Open enrollment is beginning for many organizations. Employees will have the opportunity to sign up for medical insurance or make changes in their current coverage. Many people enter this feeling depressed. Their employer might be raising premiums or deductibles. The employer share of certain medical procedures could be reduced, requiring employees to pay more. Countrywide Pre-Paid Legal Services has a financial wellness plan to help people manage medical costs.
A Cumulative Effect
Deductibles are rising because group health insurance plans are becoming even more expensive. It is the same reason why the employee share of certain procedures is increasing. A deductible of up to $5000 is not uncommon and employees might face a heavy burden of medical bills because of one or more claims.
Countrywide has a nationwide network of experienced certified counselors. They work with employees to help those folks manage their finances. A budget analysis is a standard service. A Countrywide counselor reviews the income and expense patterns of the individual. Recommendations for a financial wellness plan member comes from this investigation.
Budget Analysis Creates Changes
The suggestions are not necessarily drastic. People often need to do a little trimming, reduce frivolous expenses, and better manage credit card debt. A secret not every employee knows is how existing wellness programs affect medical costs. Smoking cessation and weight control are two common wellness programs. Organizations are often willing to substantially reduce an employee’s medical premium upon successful completion of either program. Countrywide counselors can show how a healthy lifestyle will reduce medical claims, cutting personal costs once again.
Personal finances are a private affair. It is no surprise many do not want to have a stranger look at credit card activity or leisure time expenses. Countrywide knows it is dealing with sensitive matters. We fully expect our counselors to be respectful to any plan member. Lectures are for classrooms and sermons are for churches. There is no place for either in a private meeting between the counselor and the plan member.
Financial Wellness Helps in Cost Control
Employers should take a serious look at how a financial wellness program can support existing employee benefits. People are concerned about health care costs but do not understand how to manage them. Countrywide offers the needed assistance. What does this mean during open enrollment period?
It means that employees who are concerned about rising costs will discover ways to afford both deductibles and higher premiums. Additionally, the same employees will better understand how to connect existing wellness programs with the suggestions offered by a Countrywide counselor. It all results in a situation where the employees are not as worried about health costs because they know how to deal with them. Employees do not panic or make drastic changes in their coverage. The Countrywide counselors can calm troubled waters.
Client Selection
Countrywide has been helping organizations with employee benefits for over 30 years. We learned through the years how important it is to have employers play a role in the development of any plan benefit. Accordingly, we encourage clients to choose what options will be part of the financial wellness plan. We can provide information about each of the benefits and employers can see if these support existing programs.
The client will decide what benefits are going to be in the plan. Countrywide is committed to providing the type of service that improves the value of the program. Our administration is deliberately streamlined for quick delivery of any assistance. We have received very favorable compliments about how our counselors interact with employees. It is part of our commitment to high-quality service.
Open enrollment does not have to be a scary time for anyone. Those employees who are part of a financial wellness plan have a good idea of how to handle any increases. We welcome the opportunity to explain to you more about our services. Please feel free to contact us at your earliest convenience to find out more about Countrywide.