Helping Your Clients Stay On Target With Health Care Costs

health care costsYour clients may be looking for ways to help mitigate their overhead but still help their employees. One way for them to do so is to look at their health care benefits and provide a high-deductible health plan at a lower cost.

While this does help provide an avenue for your client to address some of their health care costs, their employees now pay an increased amount in out-of-pocket expenses (deductible, co-insurance, prescriptions, etc). This could have a significant impact on their employees’ financial goals, adding a level of stress that could impact their ability to perform their duties and, in turn, potentially reduce a company’s overall performance.

So, how can we help your client stay on target with health care costs while still providing an avenue to help their employees? 

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It's the Right Thing to Do Even When Your Big Game is Everyday

financial wellnessJust because people are famous it doesn’t mean that they aren’t susceptible to bad financial decisions.  Popular sports stars from Dorothy Hamill to Terrell Owens and Mike Tyson have all filed bankruptcies, due to poor choices.[1]

Life happens, and there are some decisions people can make daily to better prepare themselves for those moments.  Making more informed decisions could have prevented Terrell Owens, an all-time NFL Wide Receiver, to make better investments.  Instead, he filed for bankruptcy in 2012.[2]

Some decisions offer results that didn’t go as planned, such is the case with Dorothy Hamill, whose failed business venture with Ice Capades resulted in her also filing for bankruptcy.[3]

Popular sports stars have proven that no matter who you are, anyone can make bad financial decisions.

What if these sports stars were better equipped and educated to handle their personal finances?  The potential for battling their financial challenges would’ve greatly improved as they would’ve most likely made better choices.

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Developing a Corporate Culture that Inspires Employees

Last year, Business Insider shared what it’s really like to work at Google, the ‘world’s most attractive’ employer.[1] From shuttle service with free Wifi to healthy meals, it’s difficult to compete with all the benefits the tech giant in Mountain View offers. The efforts of Google to create a culture that enhances and motivates shows us that employees look forward to working when they know their company has their best interests at heart.

But what tools can you leverage to help develop an inspirational culture in your clients’ business? 

The best part about developing a corporate culture is that it’s more about the heart of a company, and not how much it costs. There are many strategies a company can apply.

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How Technology is Changing How We Deliver Financial Education

Financial EducationWe’ve come a long way in addressing financial education.   Gone are the days where we read articles and take courses in basic money management.  Over the past several years, technology has been developed to assist consumers in learning about financial wellness and making more informed decisions.

However, the stigma associated with money management can be rather stressful by itself and let’s face it – not as much fun as we’d like to it to be.

However addressing the issue of financial wellness is a priority that many need to face in today’s economy and technology is now making the concept of money management more fun and engaging. Online tools are now regularly available to help employees understand the fundamentals of managing their finances, while at the same time encouraging improved fiscal behaviors.

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Time to Focus on Employee Financial Wellness

10670478_ml.jpgBusinesses count on their employees to effectively and productively service their clientele on a daily basis, regardless of industry, title, or position.  However, when an employee is overwhelmed with personal financial matters, their work performance may suffer, adversely affecting your company’s ability to retain its clientele.

While there may be other factors that contributed to the loss of a client, an employee’s distraction over personal financial matters and resulting decline in work performance may have significantly contributed to the situation. According to a study, employees spend at least 3 hours per week, on average, dealing with their finances at work[1].  It could be as simple as making sure a bill is paid on time or something more significant and time-consuming that impacts their work day.  The bottom line is that their financial stress can have major, unplanned consequences on your business.

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Impact of Financial Wellness on Physical Health

53826340_ml.jpgAccording to the American Psychological Association, stress affects the body in multiple ways.[1]

It has been proven that stress factors, including those caused by financial circumstances, can cause health-related issues such as ulcers, skin conditions, back problems, migraines, depression, anxiety and other mental and physical challenges. In addition, financial stress can result from the amount of debt an individual may have, tuition costs, healthcare expenses, or even how much is being set aside for retirement. 

It has been shown that 62% of Americans lose sleep worrying about their finances.[2]   In addition to the aforementioned conditions, it may also lead to negative habits such as drinking, smoking, and overeating, etc.

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Did you Know your Company’s Success is Inherently Connected to your Employees Finances?

48803715_ml.jpgWe know that financial wellness programs can help employees, but we also know that they can help a business in their overall success by improving their bottom line.

According to the International Foundation of Employee Benefit Plans 2016 Survey*, over 83% of Public Employers said that financial stress significantly impacted their employees work performance.  The loss associated with this level of stress has been tabulated at $5,000 per employee per year**. 

Having a comprehensive financial wellness program can help improve a company’s bottom line.   In 2014 the CFPB (Consumer Financial Protection Bureau) discovered that for every dollar spent on implementing a financial wellness program, the ROI would be as much as three dollars.

Here are some simple steps to help you measure your employees’ financial wellness:

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Enhancing the Financial Literacy of your Employees’ Through Employer Benefits

14309969_m.jpgMany Americans go through school to get their degree and then land a job only to discover that they don’t have the necessary knowledge regarding financial literacy.   As a result, these individuals have acquired a significant amount of debt that is a result of their poor fiscal education, and such issues as medical bills and car repairs.

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Why Do Financial Wellness Programs Work?

38000645_ml.jpgMillions of Americans go through each day assuming that they know how to manage their finances. But studies have shown that almost half of American workers are deep in debt and struggle to save for such things as emergencies, retirement or education.   This struggle can be attributed to an absence of understanding in key areas of financial education, which leads to the improper management of their finances.

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Addressing the Financial Shame

May_Cover.jpgIn the May 2016 edition of The Atlantic, Neal Gabler pours his life out on the table in his article, "The Secret Shame of the Middle Class."

He allows us to see what he has gone through regarding his finances as a writer. We’ve found that his story is repeated time and time again regardless of profession.

He shares that “Nearly half of Americans would have trouble finding $400 to pay for an emergency.  I’m one of them.”   

We commissioned a survey in 2014 that showed:

  • 62% of people questioned have less than $1,000 saved. 
  • 76% of people live paycheck to paycheck.  Including 40% of people who earn more than $100,000.
  • 71% of people questioned say money is their top source of stress.

It’s been a taboo topic in our culture to openly discuss personal fiscal struggles.   We all want to make sure we can pay the bills and provide for our families, and for the most part we are able to without too much hassle.   However, when things in life happen to us, and we can’t cover the cost – we may feel as though we didn’t prepare for it, and so a stigma of shame gets applied.   After all, we’re taught to plan ahead and yet when life happens, it may show you didn’t – so the feelings associated with failure are applied.   But that doesn’t need to be the case. 

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