KrowdFit Announces an Industry Leading Wellness-Driven HSA Allowing Employers to Dynamically Load HSA Contributions Tied to Healthy Lifestyles
Employers can now use the Wellness HSA to establish daily health goals tied to sleep, steps and physical activity and assign a dollar value to be contributed for each goal met to the employee's HSA.
BEND, Ore., Jan. 26, 2021 /PRNewswire-PRWeb/ -- KrowdFit, the largest cash-back wellness incentive program in the U.S. and Canada, today announced that its proven enterprise wellness rewards program has launched a wellness add-on to benefit plans powered by WEX, designed to tie employer HSA contributions to employees achieving daily health goals.
Employers using WEX's benefit administration services for their HSA can purchase an integrated KrowdFit wellness solution that allows them to customize employer contributions by selecting contribution levels and daily health goals, e.g., $1/day for 10,000 steps, $2/day for 30 minutes of physical activity, and $1/day for 7 hours of sleep for a total daily earned contribution of $4. All employee activity and efforts are objectively captured and verified through KrowdFit's integrations with all leading wearables, fitness and sleep apps.
"Wellness solutions are not a one-size-fits-all benefit, and promoting wellness in a way that benefits everyone – not just the office athlete – can be difficult. Our partnership with KrowdFit optimizes the health savings account (HSA) into an all-encompassing solution that benefits every employee," said Kelly Hockett, benefits product manager at WEX.
In addition to earning HSA contributions, all employees, regardless if they have an HSA or not, are automatically eligible to participate in KrowdFit's cash-back wellness rewards program. KrowdFit is the only wellness incentive program to pay out cash rewards from its unlimited cash rewards pool. The rewards pool increases as new members join, allowing KrowdFit to pay out more people every week. There is no limit to how much cash members can win. In fact, members can win KrowdFit's rewards over and over again; they just can't win the same reward in back-to-back periods.
KrowdFit member's sleep, steps, mindfulness and fitness activities are automatically logged into the KrowdFit app. Each time an activity is logged, members automatically earn an entry into one of five different cash giveaways, making them eligible to receive weekly, monthly, and quarterly cash incentives of up to $5,000 or more per winner.
KrowdFit winners are randomly selected via computer, and rewards are not based on activity results or performance, allowing KrowdFit to create an inclusive wellness program that levels the playing field between the athlete and the non-athlete.
- $600 Bi-Monthly Mindfulness Cash Giveaway: Six winners are selected twice a month to split a $300 cash prize at $50 each. Members can earn one entry per five minutes of mindfulness, with a maximum of two entries per day.
- $1,500 Weekly Meal Logging Cash Giveaway: Twelve winners are selected weekly to split a $1,500 cash prize at $125 each. Members can earn one entry per meal logged, with a maximum of five entries per day.
- $2,000 Monthly Sleep Cash Giveaway: Eight winners are selected monthly to split a $2,000 cash prize at $250 each. Members can earn up to three entries per day for eight hours of sleep.
- $5,000 Quarterly Steps Cash Giveaway: Two winners are selected quarterly to split a $5,000 cash prize at $2,500 each. Members can earn one entry for 5,000 steps or four entries per day.
- $20,000 Quarterly Physical Activity Giveaway: Four winners are selected quarterly to split a $20,000 cash prize at $5,000 each. Members can earn one entry for 30 minutes of activity or a maximum of four entries per day.
"KrowdFit was founded on research and proven science that shows monetary incentives, coupled with social reinforcement, help people more easily achieve their fitness and wellness goals," said Jim Miller, CEO and founder of KrowdFit. "We know change isn't possible overnight, but we're committed to encouraging, recognizing, and rewarding our members knowing that if they consistently put forth the effort, the results will follow."
KrowdFit has paid out more than $2 million in cash-back rewards through its wellness platform, with the average member winning $450 a year. The platform has also driven a 72% sustained engagement rate for 97% of its active member population, with 62% of active members reporting walking and moving more, 67% reporting improved eating and sleeping habits, and 53% reporting weight loss. KrowdFit is a Solution Provider partner that offers their solutions within the WEX partner ecosystem.
About KrowdFit
KrowdFit® has paid out millions in KrowdFit sponsored cash rewards and is the recognized leader in milestone-driven, wellness incentive, and engagement programs. KrowdFit's mission is to create a healthy revolution by encouraging, recognizing, and rewarding the consistent effort people make to live healthy, active lifestyles. KrowdFit's patent pending, skill-based, self-improvement challenge platform BringIt® has proven to drive very high levels of sustained engagement leading to positive outcomes and long-term, healthy behavioral change. KrowdFit is headquartered in Bend, OR with an in-office in Bellevue, WA. For more information, visit http://www.krowdfit.com.
Media Contact:
Max Borges Agency for KrowdFit
[email protected]
Media Contact
Max Borges Agency for KrowdFit, KrowdFit, +1 (814) 279-9825, [email protected]
SOURCE KrowdFit
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