Health impacts finances. Finances impact health. It’s not a new insight, but a recent white paper from Milliman, a global actuarial and consulting firm, argues that most benefits communication still treats health and wealth as separate silos—and that’s a missed opportunity for employers.
Authors Julie Bentz and Jackie Willey make a simple but compelling point: employees get one paycheck, and every dollar they spend or save under your benefit programs counts toward their financial health and overall well-being. The “hidden paycheck” messaging that shows up in recruiting and retention efforts should extend to year-round benefits education, especially during annual enrollment. The goal is to help employees connect the dots—how daily spending, debt, emergency savings, health plan choices, HSAs, and retirement contributions all work together.
What does this look like in practice? The paper offers several approaches, starting with simplifying choices. Use plain language, side-by-side comparisons, and decision aids. Help employees understand the difference between a PPO and an HDHP, when an HSA might be the right fit, and how FSAs complement care needs.
It also means connecting immediate needs to long-term outcomes. Show how small steps add up: funding an emergency savings account, paying down high-interest debt, contributing enough to get the 401(k) match, using in-network care. These aren’t disconnected decisions; they’re all part of the same financial picture.
Timing and delivery matter, too. Build campaigns around key life events—new-hire onboarding, annual enrollment, welcoming a child, paying off student loans, managing chronic conditions, or preparing for retirement—and deliver guidance with clear next steps. Pair digital nudges like targeted emails, texts, and portal messages with human support like webinars and one-on-one consultations. Decision modeling tools can help employees visualize trade-offs in real time.
Culture plays a role as well. Messages from leaders and peer storytelling normalize help-seeking and make financial wellness feel approachable. Mental health resources, EAPs, and preventive care are all part of total well-being. And none of it works if benefits are hard to find—so create a central hub with clear pathways to enroll, change contributions, update beneficiaries, and access tax and payroll information. Offer education year-round, not just during open enrollment.
The business case is real: the Milliman paper cites Bank of America research showing that organizations integrating health, wealth, and well-being report productivity gains of 50% and stress reductions of 43%. The bottom line is that employees want to feel financially empowered, not overwhelmed. When you help them make confident health and money decisions, you reduce stress, improve well-being, and strengthen your workforce.
