As a business, understanding and managing your investments across the board is crucial. One such investment that doesn’t also garner the necessary attention is employee wellness packages. While you might already have a comprehensive insurance policy available for your workers, have you considered other ways you can invest in their health, happiness, and success?
Insurance companies are always looking for ways to improve their offerings to clients, and for that reason, you might be eligible to add wellness dollars to your corporate plan. To better understand what this offering is, as well as why it’s so advantageous for your business, check out our quick primer below.
What Are Wellness Dollars?
Wellness Dollars come from a percent of the health care premium that insurance carriers make available to employers to invest in qualifying wellness programs. This set amount is then held in a reserve fund, which is specifically designed to help you invest in employee wellness programs.
How to Use Wellness Dollars
Unfortunately, many companies are completely unaware of the fact that they have an existing fund of wellness dollars available to them. Ask your insurance company whether you have funds available based on your existing policy structure. If you do, find out what kinds of programs qualify for wellness dollars. Most often, these include offerings that go beyond the traditional scope of coverage provided by health insurance, like routine doctor’s appointments or dental treatments.
Instead, the programs that are eligible are usually focused on enhancing overall employee wellbeing and providing extra resources for a more balanced, enjoyable life. This might include everything from yoga classes and therapy sessions to massages and acupuncture services.
Once you know which programs are eligible under your insurance company’s wellness dollars program, begin researching which options will be most attractive to your employees. You can do this by sending out surveys or emails asking for feedback on the chances of an individual opting into the service if it were to be provided. Or, request a quote from the program you’re considering and bring it to your insurance carrier to discuss your options.