How Voluntary Benefits Can Address the Growing Cost of Workplace Mental Health

Employee uncertainty is rampant. They’re worried about their wellbeing. About their families. And, they’re concerned about the future. When you consider the economic impact of the COVID-19 pandemic and the need to physically distance ourselves from what we know and in many cases who we love, the mental health implications are significant.

Mental health in the workplace
The statistics about mental health in the workplace are staggering. The estimated cost of workplace stress to employers is estimated to exceed $500 billion annually when you combine decreased job performance and absenteeism—and that was BEFORE the COVID-19 pandemic entered the equation. While employees are concerned about COVID-19 right now, working from home for the first time and simultaneously caring for children is sure to put additional stress on the workforce, too, increasing the risk of mental health conditions that can impact the bottom line. According to the National Alliance on Mental Health, untreated mental illness costs the United States an estimated $193 billion annually in lost productivity.

How you can help
Fortunately, you, as brokers, employers and employee benefits decision makers can help by offering much-needed benefits that support all facets of wellbeing and are imperative to mental health, wellness, productivity and overall mindset. More specifically, some voluntary benefits can help serve and support employees in our current world of unknowns. As the focus and need around mental health continues to grow, voluntary benefits allow employers to more fully meet the holistic healthcare needs of employees. Here are ones, in particular, that provide the most mental health support right now.

Corporate wellbeing programs
Corporate wellbeing programs, like those offered by HealthFitness, a Trustmark company, offer both physical and mental health benefits. Research shows that taking care of your physical health is good for your mental health, too. When it comes to wellbeing, everything is connected and the benefits of good health are readily apparent. A healthier lifestyle is about taking care of your mind and body.
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Hospital indemnity insurance
Hospital indemnity insurance, like Trustmark Hospital StayPay^®, provides employees with the choice and control they need to avoid gaps in medical coverage and help cover deductibles. This voluntary benefit allows an employee to truly set aside the worries and fears about out-of-pocket costs for healthcare that contribute to workplace stress and mental anxiety. And Hospital StayPay includes a benefit rarely covered in most plans – mental wellness and addiction recovery support. This kind of added benefit truly shows employees their employer cares.
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Disability coverage
Disability coverage, like Trustmark Paycheck Protect^®, is not something most employees plan to use, but it’s comforting to know it’s there. Employees frequently highlight the need for mental illness and substance abuse coverage as a part of their disability plans. And good news—benefit companies heard this feedback and are taking action. These new plans offer no reduction in benefits, lifetime maximum or separate benefit period, and treat these illnesses like any other claim.

A Better Workplace
Today, employees need to know they are heard and supported. Mental health has never been more at risk and understanding how this impacts the workplace will ensure a better workplace in the future. One where employees know someone cares and they can focus on the work, because they have the benefits necessary to care for themselves and their families.

Learn more
Contact us to learn more about we put our specialized expertise to work to offer customized employee benefits that help improve employee engagement, increase wellbeing and drive greater benefit plan satisfaction.