When Health and Wealth Work Together – Everybody Wins

Health and wealth are inextricably connected. We’re reminded of that in each paycheck. Employers are reminded of it at each health plan renewal. Unfortunately, the relationship between the two – health and wealth – has long been a dysfunctional one in the context of employer sponsored health. Sort of like a failed marriage – they’ve been in the same room, but they haven’t really been speaking with one another.
Until now.
RedBrick Health is thrilled to announce our alliance with Fidelity Investments. Together, we are providing an effective alignment of health and finance not formerly available.
We all know the real problem with health care cost control – the 50% of avoidable costs tied to unhealthy behaviors (and in direct consumer control). To generate impactful behavior change, individuals need the right planning tools and support for both their health and finances. They need to see them as related. Our unique solution enables consumers to earn the rewards of good health and immediately invest those earnings into a tax-advantaged retirement vehicle, the 401K.
Why is this link so important? Individuals need the right combination of motivation and support to change unhealthy behavior. And because individuals are motivated by different forms of investment, our platform provides consumers choice – they can invest their ‘health dividends’ via premium reductions, HSA deposits or 401K investment. Either way, a positive tie between healthy behavior and finances is made inseparable.
In many ways, it changes everything about how consumers will view health benefits and how their individual behaviors simultaneously impact cost and wellness.
The alliance of RedBrick Health and Fidelity Investments brings together the combination of support employees and employers need. From a consumer’s perspective, setting up and managing a 401K can be intimidating and confusing. Fidelity has provided the tools, support and expertise to help individuals navigate and make smart individualized choices. Getting healthy can likewise be intimidating and daunting. RedBrick Health provides the tools and support to help make it simple, and even fun.
From an employer’s perspective, the unyielding burden of financing avoidable unhealthy employee behavior is not sustainable. Just as Fidelity helped employers transition from the retirement liability of pension plans to 401K in a manner that enabled employees to gain in the transition, the RedBrick Health/Fidelity solution provides a similar advantage. Employers get out from under the looming shadow of spiraling health care costs, and employees are provided an opportunity to earn healthy rewards that pay, now and in their future.
Financial rewards and investment options for healthier behavior aren’t the whole solution, of course. Employers also need to have direct conversations with employees about the impact of their behaviors and cost. And employees need the support necessary to change those behaviors. The first step is flanking the financial accountability with a real “roadmap” to better health. Combine the financial, personal and social aspects of getting healthy within a positive consumer experience and exceptional engagement and results follow.