In today’s world, the impact of inflation and the rising cost of living are already having an impact on most, if not all, of the New Zealand workforce in one way or another. As individuals facing financial pressures, opportunities to save both money and our health are extremely important, as these initiatives can also support our mental well-being. HealthNow is one of these benefits being undertaken by companies across the country – so could the organisation you work for benefit from having HealthNow added to your package? Here’s a look into what HealthNow is and what it could mean for you.
The Financial Strain Of Inflation And The Cost Of Living
Inflation is the force that erodes the purchasing power of our salaries. When coupled with the increasing cost of living, it can create a challenging financial environment for all employees. It affects us in many ways:
- Inflation causes many of us financial stress as we struggle to make ends meet. This is relevant for anyone – from those with children in the household, to those who have recently purchased a home and taken out a mortgage. Balancing expenses like the rent or mortgage, groceries, utility bills, and childcare becomes increasingly challenging – and that’s before adding the ‘nice’ expenses like family days out.
- As the cost of living rises, saving for future goals such as homeownership, education, or retirement often takes a backseat. Financial constraints hinder our ability to plan for a secure future.
- In many cases, our health becomes the casualty of financial hardship. Delaying doctor visits, skipping preventive check-ups, or forgoing necessary medical treatments can have detrimental effects on our well-being. Previous New Zealand statistics found that up to 39% of New Zealanders had avoided visiting their GP when they had a genuine medical need due to one primary attribution: the upfront appointment fee. 5%-25% of Kiwis also failed to collect a prescription for the same reason.
- The financial challenges caused by inflation can affect job satisfaction. Employees who feel undervalued or under-compensated may start searching for alternative job opportunities.
Why HealthNow Is a Lifeline
In the face of economic hardships caused by inflation and the rising cost of living, HealthNow emerges as a lifeline for employees. It’s more than just a health benefit; it empowers individuals to safeguard their health and well-being. Here’s why it’s an ideal solution:
- Eased financial burden: HealthNow offers financial support in the form of direct funds for health and medical expenses. It ensures that, even during tough times, we can access essential healthcare services without stretching our budgets to the limit.
- Makes a proactive approach to our health possible. Regular check-ups and early interventions, before we’re sick and need specialist care, help us prevent minor issues from snowballing into major health concerns.
- Gives a greater peace of mind knowing that we have access to essential health services, even in challenging financial times. This reduces stress and anxiety related to health issues and adds to the feeling of security.
- Supports health preferences, with HealthNow offering the power to choose healthcare providers and services across the country – and even across the ditch. This flexibility empowers us to make informed decisions about our health.
- Supports us in the long term. Having the ability to prioritise our health today can have far-reaching effects on our well-being and productivity. From an employer’s perspective, healthy individuals are more likely to be present, motivated, and focused on their work.
Taking Control Of Employee Well-Being
Initiatives like HealthNow are already offering many employees the opportunity to take greater control of their well-being, even in the face of financial hardships. As such, it is always worthwhile discussing the addition of such initiatives, backed by their range of benefits for both employee and employer, especially when considering the productivity benefits and the great potential for less sick days and presenteeism in the workplace.
You can direct your employer to the HealthNow website, as well as invite them to read more about the meaningful employee benefits in today’s job market that can help your workplace best support you and your team while differentiating themselves as an employer of choice through our comprehensive 2023 Employer Market Report here.