Many successful HR departments implement wellness programs.
Many credit unions offer financial education with the goal of helping their members thrive, and more credit unions are offering wellness programs with the goal of keeping their employees healthy and productive.
But what if you put the two programs together to improve people's health and help them address their current and future money challenges, not just for the staff but also for the community?
Last month, the $1.3 billion Allegacy Federal Credit Union in Winston Salem, N.C. and Wake Forest Baptist Medical Center also based in Winston Salem, launched WellQ, a partnership that is focused on improving the health and financial well-being of members and nonmembers. The program is believed to be the first of its kind in the nation, though there are credit unions, including Allegacy, that have expanded their staff health wellness initiatives to include financial and emotional wellness services over recent years.
The central office of WellQ is adjacent to Allegacy's financial center at Biotech Place nestled in the bustling Wake Forest Innovation Quarter. It is considered one of the fastest-growing urban hubs for innovation in the U.S. Home to more than 150 companies, five leading academic institutions, 3,600 workers, 1,500 university students and 8,000 workforce trainees, the Innovation Quarter supports research, business and education in the disciplines of biomedical science, information technology, digital media, clinical services and advanced materials.
WellQ delivers convenient and affordable health care for minor illnesses and free wellness assessments. The service is meant to complement, not replace, a person's primary care physician. The program also offers optional membership to join Allegacy FCU that comes with a wellness savings account that provides higher-than-market dividends as an incentive for members to maintain a healthy lifestyle. Members are also provided access to free financial education classes, health care financial advising and a no-obligation health care financial plan.
The WellQ idea had its genesis more than 18 months ago from conversations Allegacy Chief Operations Officer Ashley Kohlrus had with Dr. Bill Satterwhite, chief wellness officer for Wake Forest Baptist Medical Center.
"Ashley and I had chatted over time about various different things, and then we began focusing on how people's health is impacted by their financial situation, and we also know that someone's financial situation is impacted by their health, and that for most people those rise and fall together," recalled Dr. Satterwhite. "So if you lose your job and have a financial crisis, your health will suffer, and if you have a significant health crisis, your finances will suffer. We just kept thinking about whether we could come up with something that linked those two (concepts) and link them in a way that reinforced the other."
Indeed, the Center for Financial Services Innovation in Chicago reports that nearly half of the American workforce is financially stressed. Moreover, three out of four workers are sometimes living paycheck to paycheck to make ends meet and workers across the income spectrum are dealing with a variety of cash flow challenges.
"Persistent financial struggles constrain an individual's resources and can impede cognitive function both of which impair decisions, and can perpetuate unfavorable financial and physical health situations," according to a 2017 CFSI research report. "In addition to driving absenteeism and lost productivity, health challenges contribute to insurance claims, which can ultimately raise group insurance cost for an employer."
Stress is important because it releases chemical hormones in the body that can help you deal with emergency or pressing situations in your personal and professional life. But when stress becomes almost constant, it can take its toll on a person's health. Financial stress can affect a person's health because it may take months or even years for individuals to dig themselves out of the stressful situations created by debts and other money troubles.
Various research studies indicate when stress hormones are constantly elevated in a person's bloodstream, they may somehow contribute to heart disease, sleep problems, diabetes, migraines, ulcers and lead to other unhealthy behaviors such as overeating or overdrinking.
The WellQ program is being marketed to members, companies and individuals. About 10,000 Allegacy CU members live nearby the WellQ facility. What's more, this type of program may appeal to prospective Millennials and GenZers members because various consumer surveys and studies have shown these young people are health conscious than previous generations. The financial wellness service of the WellQ program may be of particularly appealing to GenZers who are now coming of age as the new generation of credit union members. According to research by the Austin-Texas-based Center for Generational Kinetics, GenZers are engaged in managing their money and some are already saving for their retirement, or plan to start saving for their golden years in their 20s.
Since WellQ opened its doors in February, four companies have already signed up for the program to offer it as a benefit for employees. Employers pay the annual membership fee of $199 for individuals and the $249 annual fee for a family. Members of the community and Allegacy members can sign up sign up for the service as well.
After signing up for the program on line, members are offered a free wellness exam, a free health risk assessment, a free biometric lab screening for cholesterol and glucose evaluation, and free chronic condition monitoring. The program also offers wellness classes, a pharmacy and access to 24/7-hour virtual care visits. There is a flat $35 fee for non-emergency visits to treat minor illnesses.
On the financial side, members are offered a free visit with a financial planner to develop a customized financial plan.
"So, if somebody's a WellQ member and they're not an Allegacy member, we definitely can offer them global financial wellbeing information," Kohlrus of Allegacy said. "And then when they choose to become an Allegacy member, we can very much tailor and customize their financial offerings to meet their personal needs to make sure we're doing the right thing for their wellbeing."
Through this initiative, Allegacy CU is also offering what it calls "healthcare financial advising."
"What that means is that we provide financial planning that helps our members identify how their future health will impact their future financial plans," said Allegacy FCU President/CEO Cathy Pace.
After a WellQ member receives an assessment of their overall health, that information is plugged into a predictive analysis tool by an Allegacy financial advisor to project how a member's healthcare costs may affect his or her overall financial retirement goals, including how to protect personal assets.
As an example, if you are 50 years old and your assessment determines your overall health is that of a 62-year-old, you may consider purchasing more life insurance. However, if your assessment shows that your overall health condition is that of a 42-year-old, you can save money by not having to buy additional life insurance because you are expected to live longer, Pace explained.
Dr. Satterwhite noted that another key advantage of the tool is that it can also make recommendations on how a person can improve his or her overall health condition to prevent the onset of chronic disease that could help reduce healthcare costs and how to prepare for unexpected future healthcare expenses.
"Basically, by getting healthier you could actually get richer, so it's a pretty powerful tool," he said.
Allegacy launched its internal culture of health years ago under former President/CEO W.K. Keener. The credit union developed its health wellness program for employees to also include emotional, social, financial and purposeful well-being services.
Allegacy has received numerous local and national awards and recognitions for its AllHealth Employee Wellness Program from the American Heart Association, Healthiest Employers LLC, which named the credit union to its list of Healthiest 100 Workplaces in America in 2017. Allegacy FCU also was recognized by Harvard University's T.H. Chan School of Public Health in 2016 for the credit union's work with local organizations to advance the shared objectives of improving the health and wellbeing of the broader community.
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