Maximizing cost savings with wellness and voluntary benefits

For many employers, the words “cost savings” are music to the ears. It’s those words, “cost savings”, which draw so many employers to both wellness programs and voluntary benefits. But, to maximize the rewards from wellness and voluntary benefits, employers need to be familiar with what drives cost savings for both programs: personalized communication.

Health coaching for wellness

An article from our sister company, HealthFitness, shows how health coaching drives 70 percent of medical cost savings from wellness plans.1 They go on to mention that, for nearly 75 percent of wellness program participants, personal touch is important in guiding their health.1 To drive the kinds of results that employers want means employees need to be personally engaged in their health. Doing so boosts results for employees, encourages retention in the program and, ultimately, is the largest driver of cost savings for an employer.

One-on-one communication for voluntary benefits

The voluntary benefits equivalent of health coaching is a one-on-one enrollment that allows each employee to discuss their benefits with a trained benefits professional. This personal touch works for employees as 95 percent of them want someone to talk to regarding their benefits information.2

It also drives the results employers want by boosting participation in voluntary benefits. Our enrollment partners have seen an average participation increase of 78% through the use of one-on-one education.3 Successful enrollment allows employers to shift costs to employees as well as improve benefits satisfaction and employee retention; all of which results in cost savings for the employer. Much like health coaching for wellness, it all starts with personal communication.

A combined solution

When it comes to leveraging the cost savings of both voluntary benefits and wellness, Trustmark offers the LifeHealth & Wealth program which provides the best of both worlds. LifeHealth & Wealth provides one-one-one communication to encourage financial education and participation in voluntary benefits. At the same time, it provides communication to boost engagement in a solution for wellness provided by HealthFitness that includes health coaching. Employers can offer their employees a complete picture of their financial and physical well-being, deliver the education they need and drive the ensuing financial results with personal one-on-one communication. And the icing on the cake? Employers can save even more with reduced pricing on benefits administration systems or consolidated billing services that can also come with voluntary benefits

 

1 “Research: 70 percent of medical cost savings comes from employees using health coaches“. HealthFitness. March 23, 2017.
2 Trustmark Independent employee survey (conducted by Connell Group), 2015.
3 Personal Communications Inc. book of business, 2016.