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Financial and Physical Wellness

Financial and Physical Wellness

2 minute read

Financial concerns are consistently rated among the highest source of stress for people. It can create feelings of anxiety, frustration, and hopelessness. Employees who struggle from financial trouble are often more likely to have less focus at work, an unhealthy lifestyle, and higher medical costs.

Many employees have surprisingly little knowledge about managing finances. So, offering financial benefits, resources, or education can help employees cope with their financial problems and improve their financial situations.

Financial services may be included within your workplace wellness program or part of your Employee Assistance Program. If it’s already part of your benefit offerings, you can increase awareness to boost utilization and ensure that employees are taking advantage of the benefit. Offering these types of benefits can increase employee morale and satisfaction.

Financial education can also be integrated with discussions about health care to encourage more savvy health care consumers. Financially educated are more likely to be prudent in their health care expenditures, participate in consumer directed health plans, consider mail-order prescriptions, and take advantage of preventative care. The education will save both employees and the company significant money on health care.

Having financial peace of mind or even a sense of control over one’s finances can significantly reduce an employee’s stress level. This will help to improve their overall health, along with improving focus, attitude, and performance at work. Financial wellness can support your overall wellness initiatives by promoting healthier behaviors and attitudes in aspects of life, creating happier, healthier employees.

Download the bulletin for more details.

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Steve Smith

Steve Smith

Steve Smith, Employee Benefits Consultant for National Insurance Services, has his energy level permanently set at “high.” His maxim is “work hard, play hard.” Steve’s an expert in getting groups of people working together for a higher cause. Minnesota schools, cities, and counties rely on Steve’s unique and creative ideas of engaging employees in their own health and wellness to lower utilization trends. He has 20+ years in the health insurance field doing compliance, cost mitigation, utilization, analytics, wellness plans, and strategic planning. Steve is a licensed insurance agent and holds the designations for Managed Healthcare Professional (The Health Insurance Association of America), Certified Patient Protection and Affordable Care Act Professional (National Association of Health Underwriters), and Group Benefits Disability Specialist (Hartford School of Insurance). He specializes in Employee Benefits Consulting for Minnesota schools, cities, and counties including fully insured, self-insured, and stop-loss plans.