Fi­nan­cial well­ness pro­gram adds bite to Delta Den­tal’s ben­e­fits

Employee Benefit News - - CONTENTS - BY PAULA AVEN GLADYCH

The in­sur­ance com­pany im­ple­mented Best Money Moves, a mo­bile­first pro­gram the helps em­ploy­ees make bet­ter money de­ci­sions based on their big­gest fi­nan­cial stres­sors.

WHEN HE­LEN DREXLER took over as CEO of Delta Den­tal Colorado last De­cem­ber, she was im­pressed by the ro­bust ben­e­fits pack­age of­fered to em­ploy­ees of the in­sur­ance com­pany. But there was one ben­e­fit she felt was miss­ing: fi­nan­cial well­ness.

“I think fi­nan­cial well­be­ing is some­thing many em­ploy­ers are be­gin­ning to see as a foun­da­tional part of any ben­e­fit strat­egy,” Drexler says. “If em­ploy­ees aren’t feel­ing fi­nan­cially healthy, they suf­fer stress and it im­pacts their abil­ity to be fo­cused and work ef­fec­tively in the work­place.”

So Drexler worked with Sun­day Sotomayor, Delta Den­tal’s hu­man re­sources di­rec­tor, and the two im­ple­mented Best Money Moves, a Chicago-based mo­bile-first fi­nan­cial well­ness pro­gram that helps em­ploy­ees make bet­ter money de­ci­sions based on their big­gest fi­nan­cial stres­sors.

Delta Den­tal rolled out the pro­gram in May, and has al­ready seen a big im­pact. Since the pro­gram was im­ple­mented, 65% of Delta Den­tal’s em­ploy­ees have en­gaged with the tool.

Drexler says she loves that the pro­gram is a dig­i­tal first ap­pli­ca­tion. “In this day and age, peo­ple do use their phones more of­ten than their home-based PCs,” she says.

Best Money Moves first asks par­tic­i­pants to list their main fi­nan­cial stres­sors. Those could in­clude fear of los­ing their job, health­care costs, not sav­ing enough for re­tire­ment, pay­ing off credit card or stu­dent loan debt. Once a per­son’s top fi­nan­cial wor­ries are listed, the pro­gram gives them a list of links to ar­ti­cles that of­fer sug- ges­tions and next steps on how to mit­i­gate their fi­nan­cial stress.

It uses a points-based pro­gram, cash prizes and con­tests to in­cen­tivize em­ploy­ees to par­tic­i­pate. Most em­ploy­ers see the re­turn on in­vest­ment very clearly, ex­plains Ilyce Glink, founder and CEO of Best Money Moves. Best Money Moves uses in­for­ma­tion al­go­rithms to cus­tom­ize the in­for­ma­tion a user re­ceives based on their re­sponses to the Stres­some­ter.

“My 64-year-old em­ployee might have dif­fer­ent fi­nan­cial ques­tions than my 25-year-old em­ployee,” Drexler says. “Their abil­ity to cus­tom­ize based on the end user was re­ally in­no­va­tive.”

Delta Den­tal has made a con­certed ef­fort to ac­quaint new em­ploy­ees with the tool as part of the com­pany’s ori­en­ta­tion pro­gram.

“We find a lot of peo­ple re­ally ap­pre­ci­ate it,” Sotomayor says. “They have ac­cess to it through their phones, and the pro­gram as a whole works well with the com­pany’s 401(k) plan and other well­ness pro­grams.”

Delta Den­tal also of­fers a ro­bust 401(k) plan that in­cludes a 4% match on the first 5% con­trib­uted plus an ad­di­tional em­ployer con­tri­bu­tion of 4% af­ter a per­son has worked for the com­pany for a year. Em­ploy­ees are el­i­gi­ble to par­tic­i­pate in the pro­gram af­ter work­ing there for six months.

“We know em­ploy­ees ap­pre­ci­ate that. It is not ev­ery­where you go you will find an en­hance­ment like that where the com­pany con­trib­utes a cer­tain per­cent­age,” Sotomayor says. “That’s what makes us very com­pet­i­tive.”

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.