The current state of mental health and healthcare in corporate India, as revealed by recent surveys and studies, presents a critical situation that demands immediate attention.
- The Annual Health and Benefits Survey 2023 by Global Insurance Brokers: This survey, involving 212 employers across various industries, highlights the financial strain faced by 88% of Corporate India due to escalating hospital bills. Healthcare costs have overtaken revenue growth, economic inflation, and wage increases, thereby intensifying organizational financial challenges. The surge in hospital bills, along with the increased costs of treating lifestyle diseases, has contributed significantly to this burden. In addition to financial worries, there’s a growing concern about employee mental health, with 46% of respondents calling for better support in the workplace. Companies now have access to diverse health and wellness programs and are encouraged to integrate wellness into their organizational purpose framework. The survey also emphasizes the need for insurers, brokers, and third-party administrators to adapt to evolving employee benefits landscapes.
- Health Report of Corporate India 2023 by Plum: This report involved consulting over 25 healthcare practitioners, surveying 700+ employees, and analyzing over 3500 employee healthcare plans. It found that most Indians focus on curing rather than preventing health issues, with 90% not regularly visiting doctors for health check-ups. Over 71% of employees pay for their healthcare expenses out-of-pocket, with annual healthcare spending reaching as high as INR 50,000. The report also reveals that sedentary corporate lifestyles are leading to deteriorating health, with concerns over the spread of illness and workplace-related stress. While 60% of Indians believe their employers care about their health, only 30% adopt corporate-sponsored healthcare benefits. Interestingly, 67% of insurance claims are for employees’ dependents, and 40% of employer-sponsored telehealth consultations benefit a relative. The report suggests that flexible health benefits, where employees can choose their healthcare plans, could be a way forward, with 42% of employees expressing interest in such options.
The findings from these reports and surveys paint a comprehensive picture of the challenges faced by corporate India in terms of healthcare and mental health. It underscores the urgent need for strategic and comprehensive approaches to address these issues, keeping in mind the holistic well-being of employees.