By using a value-based insurance design, companies can provide counseling, medications, and other support to their workers without incurring extra costs.
"If you're going to give an incentive or waive a co-pay on one side, somewhere else in your benefits you will want to decrease expenses for other benefit areas," said Larry Boress, president and CEO of the Midwest Business Group on Health. "So, if you can keep a smoker at work, you can reduce two to three days of absence. Or in some cases, a smoker who is hospitalized has an extended stay. If you save that money, it pays multiple times. Reducing your hospital costs and absenteeism costs -- all can make a difference."
February 28, 2011
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