Your health and overall wellness relies on a few different things, and I’m sure you’ve heard it plenty of times.
Eat right..exercise..get enough sleep..reduce stress..etc.
Sounds simple enough. Yet in most in most places across the world there is an overwhelming amount of people who would prefer to eat a bag of potato chips and stay up late, instead of running a mile or hitting the gym early in the morning.
Most people are also doing okay. Despite concerns of chronic disease and infectious disease, a vast majority of people are able to live well into their golden years.
So where can we see the trend of poor habits and toxic lifestyles? In our healthcare system. Specifically, the costs to employers for healthcare benefits.
Here’s some statistics you might find interesting.
In 2019, a survey of over 2,000 insurance firms estimated the average cost of sponsored family health coverage at $20,576 per family annually, a figure that has steadily increased with a 5% jump from the previous year. The average cost to the employer being about 70% of that figure.
This year, that figure is expected to rise another 6%.
The problem
These figures comprise the average. In another survey done by a private corporate wellness company, 80% of the actual costs to the employer (a large insurance company) were due to 20% of the employee base. This includes regular benefits, pharmaceuticals, procedures, etc.
This problem should be a cause of alarm for those businesses who do invest in their employee’s overall health. Many companies offer incentives to stay healthy, and often will provide an allowance or reimbursement for things like gym memberships and nutrition programs. However, we hear from employees and and families who are uncertain of what is offered and not held accountable to these options.
We believe in encouraging employees to use these benefits
If you’re reading this, you probably heave employee health benefits, and know the costs associated.
What if there was a way to offset medical costs without reducing benefits?
You do this by exposing employees to things that can improve their quality of life. Financial literacy education, nutrition programs, exercise, stress management. Companies to regularly follow up with their employees on these things see a workforce wide reduction in:
- Stress
- Regular Doctor Visits
- Cardiac Issues
- Chronic Disease
- Pharmaceutical use
And an overall increase in:
- Morale
- Productivity
- Creativity
- Employee Retention
The outcome
The short term – employees grow more attached to the culture of the company, improving workflow and their willingness to adapt and work hard.
The long term – Employees stay with the company longer because of the benefits to their life; overall reduction in healthcare costs.
Keep Health in Healthcare