Wellness Program

DEFINITION of 'Wellness Program '

An employer approach to improving employees' health. Wellness programs include activities such as company-sponsored exercise, weight-loss competitions, educational seminars, tobacco-cessation programs and health screenings that are designed to help employees eat better, lose weight and improve their overall physical health. Wellness programs often involve financial incentives for employees, such as lower health-insurance premiums or gift cards.

BREAKING DOWN 'Wellness Program '

In addition to improving employee productivity and decreasing sick days and leaves of absence, all of which reduce operating costs, a company may be able to lower its health insurance benefit expenses by offering a wellness program. Employees can also benefit from wellness programs through lower health insurance premiums, decreased out-of-pocket medical expenditures and an increased sense of well-being.

RELATED TERMS
  1. Cost Cutting

    Measures implemented by a company to reduce its expenses and ...
  2. Disease Management Program

    Disease management programs can help control health care expenses ...
  3. Health Insurance Marketplace

    Organizations that facilitate structured and competitive markets ...
  4. Key Employee

    An employee with a major ownership and/or decision-making role ...
  5. Terms Of Employment

    The conditions that an employer and employee agree upon for a ...
  6. Medical Cost Ratio

    A comparison of a health insurance company's healthcare costs ...
Related Articles
  1. Personal Finance

    4 Reasons Employee Wellness Matters

    Employees want more than a paycheck. They want rich benefits that include a health and wellness component. Companies that offer it stand to save.
  2. Personal Finance

    Can Going to the Gym Lower My Insurance Premiums?

    Find out whether a gym membership and living a healthier lifestyle can lead to lower insurance premiums or other financial rewards.
  3. Personal Finance

    Employee Wellness Perk: For Your Financial Health

    A growing number of employers offer free financial wellness programs that supply tools to help employees handle money issues and build a strong future.
  4. Financial Advisor

    Life Insurance Plans to Help Your Small Business Retain Employees

    How to use and design cash value life insurance plans as an incentive to help attract and retain key employees.
  5. Personal Finance

    Yes, You Can Still Expect Health Insurance at Work

    A recent report from The New York Times says that health plans offered by employers are here to stay, despite the passage of the Affordable Care Act.
  6. Personal Finance

    Selecting The Right Mix Of Insurance Benefits

    Choosing employee benefits involves weighing the probability you will need them against taxes and cost.
  7. Retirement

    6 Benefits You're Required by Law to Offer Your Employees

    Learn about the benefits that a business must offer to employees, such as family and medical leave, as well as various forms of insurance coverage.
  8. Personal Finance

    7 Mistakes to Avoid When Buying Health Insurance

    Understand the need for health insurance and why some undervalue the need for coverage. Learn about the top seven mistakes to avoid when purchasing insurance.
  9. Personal Finance

    Why Health Insurance Premiums Will Rise in 2017

    To battle the costs and challenges of the Affordable Care Act, many health insurances are raising their premiums in 2017.
  10. Personal Finance

    Find Secure And Affordable Post-Work Health Insurance

    Learn how you can avoid financial catastrophe - without Medicare.
RELATED FAQS
  1. How do firms improve their employees' human capital?

    Learn what human capital is, how a firm can benefit from improving human capital and some ways a firm can improve its employees' ... Read Answer >>
  2. What are some examples of common fringe benefits?

    Learn how offering fringe benefits can be a strategic recruitment and retention tool for employers and drastically increase ... Read Answer >>
  3. How do I calculate insurance premium tax?

    Find out how your health insurance premiums can affect your income taxes, including when you may be able to deduct premium ... Read Answer >>
  4. What role does the agency problem play in the modern Health Care industry?

    Read about the role of the principal-agent problem in the modern American health care industry, and learn why health insurance ... Read Answer >>
  5. In what ways does government regulation impact the insurance sector?

    See how government regulation of the insurance sector leads to higher prices, more risk and a system where the consumer has ... Read Answer >>
  6. What does a merger or acquisition mean for the target company's employees?

    Learn about the likely impacts of a mergers & acquisition deal on the target company's employees, their benefits and adjusting ... Read Answer >>
Hot Definitions
  1. Dove

    An economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that ...
  2. Cyclical Stock

    An equity security whose price is affected by ups and downs in the overall economy. Cyclical stocks typically relate to companies ...
  3. Front Running

    The unethical practice of a broker trading an equity based on information from the analyst department before his or her clients ...
  4. After-Hours Trading - AHT

    Trading after regular trading hours on the major exchanges. The increasing popularity of electronic communication networks ...
  5. Omnibus Account

    An account between two futures merchants (brokers). It involves the transaction of individual accounts which are combined ...
  6. Weighted Average Life - WAL

    The average number of years for which each dollar of unpaid principal on a loan or mortgage remains outstanding. Once calculated, ...
Trading Center