A Gallup report said that employee engagement in the US increased steadily at a rate of 34%, and this rise was mainly as a result of implementing corporate wellness programs. Although many businesses have commenced with workplace wellness programs, many are still unaware of the wellness dollars that are allocated as a part of the health insurance package towards employee wellness, and most healthcare insurers may not be good at communicating about these funds either.
Except for a few no-nonsense insurance providers who are dedicated to their work, most of them may not even divulge about the wellness dollars, and unless you know these funds existed, you will not be able to use them towards your corporate wellbeing. So, if you are having an employee health remuneration program, make sure you are aware of its scoops and facts so that you can put every penny to proper use.
So, What Exactly Are The Wellness Dollars?
Some health insurance providers put aside a couple of funds, the ‘Wellness Dollars’ as a reimbursement towards the company’s wellness programs. These bucks are provided as a positive incentive by the insurance provider to help improve employee engagement, productivity, and overall wellbeing of the workforce. The idea behind offering these incentives is simple – the healthier the employees, the lesser the insurance companies will have to pay out for a claimed policy. So, first, know if your insurer is providing these perks towards employee wellness. They might not always call them Wellness Dollars, and few insurers may call it wellness credits, fit rewards, etc. If they are offering these fringe benefits, then know well for what purposes you can use these funds – for gym memberships, wellness challenges and programs, fitness wearable, etc.
Wellness Dollars To Incentivize Workplace Wellness, In The Right Way
Once you know that you have your wellness dollars that can be spent on employee wellness, gather some more information before you start spending it. Know the upper limit of the funds which the insurer is offering, and for what you can use them. Once you have all the details from your provider, talk to your workforce and your teams. Understand their wellness requirements and work out on a plan that is sure to improve employee engagement. Hand out a questionnaire to your employees, survey, and collect feedback, to span across the broad spectrum of corporate wellbeing essentials, and invest the wellness dollars in the most appealing and vital wellness programs. To put the buck to better use, try bringing in the families too into the health insurance package and include them in the wellness programs. Nothing better than the entire family and workplace working towards a single goal of achieving holistic wellness.
Invest Your Wellness Dollars With A Reputable Wellness Platform
The insurance providers and the corporates, by themselves, may not be able to provide different wellness programs that cover all the employee wellbeing needs, and getting a corporate wellness program from a wellness platform is probably the best way you can bring a bigger bang to your buck. Do a bit of research and know which wellness provider is offering the best package with suitable wellness challenges and programs.
Wellness 360 is a wellness platform that provides corporate wellness programs to organizations, wellness brokers, insurance providers, etc., who strive to promote employee wellbeing and workplace wellness. We offer a plethora of wellness programs and challenges that focus on different aspects of employee health and holistic wellness. Our programs are aimed at improving employee engagement and overall wellness, in a fun way, to enhance organizational productivity and ROI.
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