The Truth about Employee Healthcare and Financial Wellness
Innovation within the field of “financial wellness” is accelerating at a blistering rate. Still, very few companies are incorporating healthcare within their financial wellness strategy. The reality is that financing one's health is one of the largest -- and most core -- components of financial wellness. Below are 3 things to keep in mind as you consider financial wellness solutions for your team:
1. Maximizing One's Health Requires Financial Planning
The costs of healthcare have risen dramatically. A recent PWC study projects that by the end of this year, medical costs will have risen over 6%. By adopting smarter financial wellness strategies, you can employ tools to both save money for your team as well as the company.
When employees are surveyed as to what would most help them achieve their future financial goals, most cite lower healthcare costs. Meanwhile, less than 15% of employees say their company is helping them manage and save for their health. Simply put, there's a major shortfall between financial planning and healthcare.
Neglecting to save for medical expenses may be partially explained by lack of awareness, so employees can’t properly budget or save money to begin with. Very few Americans can correctly estimate and predict the cost fo their care. For companies, investing in access to clean, simple health procedure cost data and personalized guidance is a great way to help your employees start planning.
2. Embrace Technology
New technologies offer transparency to connect the link between cost and quality of care. By using better data, employees can navigate the health system in a way that promotes a strong healthcare financial wellness strategy.
Employers can sponsor curated wellness solutions, simplify insurance options, and provide healthcare navigation tools. Nayya is powered by billions of data points relevant to how employees can choose and use the right insurance plan for them. We also have cleaned data to transform the way people plan and pay for care. We’ve taken this data and incorporated it into SmartSelect — which guides employees to supplemental plans that can protect them from saving thousands of dollars out-of-pocket.
3. Integrate Health and Financial Programs All into One Place
More and more employers are embracing financial wellness as a category. 20% of companies offered a financial wellness program in 2016, 83% of companies offered a financial wellness program in 2019. 97% of companies are predicted to offer one by the end of 2021. Incorporating health related savings and insurance products into the mix can deliver a 360-degree picture into employee financial wellness.
When it comes to managing employee health and wellbeing, financial wellness is all about providing data-driven, personalized guidance. At Nayya, we bring all of this into one place so employers and employees can promote your health while protecting your wealth. For more information, visit us at Nayya.com