Category Life Insurance

Harnessing the power of wellness rewards programmes in tough economic times

02 August 2023 Márcia Garcia Eugenio – Head of Multiply Incentivised Wellness for Momentum Health Solutions
Márcia Garcia Eugenio

Márcia Garcia Eugenio

There’s no doubt that consumers are feeling the pinch of rising inflation, driven by the higher cost of living. As many South Africans continue to search for ways to keep their heads above water, health and financial stability remain two paramount concerns.

The concept of wellness rewards programmes presents an innovative and effective approach to address both these fundamental needs simultaneously. It is vital that we prioritise a holistic approach to healthcare, incorporating both physical and mental aspects, and rewarding members for taking greater responsibility for their own health and wellness.

In line with our focus on providing more health to more South Africans for less, we are committed to not only help people improve overall wellbeing but their financial health as well.

Promoting preventive care
Wellness rewards programmes have the potential to truly revolutionise the way we approach healthcare by shifting the focus from reactive treatments to preventive care. Our Multiply Inspire and Engage wellness rewards products have shifted from being loyalty-driven to being health-driven, helping members live healthy and balanced lives by encouraging and rewarding them for making healthier choices that improve both their physical health and mental wellbeing. By focusing on prevention, we believe we can help reduce the overall cost of healthcare.

With the emphasis on rewarding healthy behaviours, individuals are encouraged to take proactive measures to maintain their holistic wellbeing. We know that the cost of disease is great, so by doing so, they reduce the likelihood of developing chronic conditions that not only compromise health but also burden finances with medical expenses.

We provide our members with a range of benefits across different areas from gym memberships, health assessments, healthy food options, and other wellness-related products and services – but at the centre of it all lies a much deeper benefit.

Short and long-term cost savings
One of the most compelling aspects of wellness rewards programmes is their ability to generate significant cost savings for the everyday consumer. With many South Africans being forced to cut down on monthly expenses, it’s pivotal that rewards programmes provide benefits that cater to the current challenging economic outlook and other unforeseen factors that may arise.

In an economy where every rand and cent counts, making effective use of these benefits can help consumers not only reap the rewards of better long-term health but see more meaningful short-term savings in their pockets in the interim. These tangible benefits serve as strong motivators, inspiring individuals to actively engage in healthier behaviour and consistently work towards achieving their wellness goals. And so, the financial advantages extend beyond the immediate rewards.

By adopting healthier habits, individuals can experience long-term savings through reduced healthcare expenses. Preventive care and early detection of health issues can for example help avoid costly treatments, emergency room visits, and hospitalisations. By prioritising their wellbeing, members effectively minimise the financial strain associated with medical costs, contributing to longer-term financial stability.

The power of behavioural change
Wellness rewards programmes, at their core, are designed to foster behavioural change by incentivising healthier choices. When individuals actively participate in these programmes, they begin to develop a sense of ownership over their wellbeing, which can lead to sustainable lifestyle changes. It is important that wellness rewards programmes are engineered to not only influence behaviour but create a greater awareness of self and how that changes behaviour for better health.

The integration of wellness rewards programmes represents a transformative approach to healthcare that merges the realms of personal wellbeing and financial stability. By incentivising healthy behaviour and promoting preventive care, these programmes empower individuals to take control of their health while reaping the financial benefits that accompany it. More importantly, it results in a positive impact that extends beyond individuals to a healthier society. Embracing the potential of wellness rewards programmes is an investment in our collective wellbeing, fostering healthier communities and cultivating a culture of total wellness. In doing so, Momentum Health Solutions is focused on protecting the future health of our business and the nation.

To meet these challenges, we will continue to innovate in ways that can help South Africans save money by taking better care of their health during tough economic times.

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