My Employer’s Wellness Program
Tip It!Two years ago my employer implemented a program in which they’d add a monthly wellness credit to your paycheck in return for filling out a health questionnaire during open enrollment. It wasn’t a lot of money ($10/month), but it certainly did add up, and it was well worth the fifteen minutes or so that it took to fill out the questionairre. Last year they increased the requirements slightly, and bumped up the reward. And this year they did the same, such that I now have to fill out the questionairre, promise to take steps to improve my health (based on the answers that I gave), and go through a handful of online health-related learning exercises. All in all, it took me about 45 minutes to run through the entire thing — not bad for a $240 payout over the next year (not to mention the potential health benefits). Anyway, the economics of wellness programs such as this fascinate me — $240/year for each employee isn’t exactly chump change, so the payback must be pretty good. Of course, assuming that this program has the desired effect, my employer will benefit both in terms of reducing lost time due to employee illness and reducing the costs associated with health care. While it’s hard for me to imagine that the hoops that I just jumped through will actually end up saving my employer ?$240 in the future, it probably won’t take much for them to at least break even given the high price of medical care.
Published on November 21st, 2005 - 2 Comments
Filed under: Insurance, Working
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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November 21st, 2005 at 7:18 am
I wish my office had something like that. Great program.
January 31st, 2011 at 9:09 am
My company has recently addopted this program also. We changed carriers and our insurance was raised $10 per pay. If you filled out the questionaire, you received a $10 credit. I have been told by some employees that we are being taxed on the credit we receive because it falls under the income section of our paychecks but I don’t understand how they can tax me for a credit when my insurance is also being deducted before taxes.