With the rise in chronic health conditions and employees expecting more and more from their employers, businesses find it much more difficult to attract and retain the best talent — and keep them operating at their best. If you’re looking for the best way to boost your company’s odds of coming out on top in 2024, offering group health insurance to your employees might just be the critical piece you’re missing. By offering group health insurance, businesses distinguish themselves in an increasingly competitive job market. This essential investment in your team's wellbeing not only safeguards their health but also sends an important message: we value our employees' health.Now you may already have a health insurance package — out of strategy or legal obligation — what’s important is investing in the right kind of health insurance for your team so you get one that ticks all of the boxes and will keep your employees happy and healthy in the long run. The return on this investment is reflected in heightened employee morale, decreased absenteeism, and increased job satisfaction, ultimately contributing to a thriving, dynamic workforce.Why offer health insurance to your employees?1. Increased job satisfactionIn a crowded job market, standing out as an attractive employer is crucial and health insurance is a key factor for candidates considering a job offer. Research found that 81% of employees say an employer’s benefits package is an important factor in whether or not they accept a job, and 1 in 3 employees rank health insurance as their number 1 employee benefit.Having the health insurance element covered for your employees also makes them feel far more secure and cared for, and therefore more likely to stay at your business long-term — whether they’ve had to use that health insurance or not.2. Improved productivity and engagementHealthy employees are happier, more engaged, and more productive. And health insurance and wellbeing benefits have been proven to help boost engagement among employees. Three-quarters of employees in the UK would consider leaving their job if another company offered better flexibility and wellness benefits. Attrition is expensive. It costs less to keep employees happy than it does to replace them.By offering employee benefits that promote wellness, including competitive health insurance coverage, organisations will increase the likelihood of valued team members choosing to stay. This, in turn, fosters a culture of loyalty and longevity within the organisation. Workers in companies that support wellbeing efforts overwhelmingly say they feel motivated to do their best.3. Reduced financial risks The financial strain of the current healthcare system in the UK is already a crisis. And with 80% of people worried about their financial wellbeing, offering health insurance can help reduce stress and lift a significant financial burden off your employees’ shoulders. After all, the stress of unforeseeable medical expenses, or the mere worry around medical expenses, can take up a lot of mindspace for your people. Studies have also shown that uninsured individuals are far less likely to seek out medical help due to financial strain. Which, ultimately, can lead to increased absenteeism amongst your team. Cost savings for businessContrary to popular belief, providing health insurance can actually result in cost savings for businesses in the long run. In fact, more than 58% of UK employers say their health and wellness programmes have reduced healthcare costs.Research shows that employees with health insurance are more likely to have regular check-ups. By offering health insurance, employers can enable their team to take charge of their health proactively, leading to earlier detection and management of health conditions. This preventative approach results in healthier, more productive employees and can reduce long-term health-related costs.What’s more, if people aren’t going to their usual check-ups or seeking out medical attention at the early stages of illness, it can sometimes lead to them developing chronic illnesses or an illness getting worse that results in poor health and absenteeism. An estimated 185.6 million working days were lost because of sickness or injury in the UK in 2022, but companies that offer health insurance see an overall decrease in sick days.Telehealth in the workplaceWhen it comes to group health insurance, plenty of offerings nowadays look at the most convenient and simple way of helping employees access the quality care they need, wherever they might be in the world. And, with COVID influencing a large shift in how workplaces operate and how healthcare can be initiated, there’s been a huge rise in telehealth and virtual care. If your business doesn’t provide some sort of virtual healthcare option, it might be time to re-evaluate. With YuLife x Bupa health insurance, we’ve adopted an approach that gives employees 24/7 GP access no matter where they might be in the world, along with a series of other benefits and add-ons that will give your team the competitive advantage you might need. What’s different about YuLife x Bupa Health Insurance? In addition to general healthcare cover and protection, we’ve taken an extra step towards prevention using the YuLife app and benefits offering that comes with it. This means when you invest in a health insurance package with YuLife x Bupa, you’re getting access to: The most extensive mental health cover on the market as standard: For as long as you have a policy, you get the most extensive mental health cover on the market as standard with unlimited virtual, anonymous support from top-rated mental health professionals your team can access anytime, anywhere. 24/7 virtual GP appointments anytime, anywhere: Employees can have medication delivered right to their door, virtual GPs on call for fast and easy appointments, along with access to an AI symptom checker online.At-home DNA and blood testing kits: Explore your ancestry with a free DNA test through Living DNA as well as yearly health insights and actionable support with an at-home Thriva blood test. Access to The YuLife App → By simply investing in health insurance with Bupa through YuLife, you get access to our #1-rated wellbeing app that rewards your employees for staying well. Our gamified app is proven to drive engagement and inspire teams to lead more active lifestyles, reducing the risk of many types of health conditions.About YuLifeYuLife is working to reimagine the insurance industry by protecting lives, rewarding living and inspiring life. We’re on a mission to transform traditional insurance into a life-enhancing experience each employee will value and use daily. How does it work? Our award-winning app uses behavioural science and game mechanics to reward your people for living well while offering protection in case of crisis. And with our top-rated employee assistance programme, your team gets access to mental, financial and social support, virtual GPs, nutritionists, life coaches and more to help them live their best lives.Because we believe that your employees should benefit from their insurance from day one — and that wellbeing should be accessible every day, for everyone.Request a demo for your team today.