The CDC reported that chronic diseases account for 75% of our nation’s health spending. In most instances, these ailments and symptoms go unchecked and unnoticed until dire circumstances, often to the financial detriment of employees and businesses alike. Believe it or not, we have the power to reduce this number dramatically through preventative health care practices, proactive disease management and commitment to healthy habits and wellness. Lifestyle Health Plans are designed based on this research and works with sponsoring employers, and employees, to identify insurance savings rooted in healthy living practices.
So, what exactly does that mean for your rural utility system and staff? Simply stated, integrated within each Lifestyle Health Plan are tools to empower members to take control of their health, and cash based incentives to encourage participation in prescribed wellness program and coaching. Healthy Benefits and other companies are moving to this insurance model because of the potential savings they offer customers and their group. These plans return the power to the customer. I know you are wondering, how does this exist, an insurance company that pays. The math is simple, health conscious employees typically file less health insurance and disability claims and require less service, ultimately leading to lower premium costs in the future under the Lifestyle Health Plan structure. A real win, win.
For most, there isn’t a better incentive than money. I mean, who doesn’t like free money? Whether it comes in the form of a discount, rebate or credit, money moves people into action. Enter Lifestyle Healthy Rewards. This rewards program, which comes integrated into every Lifestyle Health Plan, pays members that participate in the Healthy Rewards Wellness Program in three different ways.
- Earning Wellness Credits
Plan members can earn wellness points each year your organization is enrolled in a Lifestyle Health Plan. Wellness points are rewarded based on completion of various health positive activities, like gym visits and health challenges, for participating in preventative health, such as wellness and vision exams, and participating personalized wellness coaching sessions.
At the end of each plan year, plan members can convert accumulated wellness points to deductible credits that can be redeemed the subsequent insurance enrollment year. The credit amount increases in $100 increments, as your wellness points do. For example, you’ll earn a $100 deductible credit for acquiring 600– 999 wellness points in a year, but should you manage to earn 1700 – 1999 wellness points you will receive a $400 credit.
In even better news, you don’t have to wait for year two on a Lifestyle Health Plan to experience your first deductible credit. First year members that complete both the online Health Risk Assessment (HRA) and wellness lab testing within the first 60 days of their plan effective date receive a $500 deductible credit.
- Deductible Matching
For each year members are enrolled, their Lifestyle Health Plan will match a percentage of their deductible credit earned on an increasing scale. For instance, in year two Lifestyle will match 25% of your earned deductible credit, but in year five they will match your rewarded credit 100%.
- Earning Bonus Bucks
In addition to credits, Lifestyle Health Plan participants can also receive Bonus Bucks. These are cash incentives paid (on top of deductible credits) to insurance plan members who complete designated wellness coaching programs focused on disease management and preventative care. Personalized coaching programs on topics such as diabetes and hypertension, can be completed for cold hard cash. Imagine that, an insurance plan that pays you to be your best.
As an Affinity Partner of the Natural Rural Water Association (NRWA), Healthy Benefits can help your rural utility system, and affiliate vendors, understand just how The Healthy Benefits Program could be the key to unlock health care savings. To learn more, contact us here to see how your current health benefits measure up.