Employers and Employees Join Forces to Curb Rising Healthcare Costs

Strategic Insights -

As healthcare costs continue to soar, a growing number of American businesses are taking proactive steps to create healthier workforces and reduce expenses. A recent survey by Virgin HealthMiles reveals that nearly 90% of employers now rely on employee health and wellness programs to lower costs, with 70% offering incentives to employees to participate in wellness initiatives. The approach is paying off, with 88% of employees citing incentives as an extremely or somewhat important contributor to long-term participation in wellness programs.

Key Takeaways:

  • 76% of American businesses report healthcare cost increases of up to 10% year-over-year.
  • 90% of employers now rely on employee health and wellness programs to lower costs.
  • 70% of employers offer incentives to employees to participate in wellness initiatives.
  • 88% of employees cite incentives as an extremely or somewhat important contributor to long-term participation in wellness programs.
  • 44% of employers report that leveraging social connections has increased employee engagement.
  • 60% of employees consider community and social elements of wellness programs to be extremely or very important in staying committed to good health.

Statistics:

  • 145 employer respondents completed the survey.
  • 1,382 employee Virgin HealthMiles members participated in the employee survey.
  • 90% of companies across the U.S. and over 40,000 employees are participating in National Employee Wellness Month.
  • 40% of employees average participation in Virgin HealthMiles' Pay-for-Prevention approach.

Sources:

  • Virgin HealthMiles
  • National Employee Wellness Month
  • Strategies to Overcome and Prevent (STOP) Obesity Alliance
  • Partnership to Fight Chronic Disease
  • Healthy Weight Commitment Foundation
  • Virgin HealthMiles' Pay-for-Prevention approach
  • MARKETWIRE via COMTEX (June 1, 2011)