Have you ever heard of a Gym Reimbursement?
Many health insurance carriers offer a gym reimbursement option, which is an incentive for a healthy lifestyle.
The trade-off is simple!
Health insurance carriers offer to reduce health insurance premiums if the person who is insured consistently goes to the gym. Requirements vary depending on the insurance carrier.
The requirements for United Health Care Oxford in 2016 are:
“1. Visit the gym – You must complete a minimum of 50 visits per six-month period. Reimbursements will not be issued until six months have passed, even if 50 visits are completed sooner than six months.”
To find out how much you can save you should contact your health insurance broker or plan administrator.
Why Should Employers Care?
Employers should care about gym reimbursements for 3 reasons, which include premiums, claims, and culture.
Employers have a significant upside for encouraging gym reimbursement participation. Companies electing to pay for employee benefits, including medical will benefit from a premium reduction for all employees who decide to participate. For an employer who pays for the medical benefits of its employees, encouraging gym reimbursement participation is a great way to offer essential benefits while also cutting costs.
Encouraging healthy habits can be a great way for employers to save money on claims. This is especially important for companies who elect to offer self-funded medical benefits. Self-funded medical benefits are benefits offered by the employer at a lower premium. In a Self-funded plan the employer assumes responsibly if anyone on the plan submits a claim. To offset this risk employers collect a portion of the premiums, which is allocated specifically in the event that a loss occurs.
For employers who elect self-funded medical insurance reducing claims is essential. Utilizing a gym reimbursement option is a great way for employers to help their employees stay healthy and hopefully reduce claims.
Culture is a key factor for a prospective employee when deciding to join an organization. Employers can enhance the attractiveness of their organization by establishing a healthy work culture. A prospective employee understands the commitment of joining a new company. There are a lot of unknown factor and risks involves, however having an upbeat and healthy workplace is a great way to reinforce the positive experience of working at your company.
The bottom line is this… Why not encourage employees to utilize the gym reimbursement program offered by your business’s healthcare carrier? The carrier, employer, and employee all benefit! If you are a leader in your organization with the power to reduce premiums, claims and enhance the well-being of your workforce wouldn’t you promote this?
For more information about your business's gym reimbursement program, or for more ways to add benefits to your organization, contact Skyline Risk Management, Inc. at (718) 267-6600.