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In today’s ever-changing marketplace, businesses are challenged with the complexity of managing both an annual increase in healthcare costs and employee expectations. Fringe Benefit Analysts’ goal is to help guide our clients in providing benefit packages that provide true value to the employee, while also achieving their fiscal objectives. We partner with our clients to create innovative solutions specifically designed for their organization that leverage strengths and ultimately maximize savings.
Over the past few years, wellness programs have become a popular and effective way for companies to promote individual health/living and at the same time lower healthcare costs. Wellness programs can be an effective cost-containment strategy for most organizations. Asking employees to help take accountability for their health and benefits can have many direct and indirect positive outcomes. As participation is measured and incentives are structured to reward participation, current rules provide a great deal of freedom.
Wellness programs can benefit employers by:
- Lowering healthcare costs
- Reducing absenteeism
- Achieving higher employee productivity
- Reducing worker’s compensation and disability-related costs
- Reducing injuries
- Improving employee morale and loyalty
Short-term Investment – Long-Term Benefits
While it can take three to five years to realize the economic benefits of a wellness program, once realized, an effective wellness program might return as much as $4 for every dollar spent. Well-structured wellness programs create and sustain a culture of wellness, including full participation and accountability from senior management.