COVID-19 has alerted everyone to the importance of personal health. Folks are wearing masks and practicing social distancing to avoid infection. These new habits are good developments and employees are taking better care of themselves. One critical activity everyone should do is prepare financially for any medical bills.
Guarding Financial Wellness
We are not suggesting employees will come down with a case of coronavirus. There can be some sizable future medical bills they have not adequately prepared for. Deductibles of $5000 or more will challenge budgets. Surgeries and medical treatments may overlap a year, causing sizable debt. Employers could use some guidance preparing for medical procedures, especially those working from home. Countrywide Pre-Paid Legal Services has a financial wellness plan that assists in financial preparation.
Professionals Will Help
The foundation of our benefit is a national network of certified counselors. They are professionals who help people deal with common financial issues. There is a counselor in every community where there is a Countrywide client organization. It is easy to schedule an interaction with the counselor, even in these days of quarantine. The counselors are expected to give Countrywide financial wellness plan members priority over others. That way, service is delivered as quickly as possible.
Medical issues might not be a problem today, but dark clouds could be looming on the horizon. People need to be able to prepare for some hefty expenses, and that is where the Countrywide counselor provides service.
The counselor will do a budget analysis for a plan member and determine the status of the plan member’s finances. It may sound odd, but many adults live paycheck to paycheck and are not sure where the money goes.
Once the counselor has determined the cash flow of a plan member, there will be discussions on how to best prepare for any medical costs. The counselor can recommend doing some changes in paying credit cards and suggest various loan forgiveness programs that a financial wellness plan member might qualify for but did not know about. Many organizations use Health Spending Accounts HSAs) to assist people in handling medical bills. The counselor may recommend enrolling in an HSA program or increasing contributions to an established account. A plan member on routine medication can get some suggestions on the value of generic drugs and how to trim the monthly expenses.
The efforts reduce the feeling of anxiety about future medical expenses. A plan member who follows the advice of a Countrywide counselor is in a better position to deal with whatever expenses come out of medical treatment.
Employers Will Design
We want our clients to be involved with their financial wellness program so they can better appreciate its value. Every organization has its demographics in the workforce that have diverse needs for assistance. We ask our clients to select from our benefit options what services will be part of their own plan. We do not push one service over another, and with the decision-makers decide upon will be in the plan document. Our administration provides quick and efficient support for any plan member.
Financial Wellness Assistance with Compassion
Money is a touchy subject for many people, and it is not easy to accept advice. We insist that our counselors have considerable experience with financial matters and superior communication skills. We want to see empathy out of these professionals. A Countrywide counselor solves problems and does not preach sermons. Any plan member can feel comfortable working with Countrywide to either solve current issues or prepare for the future.
We will do our best to provide your employees with a superior benefit. If you have any questions about what we can do, please feel free to contact us at your convenience. We look forward to helping your employees.