More and more employers are considering self-insured coverage, or implementing CDHPs. This shift is creating a need for employers to focus on wellness as an overall business strategy rather than a simple “check the box” commodity.
Lowering future claims risk by helping employees adopt healthier lifestyles can create a win-win-win scenario:
- Employees will see a reduction in out of pocket expenses such as deductibles, co-pays and co-insurance.
- Employers can either see a direct impact on claims or put themselves in a positive position for future carrier discussions.
- Brokers can attract and retain clients.
In order to create this winning combination you need high participation and engagement in the population.
So how can you do that?
Here are 5 key principles you can follow, that we have seen lead to high levels of both employee participation:
1. Create Meaningful Incentives
Well-structured and well-communicated incentives tied to healthy behaviors can grab the attention of employees “on mass”. For example, offering an annual premium reduction based on meeting physical activity goals will be valuable enough to get initial interest and engagement of the population.
2. Use Objective Data
Ensuring these incentives are based on the collection of validated data gives employers the confidence that healthier lifestyles will be the likely end result. The win-win-win is created when both the employer and employee can see how they will benefit in the long run.
3. Bring Everyone Together
A inclusive, population approach to the initiatives offered helps avoids the pitfall of employees feeling “labeled” and instead helps build a culture of health throughout the entire organization.
4. Focus on Physical Activity
Physical activity is a great place to start impacting healthy lifestyles and creating a positive wellness culture. Why? It’s easy to do and simple to understand/validate. Activity can also be fun, social and a positive gateway to other healthy behaviors.
5. Develop a Flexible Program
As programs mature both employers and employees will want more. Programs should be flexible over time with the ability to add additional behaviors, increase targets and eventually add outcomes based goals to incentive structures.
As employer expectations of how wellness can be leveraged as a strategic part of their benefit plan increase, it will be even more important for you to have access to a platform that allows you to successfully consult on wellness. A platform that is flexible, affordable, robust, easy to use, data driven and results based.
…want to learn more about this emerging trend?...send me an email at dhoinville@myinertia.com.
Dave Hoinville | myInertia
Director of Business Development
412.877.6059 | dhoinville@myinertia.com