I don’t know about you, but our health insurance premiums have gone through the roof over the last several years.
I remember when I used to work at a 9-5 job, Paul and I both kept our own employer’s healthcare plans after marrying because it was cheaper that way. He was paying about $131/month in premiums, and I was paying about $160/month in premiums.
If I had added him onto my plan the cost would’ve been much more than $291 we were individually paying, and vice versa.
Now that I work for myself, we are both on Paul’s health insurance plan. He’s changed companies, and we had a baby since.
Our monthly premium cost has ballooned to a whopping $630!
And I know that that’s considered a “steal” to many other self-employed people without a spouse’s employer-sponsored plan to latch onto.
Still, it gives me pause to consider if there’s a way to save money on this.
And guess what? There is, right in front of our noses. We just didn’t know it for the first year at his new job.
Health Insurance Wellness Programs
Health insurance companies + employers aren’t dummies. Especially when it comes to their bottom lines. They realize that when their pool of insured people actively pursue healthy lifestyles, their overall costs will decrease and their productivity will increase.
So many healthcare companies offer wellness programs that give monetary incentives for healthy habits. Many healthcare companies offer wellness programs that give incentives for healthy habits. Click To Tweet
- Aetna’s Health Connections
- Cigna’s Clinical Health and Wellness Programs
- UnitedHealthCare’s Wellness Programs
And the things they ask you to do to earn incentives include:
- Logging in meals you’ve eaten
- Logging minutes you’ve exercised
- Logging amount of water you drank
Some also just offer gift cards and merchandise in exchange for reward points you earn, like the last health insurance plan I was on. In exchange for taking a health risk assessment, and logging in eating habits + exercise I earned a total of 23,280 points. With these points I scored a free Starbucks gift card, a yoga mat shoulder holder, a 9” spring form pan (to use in making cheesecakes, an admittedly unhealthy dessert − thanks BCBS!), and two movie tickets to the theater near our home.
But our current health insurance wellness program? It offers an awesome $900 premium reduction incentive. That’s nothing to glaze over!
Our Health Insurance Wellness Programs
Paul and I have been wanting to exercise more, especially now that he graduated college (yay more free time!) and we have a gym membership with free daily 90-minute childcare for our little one.
With this wellness program, we have until April 28th of this year to complete activities in order to reap the premium reduction.
Possibilities include (each with their own premium reduction price tag − I’ve provided a few examples):
- Taking a personal health assessment + biometric screening ($150 reduction per spouse)
- Log 16,800 minutes of sleep
- Log 320 glasses of water
- Log 400,000 steps
- Talk to a free lifestyle coach over the phone ($75 reduction)
- Watch several webinars ($25 reduction)
How this Would Affect Our Bottom Line
Aside from the fact that getting in shape is going to positively affect our out-of-pocket healthcare spending for years to come, there’s an immediate monetary effect as well.
Our monthly premium is $630. With $900 in possible premium reductions this year, we’re looking at a possible 8.4% discount on our health insurance − something we would be paying for anyway.
Put another way? We’ll almost cover the entire cost of a year’s worth of gym membership.
Now that’s sweet!
Spill the beans: does your own health insurance company have a wellness program? What does it offer as incentives?