Connecticut Business Insurance: Wellness Programs Cut Costs

EditorBusiness Insurance, Workers Compensation

Connecticut Business Insurance Wellness Programs Cut CostsConnecticut Business Insurance: Wellness Programs Cut Costs

Wellness programs are Connecticut business antidotes to increased workers compensation rates, and higher healthcare costs. As Connecticut business owners prepare to absorb even higher healthcare costs with the Affordable Care Act, companies are looking for ways to offset costs elsewhere. One of those strategies is implementing wellness programs.

A recent survey conducted by Fidelity Investments and the National Business Group on Health found that corporate employers were going to spend on average $521 per employee in corporate healthcare programs. Compared to $460 per employee spent in 2011, it marks a 13% increase.

Wellness programs encompass a wide variety of health initiatives. Some are incentive programs that reward employees for weight loss or adopting healthy habits. Others sponsor company wellness events such as races or walking programs. Some offer gym amenities or passes to employees. Others focus on education and lifestyle, encouraging employees to adopt healthy lifestyle habits.

Wellness programs are on the rise. The survey found that the overall use of wellness-based incentives is continuing to increase. Nine out of 10 employers in the survey indicated they currently offer some variation of a wellness program- more than double the 38% in 2010.

Besides the obvious health benefits, Connecticut business owners are utilizing wellness programs as a real cost-cutting strategy. Employees enrolled in workplace wellness programs reduce their own personal healthcare costs. Employers who invest in wellness programs see increased employee retention, attendance, and productivity. In a study by Principal Financial, the majority of participants said they were more productive, and 40% agreed that wellness incentives encouraged them to stay with the company.

The latest trend show an overall consensus towards wellness programs: a win-win for both parties involved. Sinclair Risk & Financial Management is at the forefront of this approach, providing employers with a proprietary Wellness Program designed to promote health employee lifestyle choices along with a strategy to create and sustain these behaviors.

Wellness programs have significant benefits for employers and individuals, boosting retention and driving loyalty. Let Sinclair help enrich your benefits plan with a wellness program designed to promote your employees’ health. Contact us today for more information. (877) 602-2305