Day to day life can be stressful. As a result, we’re always looking for ways to reduce anxiety and improve our overall well-being. Since the average worker spends about a third of their life at work, employers—and their health insurance Carriers—are in a unique position to offer the types of benefits and programs that can improve overall wellness.
According to a 2020 SHRM survey, 62% of respondents believed wellness benefits were among the most important benefits they could offer their employees. Companies will be looking to health insurance Carriers to help implement these programs. So, how can wellness benefits help Carriers grow their business?
Focus on Wellness
Due to the effects of the global pandemic, employees are more focused than ever before on their health and well-being. And they believe their employer can help them meet their wellness goals. In fact, 87% of employees in a 2021 American Psychological Association survey said actions from their employer would help their mental health.
With the increased focus on well-being in society, Carriers will be able to offer new products and programs to engaged consumers. Employers are serious about wellness and need programs that are easy to use and will maximize employee participation. And workers want benefits to help them achieve and maintain their wellness goals.
According to SHRM, a significant number of employers offered some type of wellness benefits in 2020:
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General wellness programs (52%)
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On-site seasonal flu vaccinations (52%)
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Health risk assessments (34%)
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Rewards for completing wellness programs (30%)
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Stress management programs (25%)
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Life coaching (21%)
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Premium discounts for completing wellness programs (20%)
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Mindfulness programs (18%)
Other examples of common wellness benefits include smoking cessation programs, weight loss programs, diabetes management programs and even financial planning sessions.
Improve Health
No one wants to be unhealthy. But sometimes, it can be challenging without help. The goal of wellness benefits is to promote healthy living and improve overall quality of life.
And they can make a difference. A study published in the Journal of the American Medical Association found employees at a worksite with a wellness program reported 8.3% more regular exercise and significantly greater rates of positive health behaviors than employees without a wellness program. Employees who feel better tend to do better. They are more productive and engaged on the job and feel more positive about their work-life balance.
Clearly, better health outcomes lead to healthy patients in the long term. Employees in good health are also less likely to access the health care system as they are at lower risk of disease, illness and injury.
Reduce Costs
Most importantly for Carriers, well-implemented wellness benefits can help reduce overall health care costs. Factors like smoking, being overweight or even high-stress levels put employees at increased risk for multiple health issues. By offering wellness benefits to reduce and manage issues, Carriers can lower health care costs and insurance claims.
According to one survey, companies engaged in wellness programs reported participation rates as high as 90% and a return on investment ranging from $1.09 to $1.65. In addition, the CDC reported multiple studies which found wellness programs can lead to 25% savings each on health care, workers’ compensation claims and disability management claims costs.
Though wellness programs may be expensive up front, they pay off in the long run. Carriers can promote these benefits to employers by sharing data about long-term cost savings. Employers benefit from lower health insurance expenses. Individual employees also benefit when they save on out-of-pocket health care costs. Carriers can serve as valuable partners in helping employees live their healthiest and most productive lives.
FormFire can help you promote the products and services your Groups need to maintain their overall health and wellness. Call us to request a demo today.