How much does your company spend on Health Insurance each year? How many days are your employees absent because of illness? In America, 117 million people suffer from at least one chronic illness. Poor health costs the American economy $576 billion per year. Where does your company fall? What steps are you taking to reduce health care costs and to improve your bottom line?
By now you are probably doing the math in your head and feeling a touch queasy. However, there is no need to feel sick over this number because we have a solution. We have created a program to help businesses like yours improve the quality of life for your employees while saving money for your company.
Many companies are starting to realize that being a part of a workplace wellness program is beneficial to their employees and will ultimately increase their ROI. These programs not only help your employees reach their goals so they may collect on the incentive; but also, healthier staff means lower risk of illness and higher productivity.
To fully understand the benefits of this solution, there are a few things you need to know about how the Affordable Care Act and how it affects your company.
In 2010, when the law was passed, the opportunity to give employees a greater financial incentive for participating in wellness programs greatly increased. Instead of the previous 20% cap, companies can now offer 30% of your health plan’s costs. Even further, if there are incentives offered for employees to quit smoking, the ceiling extends to 50%. There are three different types of incentive programs: participatory, activity-only, and health-contingent (based on outcomes). All of these programs are non-discriminatory when it comes to how healthy an employee is and each has their own set of standards your company needs to qualify:
Participatory– Anyone can participate.
Activity-Only- There must be reasonable alternatives for those who physically cannot participate, or are advised, medically, not to participate.
Health-Contingent– There must be reasonable alternatives for ANY individual who fails to meet the goal.
So how does this information help you as a company? Let’s consider again how much your company spends on health insurance per year. Even with incentive programs, in order to decrease the amount of doctor visits, disability, and employee absenteeism, you need to get real results on your company’s overall health.
That’s where we come in. We are here to help your company succeed in their health goals and reach that 30% incentive. We can even help you reach the 50% incentive.
Make your company a better place to work AND come out of your next insurance audit feeling successful by filling out the form below.
Stay happy and healthy!
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