By 2020, millennials will account for 50% of the global workforce. But at the same time, we have a multi-generational workforce. With that comes the need for a new way of offering employee benefits, catering to diverse lifestyles and medical needs. Providing health and lifestyle accounts is a risk-free way for employers to meet the needs of all their employees.
Many advisors already know that Honeybee combines insured coverages with flexible Health (HSA) and Allowance (lifestyle) Accounts. But did you know that you don’t need to move your benefits plan to Honeybee? You can simply add the Health and Allowance Accounts to an existing benefits plan, such as one offered by Manulife, Sun Life, Great West Life, or other providers. This means you can sell Honeybee accounts to virtually any prospect, without them needing to switch their plans from their current provider. To understand the value of Honeybee’s Health and Allowance Accounts, it’s important to recognize the full scope of what they are and how they can be used.
So, what are Honeybee’s Health and Allowance Accounts?
Think of them as two separate bank accounts that fund different types of benefits but work together to provide a full package plan for your clients’ employees.
The Honeybee Health Account works the same as a health spending account (HSA), where employers can fund tax-free dollars for their employees to use to cover health and medical expenses, including dental, prescription drugs, paramedicals, naturopathic and mental health, and more. Only, the Honeybee Health Account is completely digital and managed through an amazing app.
The Honeybee Allowance Account gives employers an added advantage in attracting and retaining employees. Through this account, employers can fund additional taxable benefits that help them cultivate their own workplace culture. The options are up to the employer and can include coverage for lifestyle expenses such as fitness, wellness, transportation, pet care, education, and more. It can even be used for vacation savings and charitable contributions!
Both accounts also allow employees the flexibility of choosing where they want to spend their benefit dollars. So, both employers and their teams can have the advantage of personalizing their benefits to meet their needs – it’s a clear, attractive approach to topping up benefits!
How to use Honeybee’s Health and Allowance Accounts
Perhaps your client’s current plan does not allow for much paramedical coverages, like massage therapy or vision coverage. Or, they may want to forgo some of their insured coverage and fund it in a Health Account instead – which is what some of our clients have done by removing dental coverage from their plans. Adding the Health Account can be a cost-effective way to provide additional or replace current coverage for benefits that do no need to be insured. It also gives employees choice, allowing them to determine what is most important to them. On top of all that, the Allowance Account includes even more personalized perks that help employers and their employees view benefits in a more approachable and fun way.
Or maybe your client is new to benefits. In this case, you can ease them into it with Honeybee’s Health and Allowance Accounts package. Employers set the amount they want to contribute – and they can provide different amounts to different groups of employees. Plus, Honeybee’s reporting gives high-level insight into the type of coverage your clients’ employees are using. Knowing how employees are spending their benefit dollars can help employers feel more confident in transitioning to, or modifying an insured plan later on.
The Allowance Account also gives your clients that added edge in standing out amongst competitors when looking to grow their team and hire new employees, who are now looking at the whole package prospective of an employer’s offer. With this account, employers are able to create a workplace culture unique to them, such as a wellness culture through fitness benefits, or a culture that promotes employee growth with continuing education benefits. They can even combine these additional benefits, choosing the types they value most.
According to a recent survey by Sanofi Canada, offering workplace wellness programs and HSAs increases an employer’s chance of meeting the needs of his/her employees by 72-73%. With the Health and Allowance Accounts, employers can provide a full package benefits plan to their employees that help them stay healthy and happy.
Still have questions? Contact your Executive Benefits Consultant or email us at firstname.lastname@example.org for more information and any inquiries on Honeybee’s Health and Allowance Accounts.