What Are Wellness Benefits?
Wellness benefits are programs that help you stay healthy and save money. They can be offered by your employer, but they're also available to the general public through private insurance companies.
Wellness benefits may include:
- A health risk assessment (HRA) to determine your current state of health
- An annual physical exam with a doctor or nurse practitioner
- Immunizations and screenings for diseases such as cancer and diabetes
- Counseling services for mental health issues such as stress management or depression
The Role of Insurance in Wellness Benefits
Insurance is a financial product that helps you protect against risk. When you purchase insurance, the insurer pays for losses caused by an event such as illness or injury.
Insurance can help you pay for wellness benefits in several ways:
- By covering medical expenses related to preventative care (such as annual checkups)
- By reimbursing out-of-pocket costs associated with preventive procedures (such as co-pays)
- By reducing the cost of premiums if you meet certain conditions
The Benefits of FreedInsure for Wellness Benefits
Wellness benefits are a great way to help you and your employees stay healthy. They can include things like fitness programs, health screenings, or even financial incentives for healthy behavior. The benefits of these types of programs include:
- Lower prices on healthcare costs
- Easier access to coverage
- More options for your wellness needs
Understanding Deductibles and Co-Payments
Deductibles and co-payments are two different types of out-of-pocket expenses you may have to pay before your insurance plan will pay for a covered service.
A deductible is the amount you must pay for covered services before your insurance company will start paying its share. For example, if your deductible is $2,000 and you have a doctor visit that costs $200, then your total cost would be $2,200--the $200 payment plus any additional co-pays or coinsurance amounts due under your plan's terms (which we'll discuss later).
Deductibles vary greatly from one health plan to another and can range anywhere from $0 all the way up into five figures! If this sounds like something only rich people would worry about paying...think again! Even if you do have decent coverage through work or school (like most Americans), chances are good that there's some kind of out-of-pocket expense involved when visiting doctors or hospitals.
How to Choose the Right Wellness Benefits Plan
Choosing the right wellness benefits plan is a process that requires you to assess your needs and compare plans.
What do I need?
How much does it cost?
What's covered and what isn't?
The Role of Pharmacists in Wellness Benefits
Pharmacists are the experts when it comes to your health. They can help you find the best coverage and answer any questions that you may have about your benefits.
Pharmacists are trained to provide counseling on medications, including how they work, side effects and interactions with other drugs or supplements. They can also advise patients on how to manage their chronic conditions like diabetes or high blood pressure so they can live healthier lives.
The Impact of Wellness Benefits on Your Health
Wellness benefits are a great way to improve your health, but they're not just about looking good on paper. A study by the Kaiser Family Foundation found that employees who had access to wellness programs were more likely than those without such programs to receive regular medical care and screenings for cancer and other diseases. They also had lower rates of depression and anxiety, as well as fewer days absent from work due to illness or injury.
Wellness programs may help you stay healthy by encouraging better habits like exercising regularly (which can reduce risk factors for heart disease), eating right (which helps prevent obesity), quitting smoking (which reduces your risk of developing lung cancer) and getting enough sleep each night (which helps keep stress levels down).
The Impact of Wellness Benefits on Your Health
What is a deductible?
A deductible is the amount you pay before your insurance company starts to cover your medical expenses. For example, if you have a $1,000 deductible and you get hit by a car and need stitches in your arm, then the first $1,000 will be paid by you (or through other sources like private health insurance). After that point, however, FreedInsure's plan would kick in and cover all costs associated with treatment up until they reach their out-of-pocket maximum limit.* What are co-payments?Co-payments are similar to deductibles but instead apply only when visiting doctors or specialists rather than emergency rooms or urgent care facilities.* What does "out-of-pocket maximum" mean?Your out-of-pocket maximum refers to how much money an individual can spend on healthcare per year before reaching their limit. For example: If I have an annual income of $50k/year then my out-of -pocket maximum would be $6k because ($50k-$6k = 44%).