Benecaid is proud to announce that the Honeybee platform now supports budgeted Administrative Services Only (ASO) plans, making Honeybee compatible with all plan types. Budgeted ASO on Honeybee provides businesses an affordable budgeting solution delivered on Honeybee’s sleek, user-friendly proprietary app.
Why Budgeted ASO?
Budgeted Administrative Services Only (ASO) self-insured plans are a cost-sustainable way for businesses to offer benefits without compromising on coverage, with the added bonus of unused funds being returned to the employer.
Under budgeted ASO, employers pay for coverage on a per-use basis, plus a monthly budgeted deposit that goes into a Reserve Account. Low cost, high frequency day-to-day claims come out of this Reserve Account, plus an administration fee.
If by the end of the year there are funds remaining within the Reserve Account, the funds are then returned to the employer, which can be paid out in the form of a payment holiday or cash!
A small monthly premium goes towards Stop Loss, which provides security in the form of insurance on high-cost claims. In the event a group’s claims exceed the employer’s expected, pre-defined limit, Stop Loss comes into the picture by absorbing the excess claims amount. This can be a safety net for companies that find themselves with unexpected catastrophic claims above what the company may be willing or able to afford. Though Stop Loss has historically been accessible only for large organizations, Honeybee’s ASO plans and Benecaid’s special insurance company relationships make it possible for smaller businesses to have Stop Loss attached to their plan.
In other words, a budgeted ASO self-insured plan with Stop Loss allows companies to only pay for what they can actually use without sacrificing the insurance coverages for unexpected, expensive claims. This enables companies to save money when times are lean, without sacrificing coverage levels or worry about the expense of a significant monthly premium.
How Honeybee Completes an ASO Plan
Honeybee brings the traditional world of insurance and the future-facing world of technology together with its innovative proprietary app. Traditional insurance plans often come with their own set of downsides and challenges:
- Costly locked-in monthly premiums that often increase year after year, regardless of actual usage
- Long and tedious enrolment and fulfilment process for Plan Administrators
- Inefficient paper forms; time consuming to understand and administer
- Overly complicated and clunky claim processes; benefits fail to excite employees
Honeybee was created to combat these pervasive problems that come with traditional insurance. With ASO plans on Honeybee,
- Plans are lean, cost-sustainable, and easy to budget
- Digital fulfillment and enrolment are supported, making Plan Administrators’ lives easier
- Administration of benefits is easy and automated
- Honeybee’s innovative app makes submitting claims and understanding coverage simple
- All types of benefits together in one app – insurance, health and lifestyle accounts and all the information they need to understand usage, plan details and available traditional and non-traditional benefits
- User experience is unparalleled
Employers offer employee benefits to help support their employees, bolster employee retention and satisfaction, and add value to overall compensation packages. Paradoxically, many employee benefit plans in practice are anything but exciting. Using benefits shouldn’t be a painful experience, and understanding coverage shouldn’t be an exercise in futility for the average employee. And yet, it all too often is!
Honeybee helps breathe back life into employee benefits so that employers can offer benefits worth getting excited about. With its industry-leading app, Honeybee digital benefits offers an unparalleled user experience while eliminating many of the frustrations and pain points of traditional employee benefits. What’s more, Honeybee is compatible with all plan types including:
- Budgeted ASO
- Traditional insured
- Traditional insured with customization
- Accounts-only (Health Accounts, Allowance Accounts)
Advisor-Friendly
As the key to our success, Benecaid is committed to working with our advisors and helping you satisfy your clients. Budgeted ASO plans on Honeybee can be beneficial for groups of all sizes who:
- Have an existing ASO plan
- Would benefit from an ASO plan
- Would appreciate an innovative, tech-forward approach to everyday employee benefits
- Have had, or would like to avoid difficulty in the enrolment and fulfillment process
- Like to take a hands-off approach to administering benefits
As always, Benecaid supports our advisors with online enrolment tracking, remote support, and dedicated implementation and servicing teams, all while offering full commission for our advisors.
Learn More About ASO on Honeybee
Contact a Benecaid Executive Benefits Consultant today at 416-626-8786 or email us at sales@benecaid.com to learn more.
