Implementing Workplace Wellness Programs – How Fitness Can Relate to Financial Gains in the Workplac
For most of us, our actions and behaviors have consequences. When it comes to health and fitness, on both a personal and national level, some of those consequences are financial. Below are reasons for implementing workplace wellness programs.
Why should employers put workplace wellness programs in place?
Studies have shown that employees who exercise at least three to four times a week experience a higher level of productivity in the workplace than those who do not.
Men and women, who work out regularly, earn six to even ten percent higher salaries.
Sedentary individuals are more likely to pay out more in health care expenses than those who stay fit.
Overweight individuals spend an average of $3,400 more a year than people who maintain a healthy weight.
Why are employers motivated to influence health behaviors to save money….Yes! Even IBM?
Obamacare provides for grants and even tax incentives to employers that set up workplace wellness programs.
Some companies offer larger subsidies on health insurance premiums for employees who join a workplace initiative, while others just flat out pay their employees to participate.
IBM, pays out cash incentives to employees who meet specific fitness goals.
Many employers and health insurance plans offer their employees reduced rates at local gyms.
United Healthcare may be reimbursed up to $20 a month on participating gym memberships.
Blue Cross Blue Shield offers a discounted $25 membership fee for members at over 8,000 gyms nationwide.
Additional reasons for implementing workplace Wellness Programs:
Out-of-control spending on health care has become a national problem.
In the U.S. alone, the money we spend on health care is staggering to the point that the amount spent is considered enough to support the fifth-largest economy in the world.
Unnecessary lab tests, public and private programs and a complex payment processing system have added millions to health-care spending.
To break this down, if a person has a heart attack, it is more expensive in the U.S., than in other countries, to treat this patient. That's because each provider in the system produces an individual bill, from an emergency room doctor to an ultrasound technologist. Not only is this system of billing more costly than combined services, there are considerable administrative costs related to handling individual bills as part of an insurance claim and the ensuing balanced billing by the provider to the patient. Even worse, since we commonly pay for services instead of outcomes, numerous doctors are known to overprescribe in order to benefit from greater profits for their medical practice. As you can see from this example, it gives you a better understanding of the financial advantages of personal fitness in helping curtail health-care costs. As we know, the healthier a person is the less spent on medical care. To put this in perspective, health-care costs average around $40,000 for unhealthy individuals compared to $236 for a healthy people.
Incidentally, did you know that 50 percent of all health-care costs can be attributed to approximately five percent of the population with many of them belonging to the older demographic? Nevertheless, expenses are likely to rise in the wake of longevity increasing.
From the information presented, one can conclude that putting into place a workplace wellness programs makes perfect, financial sense for employers. As was mentioned earlier in the article, healthy workers are more productive workers.
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Lynda brings many years of experience from the marketing side of property, casualty and life insurance.
Several years ago, Lynda decided to combine her insurance an marketing knowledge, along with her love of directly helping people, and decided to obtain her insurance license in health and life. This new direction was a perfect fit as Lynda has been successful in helping both individuals, as well as businesses, in obtaining the best, most affordable insurance plans for their needs while helping them save money.
She loves working with people and believes in making an insurance change only if it truly benefits the client.
Lynda and her husband Mike have been residents of Brighton Township for more than 16 years and have two wonderful sons.
Lynda Roberts – ‘Helping Hands’
http://www.lroberts.myiiagent.com
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The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. It is given for informational purposes only.
References:
Time.com; Nov. 18, 2014; "The Hidden Financial Benefits of Keeping Yourself Fit"; http://time.com/money/3573272/exercising-make-more-money; accessed Jan. 26, 2015.
MLive.com; Jan. 30, 2014; "Report: Severely Obese Spend Nearly Twice as Much on Health Care than Healthy Weight Individuals";http://www.mlive.com/business/index.ssf/2014/01/report_ severely_obese_spend_ne.html; accessed Jan. 26, 2015. Vox.com; Sept. 2, 2014; "8 Facts that Explain What's Wrong with American Health Care"; http://www.vox.com/2014/9/2/6089693/health-care-facts-whats-wrong-american-insurance; accessed Jan. 26, 2015.
