Hardwood Floors August/September 2017

Wellness and Your Bottom Line (Continued)

WHAT WE KNOW NOW Health insurance is expensive. It is typically a large percentage of any organization’s expenses. Many small organizations feel they can’t afford such an expense. This may be true, but you should keep an open mind and be sure to consider all factors before making that decision. If all else fails, there are other less-expensive things you can do to help the health of your employees. Isn’t that the end goal regardless? Plus, if you are part of a large organization, improving health could result in direct savings to your health insurance over time. Things certainly are changing fast, but there are some factors you can count on now to get you in the right mindset regarding providing wellness programs and health insurance to your employees. The majority of your health plan’s costs come from a minority of the participants. » » It pays to impact even just a few. Insurance is often cheaper when purchased through an employer than as an individual. » » The perceived benefit to the individual might be more than the actual cost. According to the book, “Younger Next Year,” by Chris Crowley and Henry S. Lodge M.D., the majority of aging and illness is preventable. » » We have given in to many things as normal aging that really are a result of lifestyle choices. Helping employees get healthier helps them and you. » » Jason Riddick of Custom Wood Floors shared, “I feel like one thing missing is some physical activity OUTSIDE of wood flooring.” He went on to discuss how even minimal weightlifting has cured him of back pain.

WHAT’S IN IT FOR ME? Absenteeism and presenteeism (the productivity loss from illness or distraction while at the job) are causing some level of impact on your business. Humans only have so much self- control, and being tired, sick, or in pain will eventually cause our willpower to break down. This could lead to productivity loss, but could also cause an issue with customer service. People are much easier to deal with when they are happy and healthy. Our industry is based on relationships and could benefit from happier, healthier employees. There also are some health insurance plans that are still health rated. These are plans where the premiums are directly affected by the health of those on the plan. For those, wellness programs or fewer claims through improved health can have a direct impact on the cost of the plan. SO HOW EXACTLY CAN YOU MAKE A DIFFERENCE? You may be thinking that you agree with all of this, and it is all fine in theory, but you still don’t feel like you have concrete ways to make a difference, and you can’t spend a lot of money. Here are some potential ideas to get you started. Work with a benefits consultant. » » It is nearly impossible for small or medium- sized organizations to have as much expertise and solid insurance vendor relationships as benefits consultants. » » They typically work on commissions from the insurance companies and will not be a direct cost to you. Keep an open mind for potential options. » » Self-funded plans are gaining popularity, but come with some risks that need to be weighed, and you also may want to consider pairing a plan like this with stop-loss insurance. High-deductible health insurance plans paired with Health Savings Accounts (HSAs) are still an option for some. » » You could pair a high-deductible plan with a Health Reimbursement Arrangement (HRA) where you pay back a portion of the deductible for the employees that max out their deductible. • This type of HRA lowers the premium costs, but ups the risk factor depending on how many people on your plan reach their deductible. » » With the ACA, some organizations no longer benefit from these types of plans, so ask your benefits consultant about them.

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