Effects of employee mental health on workplace productivity have been discussed at large in previous posts. The primary conclusion that any financially conscious employer should draw from the information is that ignoring the mental health of workers comes with a hefty price tag. Fortunately, a little investment into employee mental health can go a long way.
Last year, Starbucks impressed us with their $5,000 mental health benefits coverage. Now, Manulife has followed suit and boosted their mental health coverage to $10,000 for employees (one of the largest amounts offered by Canadian employers, according to Global News 2017).
These sound like incredibly large figures, but the price of mental health care is even more surprising. When the cost of a single session with a psychologist can start at $200, the numbers add up quickly. This generous insurance coverage is a big step towards the financial hurdle that prevents many people from getting the help they need.
Congratulations to Manulife for setting the bar high for what workplaces should be ensuring for their employees to support their wellness and productivity. Thank you for recognizing mental health care as a primary health issue that can and should be supported by the workplace. We're hoping that the companies who made this move have set the ball rolling for a wave of mental health insurance reconfiguration.
What do you think of Manulife's mental health insurance boost? Should mental health care coverage be a standard part of every benefits package? Let us know in the comments below!
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Ramsay, C. (2017). Manulife increases mental health coverage for employees to $10K per year. Global News. http://globalnews.ca/news/3175067/manulife-increases-mental-health-coverage-for-employees-to-10k-per-year/