New York supermarket awards bonuses for saving money on health costs
Stew Leonard’s, a chain of supermarkets in Connecticut and New York, is giving employees a bonus to shop around for health care, Stew Leonard’s owner, Stew Leonard, told FOX Business on Monday.
“People we found didn’t know what health care costs,” Leonard told Stuart Varney on “Varney & Co.” “For instance if you have to go get a colonoscopy -- $2,800 you would have to pay -- most people don’t even know how much it costs. You can go get the same thing by sometimes the same doctors for $1,500.”
With health care costs for businesses and individuals on the rise, Leonard decided to start a health and wellness program to educate employees on lifestyle choices, making better financial decisions associated with healthcare providers and the importance of preventative care.
According to Leonard the program, which was implemented in 2011, has saved the company millions of dollars.
“The average trend over the last five years is a little under 7% increase in health care,” he said. “We partnered with Cigna, which has been a big help to us. Our increase has been a little under one percent.”