December 15, 2022
Employee wellness plans are a hot topic amongst employers. In a study by Optum Health, 80% of employers said they anticipate their health and wellness program spending to increase in the coming years. If you've been considering a health and wellness plan for your employees, here's what you need to know.
An employee wellness plan is a program designed to help individuals maintain their physical and mental health in the workplace. It typically includes activities like health screenings, health education and counseling, fitness programs, nutrition programs, and other activities that help employees stay healthy and productive. It could also lead to incentives like discounts on health insurance premiums, discounts on gym memberships, and other rewards that can help motivate employees to get involved in the program.
An employee wellness plan is beneficial for both employers and employees. It helps employers create a healthy and productive work environment where employees feel supported and appreciated.
Employees benefit from access to resources such as health coaching, stress management, and physical activity programs, which help them stay healthy and productive in their daily lives. Additionally, having an employee wellness plan can help reduce the number of sick days taken and help manage and reduce the overall costs associated with healthcare.
A report from the Institute for Healthcare Consumerism (IHC) concluded that wellness plans led to an average of 30% reduction in workers' compensation claims.
A wellness plan can positively impact workers' comp by helping employees stay healthy and less likely to suffer from preventable injuries.
Employers can reduce the risk of costly workers' comp claims by encouraging healthy habits such as regular exercise and healthy eating. Additionally, a wellness plan can help create a culture of safety in the workplace and ensure that employees are aware of and follow safety protocols, making it less likely that they will be injured while on the job.
1) Offer regular health screenings for employees, such as blood pressure checks and cholesterol tests.
2) Encourage employees to take regular breaks throughout the day, such as walking breaks or stretching breaks.
3) Promote healthy eating habits by providing healthy snacks and beverages in the workplace.
4) Offer resources to help employees manage stress levels, such as mental health counseling and mindfulness classes.
5) Implement physical activity programs like walking clubs or lunchtime yoga classes.
Wellness plans can vary in cost, depending on the type of plan and the services included. However, most wellness plans are designed to be cost-effective and provide a great return on investment. The International Foundation of Employee Benefits Plans (IFEPB) reports for every $1 spent on wellness, employers can expect to save up to $3 in healthcare costs. Ultimately, it's important to weigh the benefits of a wellness plan against the cost to see if it's right for your budget.
At Normandy Insurance, we specialize in workers' compensation and offer general liability, yacht and EPLI insurance. To learn more about how we can help you, contact us now.