WellSet – First Holistic Self-Care Benefit Backed by Insurance
19 January 2023, Los Angeles – Today, the first and only emotional and mental health benefit was unveiled by WellSet, the first digital holistic health studio, to assist employers in addressing the burnout epidemic through holistic approaches backed by science. Acupressure, self-hypnosis, EFT/Tapping, yoga, mindfulness, and more are just a few of the 20+ evidence-based practises that WellSet offers unlimited access to. There are also thousands of on-demand and live classes available. The largest not-for-profit health plan in the mid-Atlantic region, CareFirst BlueCross BlueShield (CareFirst), has announced that it now offers WellSet as a portfolio option for employer group accounts.
Recent years have seen a dramatic increase in workplace stress, anxiety, and burnout, which has resulted in both mass resignations and covert resignations, harming both employee health and the economy. According to recent surveys, 84% of American workers say their workplaces have contributed to at least one mental health issue, and 81% say they will look for employers that promote mental health in the future. Additionally, according to The American Institute for Stress, occupational stress costs the American economy more than $300 billion annually in lost productivity, accidents, and absenteeism.
The first version of WellSet, a two-sided marketplace, was founded in 2018 by co-founders Tegan Bukowski, CEO, and Sky Meltzer, Executive Chairman. Ness acquired WellSet in 2022. The new WellSet, which they started developing in late 2020 as a response to the pandemic and was funded by 1501 Health, the incubator programme from CareFirst, Healthworx, and LifeBridge Health, tackles accessibility and affordability to holistic health through a digital group class format. The new platform from WellSet, which is accessible to both teams and individual users, promises to stop the burnout pandemic by enhancing emotional wellbeing through regular self-care routines. While there are a number of advantages for mental health available in the complex and fragmented benefits environment, WellSet stands out by providing a large selection of holistic health benefits that are supported by science.
At this time, it’s clear that most workers are stressed out and burned out in most businesses. Recognizing team stress, however, is not enough. Business leaders must act “Bukowski said. “Forward-thinking employers are beginning to explore for emotional and mental health solutions outside of their primary health plan and conventional talk therapy, which is costly and not appropriate for everyone. By introducing the first self-care benefit with scientific support and enabling health plans like CareFirst to provide this benefit option to employer group accounts, we are happy to be on the cutting edge of emotional and mental well-being. By providing WellSet as a perk, employers are communicating to their staff that they value their emotional health. We want staff members to feel appreciated.
Bukowski explains, “People are more inclined to attend live-streamed workshops because they feel more encouraged to do so and get to know their classmates. They are also more likely to stay for the entire workshop since they feel more engaged. Maintaining new habits that can improve emotional wellbeing requires accountability and community on a large scale.”
According to Mallory Kusterer, Director of Specialty Markets Product Innovation at CareFirst, “CareFirst is committed to incorporating solutions into our portfolio that empower and promote whole-human health and answer increasing employer demands.” “WellSet is a terrific example of a benefit that addresses a timely topic many companies are facing and blends evidence-based approaches with holistic well-being to assist individuals’ emotional and physical health,” says a spokesperson for the programme.
Strategic backers of WellSet include Samsung Next, Integrated VC, Lionheart Ventures, Lifebridge Health, and Healthworx (the investment and innovation division of CareFirst), as well as angel investors like race car driver and entrepreneur Danica Patrick, Victoria’s Secret model Roosmarijn de Kok, Turo’s founder and CEO Shelby Clark, Managing Director of United Healthcare Accelerator Matt Miller, filmmaker Kelly Gores of Health Documentary, and Silicon Vall.