According to Joanne Wojcik on Business Insurance's website, IMA Financial Group offered employees a health incentive program, which helped lower insurance costs. Being healthier means employees will pay lower life insurance rates as well.
Robert Cohen, IMA's CEO, said the program begins with an analysis of claims to identify health risks in an employer's population followed by strategic loss-control efforts to mitigate or eliminate those risks. He said this was similar to workers compensation. They called the program "iBenefits," and gave different point values to different events. For example, employees can earn points for health risk appraisals, screenings and more, which earn employees discounts.
"Employees also receive health risk scores based on the results of their biometric screenings," Wojcik writes. "Employees who score 85 or higher and have earned at least 7,500 points receive an additional $15 per month off of their premiums, while those who receive 10,000 or more points receive a 'premium holiday' each December. Employees can raise their health risk scores by improving their health status."
The LIFE Foundation said that if someone is young, health and a good family health history, life insurance should be less expensive, as insurance companies like to reward those who are healthier with the best rates on life insurance.