The BrightPlan Total Financial Wellness Calculator reveals the potential measurable benefits of investing in employee financial wellness for both employers and employees
BrightPlan has announced an online tool to help companies determine the total value and return on investment (ROI) of offering financial wellness benefits to their employees.
The calculator shows that, on average, BrightPlan’s Total Financial Wellness solution can deliver $2,000 in benefits annually to the employee and nearly an additional $250,000 upon retirement. It can generate $340,000 in potential annual value to the employer for a 5,000-person company.
According to information, the calculator assesses a wide variety of factors that can substantially impact the bottom line. With a short series of questions, the calculator customizes the potential dollar value of financial wellness for each employer and employee, taking into account the following:
- For employers and employees: Healthcare premium savings from switching to a Health Savings Account (HSA)-enabled plan and payroll and income tax savings from contributing to an HSA or a Flexible Spending Account (FSA).
- For employers: Savings from turnover reduction, on-time retirement, and absenteeism reduction.
- For employees: Retirement contribution tax deferrals, asset growth of retirement savings over time, and absenteeism due to financial stress.
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