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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 is a powerhouse of energy, living by the mantra "work hard, play hard." As an expert in uniting teams for a greater purpose, Steve's innovative and creative strategies in employee health and wellness are game-changers. With over 25 years of expertise in health insurance, covering compliance, cost mitigation, utilization, analytics, wellness plans, and strategic planning, Steve is the go-to expert for driving down utilization trends and fostering a culture of well-being. His clients trust him to deliver exceptional results, making him an invaluable asset in the industry. As an Employee Benefits Consultant, Steve specializes in health care consulting for Minnesota public sector organizations including fully insured, self-insured, and stop-loss plans. 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).