The Wealth -Health- Wealth Connection

Idea concept. Lamp Head doctor and business team against different backgrounds

Idea concept. Lamp Head doctor and business team against different backgrounds

By Tim Sullivan

Try saying that five times back-to-back! There is no direct correlation between health and wealth. The title of my article is meant to point out the overlooked contribution that financial instability can have on stress levels, which can lead to diminishing health and wellness.

Workplace wellness programs often overlook financial health when evaluating and assisting their employee population. There are some who believe that providing health insurance alone will improve physical health, but a recent study published in the May 2, 2013 edition of New England Journal of Medicine measured the health effects of expanding Medicaid. Among their key findings Medicaid:

• Had no significant effect on measures of hypertension or high cholesterol, or on the rates of diagnosis or use of medication for these conditions.

• Increased the probability of being diagnosed with diabetes…by 3.8 percentage points and increased the use of diabetes medication by 5.4%…but had no effect on glycated hemoglobin (a measure of diabetic blood sugar control).

• Reduced rates of depression by 9% (compared to the 30% of the control group screening positive for depression) and increased self-reported mental health.

• Virtually eliminated out-of-pocket catastrophic medical expenditures and reduced other measures of financial strain.

• Increased health care use, including use of physician services, prescription drugs, and preventive care. Some of the results were good, but the signs clearly show that health insurance alone does not solve health and wellness problems alone.

There are some wellness programs that have taken on the task of integrating an analysis of financial wellbeing into their programs. One of the goals is to demonstrate to employees that good health can be financially rewarding. A simple economic analysis shows that a reduction in activities such as smoking, recreational drug use and excessive alcohol consumption can definitely lead to immediate cash savings that had previously been spent on those activities.

A good grasp on a person’s finances can relieve the stress of wondering what the future portends for them, which will lead to lower stress, and will improve their outlook on work, home and life in general.

One such wellness program I have run across is StayFit Plan, which offers employee education, motivation and support with both financial health as well as physical health. Companies who successfully integrate programs such as theirs see their employee populations become more productive, as well as healthier. A healthier, more stable workforce can’t help but have a better outlook on the workplace and improve the atmosphere in general.

“Employers need to incorporate a shared value incentive approach that uses personal economics (financial wellness) to motivate behavior change and to ignite a progression toward a productive workforce and a successful business!” Lisa Holland, RN, MBA, CCWS, and President Simplicity Health Plans/StayFit Plan Wellness.

Tim Sullivan Life-Panel www.well-track.com

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Avatar About the Author: The Rhode Island Small Business Journal is a printed monthly magazine and an online resource for the aspiring and start-up entrepreneur and small business owner.

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