By now, we should all know that self-funded health insurance plans have the potential to save companies lots of money. But did you know, that in addition to being self-funded, wellness plans are also great tools in reducing costs?
If you don’t already know about wellness plans, the best ones are intertwined within a company’s culture, making them so much more than a money-saving technique. For optimal results, you want to promote, endorse and encourage your internal and external staff to participate.
When you're self-funded, you pay the claims typically up to a limit. You either prepay these claims or pay as they come in. This is where your largest potential savings comes from. The fewer and less expensive your employees' claims, the less claims you pay. This is where wellness plans come in.
Wellness plans focus on helping employees remain healthy, thus reducing claims. When you, as the employer, promote and incentivize the wellness plan, participation and good health increase overall. The wellness plan must become part of your culture. This helps to decrease claims.
A good wellness plan lays out the details and expectations for you and your employees. All this happens with your specific situation in mind. What matters most to your workforce? What health problems are your employees facing?
For example, a company can encourage their employees to get an annual biometric screening and even offer them onsite. These can prevent future hospital visits by shedding light on potential health problems and avoid larger, out-of-pocket costs down the road.
Want to learn more? Contact a team member at Assurance for more information on how to start your company’s wellness plan.
- Why Start a Wellness Plan for External Plan
- Wellness and Safety Programs: What's the Correlation?
- Wellness ROI & Beyond
- Wellness E-Book
- Human Resources E-Book
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