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Worksite tip: Add financial wellness to the benefits package

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A growing number of employers are looking to life and health insurance brokers for guidance on enhancing their employee benefits packages. And of particular interest to these business are financial wellness programs.

FinFit LLC unveils this finding in an online survey of life and health insurance brokers nationwide. A provider of employer-based financial assistance and wellness programs, FinFit asked brokers for perspective on benefits employers are exploring beyond traditional health coverage.

Survey respondents report a growing interest in offering employees a financial wellness program as part of a comprehensive benefits plan to reduce turn-over and increase productivity.

Nearly half of respondents say their clients have expressed interest in a benefit that would offer short-term loans to help employees cover unexpected emergencies and health care expenses, FinFit said.

The findings also showcase employer concerns that their employees are less satisfied with benefit packages that now provide limited options for health insurance plans, yet require higher deductibles and premiums.

Highlights of the survey results include:

  • 60 percent of respondents said they have noticed greater concern among employers about the financial well-being of employees.

  • 68 percent of respondents strongly believe the employers they work with would be interested in participating in programs that help employees cover the cost of healthcare coverage premiums and /or deductibles.

  • 47 percent of respondents say employers are offering a wider range of benefits to help employees improve their financial literacy and economic stability.

“We have recognized the pressing need for financial wellness programs in the workplace that help people better manage difficult financial circumstances and get back on track quickly,” says David Kilby, President of FinFit. “Unexpected emergencies can create a great deal of stress for individuals and families, especially those who don’t have a savings account or access to cash.

“This type of program helps employees address financial hardships immediately, and this enables better focus on the job and increased productivity,” Kilby adds.