January 23, 2015
Many organizations are experiencing the toll that an unhealthy workforce takes, with resulting increases in health and absence costs as well as lost productivity. How can employers reduce the cost of health care? One approach is to implement a wellness philosophy. A strong wellness philosophy incorporated into all phases of how the employer operates can deliver excellent results – but requires an investment. Actuaries can help to ensure that organizations allocate their investment in the most effective and productive way.
Sibson Consulting recently partnered with the Society of Actuaries (SOA) to develop an evaluation and planning model for wellness programs that incorporates a wide variety of economic, environmental and social factors that impact health, lifestyle behaviors and the effectiveness of an organization.
Sibson’s holistic actuarial model approach can help your organization’s leadership make better, more informed decisions about reducing health costs by implementing the right wellness initiatives – and our experts can guide you in how to best communicate objectives to your employees.
For the full report, please visit the SOA website and click on the Study Report.
To learn more about how Sibson’s actuarial conceptual wellness model approach can help you implement a cost-effective wellness design to help reduce costs to your existing health programs and create a healthier workplace, please contact your Sibson consultant or Len Spangher, Vice President & Senior Health Consultant, one of the study’s authors.