costs the United States up to $193 billion annually in lost productivity.

Over the next few weeks and months, employees are going to be even more worried and stressed about healthcare costs than they normally would. And all that stress is going to take a fairly heavy toll on their physical health. As physical health issues pop up (COVID-19 and others), they can and will take a toll on your mental health. It’s a vicious cycle. And it’s going to be overwhelming for employees.

Employers need to help. The good news? They are in a good position to positively impact employees’ mental health. Over the last few years, attitudes and acceptance of mental health challenges have evolved. As a result, employers can now play a much bigger role in their employees’ continued emotional well-being by providing benefits that support mental health care.

What does that mean, exactly? Companies are starting to use three evolving voluntary benefits in particular to serve and support employees and their unique mental health needs in different ways.

Wellness Programs

First and foremost, what about corporate well-being programs? Well-being programs can help address the physical and mental sides of well-being. After all, those two are tightly intertwined. Improved physical health can positively impact your mental health. From higher self-esteem to more energy and a more positive outlook, being physically healthy generally makes people happier. It’s science. In turn, these positive mental traits promote a healthier lifestyle.

Hospital Indemnity Insurance

Hospital indemnity plans sometimes include a benefit rarely covered in most plans—mental wellness and addiction recovery support. This kind of added benefit truly shows employees their employer cares. Hospital indemnity insurance also provides employees with choice and control over coverage to avoid gaps in medical coverage and help cover deductibles. This voluntary benefit can help calm worries and fears about healthcare coverage that often lead to workplace stress and, eventually, larger mental health issues.

Disability Insurance

One of the issues and concerns we’ve heard from employees and customers over the years is that disability plans should cover mental illness and substance abuse. And some new disability policies are starting to address that exact concern. These new plans offer no reduction in benefits and a lifetime maximum or separate benefit period and treat these illnesses like any other claim.

The bigger picture here is rethinking benefit plans as “health hubs” that take a holistic approach to employee health and factor in multiple dimensions of their well-being, including, of course, their mental well-being. This seems to be the way we’re slowly moving. And, the COVID-19 crisis may just accelerate that process.

In the end, listen to your employees, and try to get a better feel for their wants and needs around mental health support in the workplace. Then, figure out which of the voluntary benefits above might help your company best meet those evolving employee needs.

Christin Kuretich joined Trustmark in 2009. As senior director of product and innovation for Trustmark’s accident and critical illness insurance products, she is responsible for researching marketplace trends and assessing the voice of the customer in order to create new product solutions for customers. She holds a bachelor’s degree in communications from Liberty University in Lynchburg, Virginia.