Beat Rising Healthcare Costs with a Robust Wellness Program

Employers should be prepared for continued healthcare cost increases and implement cost-saving wellness programs for employees. According to the Congressional Budget Office, the average premium this year for employer-provided health insurance coverage for an individual is $6,400 and $15,500 for a family.  The cost is expected to rise by five percent each year over the next ten years.  By 2025, health insurance coverage could reach $10,000 for an individual and $24,500 for a family.

Worksite wellness programs have proven to be effective in not just lowering health premiums and costs associated with unhealthy employees, but, also improving employee productivity, reducing absenteeism associated with illness, and improving employee attitudes and quality of life. Below are some of the reasons that worksite wellness programs will help combat the rising cost of health insurance.

Substantial cost savings. Worksite wellness can lead to a better bottom line. The return on investment has been well documented through decades of research in this area and ranges from $1 saved for every dollar spent to $6.50 saved for every dollar spent. From negotiating better health care premium rates to identifying cost avoidance by moderating your medical trends, companies can experience savings in a variety of ways.

Increased productivity and engagement. The seven most common chronic diseases—cancer, diabetes, hypertension, stroke, heart disease, pulmonary conditions, and mental illness—are all caused or worsened by obesity and are costing employers $1.1 trillion in lost productivity. Research shows that much of this cost can be avoided. Companies with worksite wellness programs experience an eight percent increase in employee productivity. And employees like wellness programs. Well-designed programs provide access to experts for nutrition and fitness advice, convenient health screenings, and programs for mental and fiscal health. These initiatives make employees feel like their employers care, which can boost engagement and, potentially, productivity. 

Fewer missed work days. One meta-analysis of 42 corporate wellness studies found a 25 percent reduction in absenteeism and sick leave and a 32 percent reduction in workers compensation and disability costs.

Happier employees. Happy and healthy employees feel better about work and are less likely to look for a job elsewhere. Having a worksite wellness program sends a strong signal to employees that the organization’s concerns extend beyond the financial bottom line.

Find out how Wellness Workdays can help you implement a comprehensive wellness program that will save you money, increase productivity, lower absenteeism and create happier, healthier employees.

Visit Wellness Workdays for more information about our worksite wellness programs.