Workplace wellness programs are a popular benefit, and for good reason — they’re an effective, engaging way to teach employees how to live healthier lives. But teaching employees how to improve their finances can be just as beneficial for their health, not to mention their pocketbooks. Here’s what your company has to gain from adding a financial education program to its offerings.
Financial Literacy and Health Financial literacy entails having the knowledge and confidence to handle money issues like managing debt, saving for retirement and setting a budget — things people need to deal with every day. Despite how important these topics are, according to Fortune, nearly two-thirds of Americans could not pass a quiz covering basic financial literacy concepts. Almost no one can say they’ve never worried about the bills, but serious financial stress can lead to health problems including depression, anxiety, trouble sleeping, high blood pressure and diabetes. Even worse, a low bank account balance might convince a sick employee that seeing their doctor or getting other important medical care isn’t worth the expense, even if they really need it. Financial stress also follows employees into work. When your employees are having trouble making ends meet, it’s nearly impossible for them to fully concentrate at work. The Society for Human Resource Management found that an employee’s personal financial issues can lead to an inability to focus at work and higher absenteeism. 4 Ways to Improve Employee Financial Knowledge If you’re interested in improving your employees’ financial skills, here are a few tried-and-true strategies to have in your back pocket.
Maximizing Health Insurance Benefits Covering your health insurance plan as part of your financial literacy training will help employees get the most out of one of the key benefits included in their package. At a minimum, you should remind everyone about how they can reduce their health care costs by looking for in-network providers, following up with preventive treatment and using generic prescriptions when possible. As you discuss budgeting, show examples of how much different trips to the doctor or hospital could cost employees under your plan’s current structure for deductibles and copays. Then, discuss strategies for how employees can save part of their income to prepare for these costs. If your health offerings include extra features like a flexible spending account (FSA) or health savings account (HSA), your financial literacy program might benefit from a workshop or seminar explaining how these more complicated programs work. For example, make sure employees know that the money in an FSA follows a “use it or lose it” policy and might be lost at the end of the year. Promoting financial wellness is a small investment on your end, but it can greatly improve the finances, health and productivity of your employees, so don’t overlook this workplace benefit in your office. When your employees are financially well, they’ll pour less of their energy into stressing over bills and more of it into making your business successful. Explore health insurance plans harrisburg and get the best plans for your family, if you want to know more details then please send your queries in the comment section.
1 Comment
12/11/2019 09:56:44 pm
Informative read!! Yes it is true, financial stress also follows employees into work.
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