Impact of Economics
In any basic level economics class one would learn, “there is no such thing as a free lunch: for every opportunity taken and for every option discarded there are trade-off costs (Milstead, 2016, p. 286)”. This statement is true when you look at the cost of healthcare in the United States. Insurance premiums for healthcare increased 160 percent from 1999 to 2011 (ADP, 2012). Employers had to find a way to off-set the cost of rising insurance premiums, which is how employee wellness programs came to fruition over the past 15 years.
Impact on Health Care Insurance
Health insurance policies are based on pools of risk and in order to balance out the risk, they need enough healthy individuals to balance out or exceed the sick individuals (Milstead, 2016). If there are too many high risk individuals, the insurance company will go bankrupt (Milstead, 2016). With wellness programs, health insurers increase their odds of having to insure...
... middle of paper ...
The incentives tied to employer wellness plans often offer a discounted rate with participation. The A.C.A. allows up to a 30 percent discount on the total cost of an employer plan as part of a cost sharing strategy tied to a wellness plan (Pollitz & Rae, 2016). An additional discount can be added if the wellness plan includes a tobacco cessation component (Pollitz & Rae, 2016).
Wellness plans were introduced to help individuals become healthier and thereby reducing their long term risk for disease. Overall, the goal is to reduce overall healthcare costs. However, ADP (2012) claims that shifting healthcare costs have negatively affected employee morale and job satisfaction. Time is just as important to individuals as money. However, trying to find a balance is often difficult and it can vary by each individual. As discussed, employees cited
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Introduction Over the last several decades, an epidemic of “lifestyle diseases” has developed in the United States. In response, employers, in an attempt to increase productivity and decrease health insurance costs, have created wellness programs to combat the growing trend of unhealthy living habits. This paper will discuss the different components of a wellness program, explore a typical employer’s overall wellness strategy, and analyze incentives and trends in common wellness programs in America.... [tags: Corporate Wellness]
2915 words (8.3 pages)
- Laws to consider Triumph Industries Inc. should be aware that according to Genetic Information Nondiscrimination Act (GINA) signed in 2008, generic screening is not allowable. This act protects Americans against discrimination based on their genetic information when it comes to health insurance and employment . The law has two parts: Title I makes it illegal for health insurance providers to use or require genetic information to make decisions about a person's insurance eligibility or coverage.... [tags: laws prohibiting employee discrimination]
1022 words (2.9 pages)
- Discussion After our investigation of workplace health and wellness programs, it has become apparent there are many positive outcomes that are associated between the use of incentives and their effects on measured workplace outcomes. Since the push from the Patient Protection and Affordable Care Act of 2010, evidence has shown employers are able to encourage participation in these programs through offering incentives to their employees. Workplace health and wellness program incentives have not only lowered the monthly premiums of employees, but those same individuals have begun to lead a healthier lifestyle.... [tags: Incentive, Incentive program, Health care, Data]
1478 words (4.2 pages)
- Wellness Programs and the Effect on the Workplace A wellness program is the employers’ line of attack to cultivating their employees’ health. Wellness programs can range from a multitude of company- sponsored activities in a wide range of areas. Some of these areas are: dieting, exercise, checkups, quitting tobacco programs, and programs to promote physical fitness. Wellness programs can often offer financial incentives to get their employees motivated in participating in the program. (Alic, 2012) The history of employment wellness dates back to 1879.... [tags: Health care, Health, Health insurance, Employment]
700 words (2 pages)
- The health of employees can help or hold back a company, Today we have high stress jobs, rush hour traffic, and demanding schedules. Being healthy and fit is the way to conquer tomorrow. We, the people in the workforce, are depended on to follow through with work commitments. A healthy employee is able to do more and feel well enough to enjoy it. We strive to do our best but how can we when we have low confidence on the job. Healthy employees impact the company, from the sole proprietorship to the large corporation.... [tags: Health Care]
860 words (2.5 pages)
- Wellness Programs: Survival of the fittest Employee’s health can have a major impact on a company’s success. Every year, companies pay high costs for employee’s health care and workers compensation. As these costs are steadily increasing with time, it is imperative that businesses find a way to reduce these costs. By adding on-site company fitness centers businesses can work to fights these expenses. Company fitness centers have advantages, and struggles to consider before implementing them at your business.... [tags: Health, Health care, Medicine, Nutrition]
1051 words (3 pages)
- As someone who is in charge of the wellness program here at UIW, my job is to oversee all the aspects and find out what needs amending or implementation. There are six dimensions of wellness and each one has their benefits. The purpose is to take a look at each dimension of wellness and try to make some improvements for the staff and students. The University of the Incarnate Word has an excellent wellness program dedicated to their faculty and staff. They are offered a wide range of services.... [tags: Nutrition, Health, Dimension, The Help]
1468 words (4.2 pages)
- Definitions Disease Management Disease management, as defined by the Care Continuum Alliance (CCA), 2011, is a multi-disciplinary, comprehensive, continuous, and coordinated method to achieving desired outcomes by utilizing preventive measures and evidence-based practice guidelines to alter the natural course of the disease; therefore, improving the overall health for a population. These outcomes include processes of reducing healthcare costs while improving the quality of life for individuals by preventing or minimizing the efforts of a disease through integrative care (CCA, 2011).... [tags: Health Care ]
1550 words (4.4 pages)
- Abstract This paper looks at the development and operations of corporate wellness programs. Since employees typically spend eight or more hours a day in the office, employers can leverage that time to promote better health. Worksite wellness programs can reduce health care spending by promoting healthy behaviors that reduce health risks in high-risk individuals and keep low-risk people healthy. Programs vary in scope, depending on an organization’s size. This paper concludes that an appropriately designed and administered wellness program is an excellent way for companies to show employees that they care while improving the overall physical and mental health of the organization.... [tags: Business Management Health Work Environment]
1329 words (3.8 pages)
- Corporate Wellness Programs Corporate wellness programs are critical to the fiscal fitness of organizations in the United States today. Corporate wellness programs vary in their methods, but the end goals are the same: decrease medical costs and increase employee productivity. Healthcare costs now consume over 50% of corporate profits and continue to increase at nearly 12% a year (Powell, 1999, p.15). This dramatic rise in costs has caused employers to look for innovative ways to combat the costs.... [tags: essays research papers]
1200 words (3.4 pages)