Mental Health Awareness Month
May is recognized as Mental Health Awareness Month, a time to address the challenges encountered by those living with mental health conditions. In today’s fast-paced work environments, prioritizing mental health is not just a luxury but a necessity; and it should be discussed year-round. According to Mental Health America’s 2023 Mind the Workplace Survey, 81% of workers reported that stress in the workplace affects their mental health. Additionally, data from the Spill Team reveals that 1 in 6 people experience mental health problems in the workplace, with 1 in 3 employees still feeling unsupported by their employers.
Investing In Mental Health Insurance
The ongoing mental health crisis around the world has become a topic of greater conversation over the last few years, especially with the impact that the pandemic had on the workforce. Disruptions in the workforce including transitioning from remote or hybrid working environments back to full-time in the office, along with technology changes such as Artificial Intelligence (AI) contribute to the rising crisis.
Due to these factors, mental health insurance has become a top priority for many employers in their overall benefits packages. These insurance programs cover essential services such as talk therapy, inpatient hospitalization, substance abuse treatment, emergency care, and medication.
A study conducted by America’s Health Insurance Plans (AHIP) found that 6 in 10 employees felt their mental health needs were adequately met by their insurance coverage offerings. Many companies have recognized the importance of expanding their mental health offerings by investing in employee assistance programs (EAPs) and well-being initiatives. These programs help employees, and their families, adopt healthy behaviors, reduce health risks, and enhance their overall quality of life.
Investing in mental health can also contribute to breaking the stigma surrounding mental illness. By offering these programs, companies not only better their employees but also potentially reduce overall insurance costs, increase employee productivity and retention, and attract new talent.
Building A Supportive Employee Benefits Package
According to the World Health Organization, 19.1% of the population, or over 40 million adults, suffer from anxiety disorders, 280 million people worldwide suffer from depression, and 46.8 million Americans (age 12 and older) suffer from substance abuse. These statistics underscore the widespread impact of mental health issues and the importance that Mental Health Awareness Month plays in society.
It is incumbent upon companies and individuals to help dismantle this stigma by educating themselves about mental illness and substance disorders, fostering open conversations about mental health struggles, demonstrating compassion, being mindful of language usage, and providing support to those in need. To learn more about how to build a customized employee benefits package, contact our Sentinel Benefits Consulting team today.
