With ever increasing healthcare costs in the US, lots of companies are now turning to more creative solutions to finance their health plans. One solution that’s fast becoming popular among employers is self-funded health insurance.
Under a self-funded health plan, companies are able to do away without the additional coverage included in traditional policies offered by insurance firms. Instead, companies are able to customize and adjust their health coverage based on the needs of their employees. As a result, self-funded companies only pay for the health benefits used by their staff, creating significant savings. This is an alluring prospect given that the premiums offered by traditional insurers are quite expensive.
However, companies can also run significant risks when funding their employees’ health plans. With high healthcare costs, employers may have to shell out large sums of money to reimburse their staff’s medical expenses. This can be financially risky, some of the highest medical costs nationally.
As a safeguard against excessive medical expenses, many companies are now looking to implement wellness programs. In this article, we talk about why that is and give some examples of wellness initiatives.
Why Companies Should Have Wellness Programs
Wellness programs are designed to encourage employees to take on healthier lifestyles and keep track of their own health risks.
For staff members who have no prior medical conditions, going on a wellness program helps them prevent the onset of chronic diseases. For employees who are already dealing with a chronic illness, a wellness program helps them to manage their condition better and prevent it from progressing.
Either way, the company can enjoy significant savings on medical expenses if its employees are healthier. Some great examples of wellness initiatives that can pay off dividends are as follows:
Conducting Regular Health Screenings
It’s good practice for companies to conduct general check-ups and health screenings for their employees annually. This allows staff members to gain more awareness of their health status. More importantly, it’s a good way to detect risks of chronic illness.
By far, chronic diseases are major drivers of increasing health care costs. the prevalence of chronic conditions among the general populace cause huge economic losses every year. For individuals, such medical conditions can have profound personal implications as they can impact a person’s ability to participate in certain activities and engage in certain types of work. By conducting implementing regular health checks and screenings, companies can help their employees avoid such losses.
Educating Staff On Proper Nutrition
Diet and nutrition are huge determinants of a person’s health and well-being. Unfortunately, many of us are negligent of proper nutrition and healthy eating habits. This can spell dire consequences later on as serious health issues can arise as a consequence of poor diet.
Companies would do well to implement nutrition education programs that encourage staff to make healthier food choices. To do this, some employers provide their staff with access to a nutritionist and dietician. Other larger firms have cafeterias where they offer healthy meals to employees.
Increasing Fitness Levels With Exercise Programs
Implementing exercises programs and fitness clubs is also popular among self-funded companies. Increasing employees’ level of physical activity helps them stave off the health impacts of sedentary office-based work. Exercise programs may also have the added bonus of doubling up as a morale booster and team building activity among staff.
If your company is ready to save on healthcare costs while promoting wellness among staff, visit National Insurance Partners Inc. and get in touch with our team of advisers.