The healthier your employees are, the less insurance companies need to pay out for your policy. So, the more healthy people they have on their plans, the better their profit margins.
As well as bringing down insurance costs, healthier employees equate to more engaged employees. Indeed, WellteQ’s wellbeing initiatives are proven to increase employee engagement by over 40%.
For this reason, many insurers incentivise employers to improve the wellbeing of their workforce with wellness dollars.
So What Are Wellness Dollars?
Wellness dollars are essentially funds that some insurance providers, such as Bupa Wellness, offer to reimburse the investment in your company’s health programs.
How Can You Spend Them?
As another year draws to a close, now is the perfect time for companies to cash in on those unspent wellness dollars.
It will differ from insurer to insurer, but wellness dollars are typically used for a variety of initiatives – anything from gym membership to meditation classes to smoking cessation programs.
Once you have ascertained how many available wellness dollars you have from your insurance provider, it’s time to allocate them strategically. Here are a few ways you can maximise those wellness dollars.
Upgrading Your Wearables
Wearables are an important tool for keeping your workforce healthy as they offer a personalised digital health experience that can monitor and improve overall health and wellbeing both at work and home.
When used in conjunction with a wellness program, wearables become even more powerful as you add a social dimension, eg weekly team step challenges.
You may already have a free or subsidised wearables scheme at work but, if your insurance provider allows you to, it is worth considering an upgrade to make best use of the latest technologies, eg on screen workouts with the Fitbit Versa, or in-depth stress monitoring on the Garmin vívomove HR.
Expand Your Wellness Program
Check with your insurer as you may be able to use those wellness dollars to enhance your employee reward offerings and incentives, eg giving away vouchers for sports apparel.
It’s important to listen to your workforce to find out what the best way to incentivise them is. By gathering feedback in this way you can keep your wellness program current and relevant.
Test Variations of Wellness Programs
It’s in an insurer’s best interests to allow companies to test different types of wellness programs as they may not be able to cover all aspects of employee wellbeing.
By encouraging companies to explore different ways to keep their workforce healthy, such as offering biometric screenings, blood testing or nutritional advice, the will be able to reduce the number of claims.
So check the terms of your wellness dollars with your insurer provider and spend wisely!
Get in touch with the WellteQ team to find out more.