Lower Your Health Care Costs and Improve Your Well-Being

Improving Your Well-being May Help Lower Your Health Care Costs
It can feel like there’s nothing you can do to combat rising health care costs; however, taking control of your overall well-being can greatly lower your expenses. According to the National Institutes of Health, 86% of the nation’s health care costs go to treating chronic conditions. Obesity, heart disease and Type 2 diabetes are some of the most common conditions.

Lifestyle choices can often manage risk factors for chronic diseases. Common risk factors include inactivity, smoking, high cholesterol, obesity, elevated blood pressure and diabetes. The Partnership to Fight Chronic Disease found that the direct health care costs for people with chronic diseases average $6,032 every year—five times higher than for those without a chronic disease. Making changes to your lifestyle can help prevent or lessen the severity of health issues, which may result in fewer health expenses.

Understanding Voluntary Benefits
Voluntary benefits are additional benefit options offered by a company. Unlike traditional benefits like health coverage, employees are responsible for paying for most or all of the cost of these voluntary options. Here are some commonly offered voluntary benefits:

• Vision insurance often covers annual eye exams and offers discounts on glasses and contacts.
• Dental insurance generally covers preventive services and offers treatment discounts.
• Life insurance pays a designated beneficiary in the event of the policyholder’s death. Employees can typically elect up to a certain amount without needing to go through medical underwriting.
• Long-term care insurance covers the care people need when they have lost the ability to perform certain daily activities.
• Disability insurance covers a portion of lost pay due to time away from work because of a serious illness, injury or disability. A short-term benefit period typically covers three to six months, while long-term disability provides benefits for a longer period.

Talk with HR to learn about your voluntary benefit offerings.

Balancing Caregiving and Your Career
Caregiver is a fast-growing employee group, with many caring for a child, parent or a family member with a disability. In fact, a Harvard Business School study revealed that 73% of employees have some type of caregiving responsibility. While some people seek aid from paid caregivers, many turn to loved ones to avoid additional financial burdens. Many working caregivers suffer work-related difficulties due to their dual roles and often are forced to miss workdays.

Companies may offer valuable workplace benefits or policies, such as employee assistance programs, flexible working arrangements, paid family leave, sick days and flexible spending accounts. Caregiving can disrupt several areas of your life, so it’s important to utilize your available resources and benefits. Talk to your supervisor if you’re concerned about balancing your caregiving and work responsibilities.