Employee turnover is a serious problem for many employers. Almost half of Millennials report that they expect to leave their current jobs within the next two years and 50% of employees are confident in their ability to find a new job within the next year. In total, $11 billion is lost annually due to employee turnover, so it is important for employers to improve employee retention. Luckily, they can do this by offering benefits plans.
One common benefit is travel insurance. Here are some benefits and misconceptions of travel insurance, explained.
Benefit: Financial Recovery
Medical costs can be extremely expensive in other countries, especially without insurance. If something happens and you have to have major surgery, your medical care can amount to thousands of dollars. Investing in travel insurance can cover these expenses, and they usually include medical evacuation, meaning the patient does not have to pay for medical transportation out of pocket.
Benefit: Protects Your Trip
Travel insurance isn't only just for medical emergencies. If something happens before your trip, know that your investment is protected with travel insurance. You will get compensation for any travel costs from cancellations or interruptions, meaning you will be able to enjoy that vacation you were looking so forward too!
Investing in travel insurance can be expensive, but the cost surely outweighs the risk. Just because you are not a seasoned traveler, or happen to be extremely lucky does not mean you should risk losing all your money and travel plans. Travel insurance can be compared to health insurance, where you pay for it and then reap the benefits when needed.
Misconception: No Flexibility
Some companies offer flexible programs so you do not have to pay monthly for an extended period of time. These include single trip plans and annual plans for those who travel out of the country more frequently. Getting peace of mind is easier than you would think with the different travel plans available.
As an employer, it is crucial to provide benefits for your employees. HMA: The Benefits People can offer you many choices of benefits plans, including basic benefits and coverages, group insurance, and individual health insurance. Contact them today!