Digital employee benefits are not as far off from traditional benefits as you may think – at least not the kind Honeybee offers. You may have come across the perception from some of your clients that a flexible digital platform that supports defined contribution, like Honeybee, is too drastic of a change from what they are used to. After all, they are used to having defined benefits and may be concerned about perceived coverage limitations moving to defined contribution. These clients may assume that when switching over to digital benefits, with flexible health spending accounts, they will be giving up all of their current coverage and won’t have a choice in the matter. But with Honeybee, they can now have all the advantages of a modern, digital plan with the familiarity of their existing traditional coverage.
Honeybee is now even more flexible than ever because the platform has introduced more plan options that can be better matched with your client’s existing coverage. This means that your clients can still keep the coverages they are used to and stick within a budget, but with the added bonus of giving their employees personalization options and flexible health and lifestyle accounts for more of the benefits today’s workforce is looking for – all within one simple app. And as their company grows, Honeybee can grow with them – we will help optimize the allocation of employers’ budgets between plan coverages and flexible accounts to ensure maximum efficiency.
Here are 4 ways your clients, including those currently on traditional plans, can benefit from making the switch to Honeybee:
1. They will get the digital advantages
Employees can view all their plan details and submit claims (both claims under the plan, as well as flexible accounts) instantly through the Honeybee app at any time, anywhere. All the information they need will be at their fingertips, with easy-to-use instant dialing and chat features to get expert help if they need it. It’s so easy, plan administrators will thank you for all the time they and their employees are saving.
2. They get a Health Spending Account (HSA) with their traditional plan
This helps your clients meet the needs of all their employees. Honeybee comes equipped with a built-in Health Spending Account that interacts with the plan you choose. You can elect to add a monthly deposit into the HSA to add more flexibility, or you can let them customize their plans in a way that frees up funds for their HSA (without costing the employer any more money). For example, employees can select deductibles and co-insurance levels for their health and dental plans. By doing this, the plan costs come down and they will receive more dollars in their HSA to use towards other CRA-approved health and medical claims, like massage therapy, vision care and chiropractor visits. Not everyone requires the same amount of coverage because each person has his/her own unique needs based off of factors like their lifestyle and health. Honeybee guarantees that all your employees will get what they want and need, which is what a traditional plan lacks.
3. They can offer their employees additional perks to attract and retain today’s workforce
We all hear the term “workplace culture” a lot these days, and that’s because it’s very important to employees today. In fact, according to LinkedIn, one of the most popular questions job candidates ask of recruiters is about a company’s culture. With Honeybee’s Allowance Account, your clients can support the culture they work so hard to build by offering coverage for lifestyle benefits that they value most. For example, if their company culture is health conscious, they can offer their employees coverage for fitness expenses or wellness products and services through the Allowance Account. There are allowance categories for every type of benefit employees are looking for – transit, pet and child care, meals at work, student loan repayment, financial counseling, charitable contributions and even vacations. Employers can add as many individual benefits accounts as they want, or keep it simple and combine these options into one account and let them choose.
4. They’ll be able to support their employees in times of need
This goes beyond traditional insurance coverage, such as short-term and long-term disability, critical illness, dependent life, life insurance and accidental death, which Honeybee also provides. Honeybee offers additional benefits like a variety of confidential support and resources through the Employee and Family Assistance Program (EFAP), expert medical advice and diagnosis through Best Doctors, and the convenience of virtual health care through Akira and Maple. Showing employees that they are supported can not only help them health-wise, but it improves workplace morality and productivity, which, in the end, helps your client’s business thrive.
Making the switch to Honeybee’s digital benefits platform doesn’t mean your clients need to give up their traditional plans. They can still keep the best parts and gain more to better meet the needs of their workforce, which in turn helps them retain their employees and gain the attraction of job candidates. Plus, the fact that Honeybee is so flexible means that your clients’ plans can be tweaked to fit their budgets while still giving them the benefits they want to include.
Want to know more about Honeybee’s new flexible plan options and how they can work to include your client’s current employee benefits? Contact your Executive Benefits Consultant or email us at advisors@benecaid.com and we’ll be happy to go over your client’s options.
