Does Your Benefit Plan Leverage the Latest Tech?
3 Crucial Components
of Employee Benefit Plans
How Do Flexible Benefits Work?
In this post on How Do Flexible Benefits Work we’ll take a look at 3 crucial components:
- Plan Flexibility
- Virtual Benefits
- Technology
Many systems and services have had to adapt to our modern world, and employee benefit planning is no different. The employee benefit plans we offer today are customizable, for big and small businesses, and account for the unique needs of individuals and organizations.
Benefit Strategies Inc. includes 3 crucial components in all of our benefits plans to best equip you for an easily accessible and modern program that suits your needs and offers more value.
Plan Flexibility
Your team is diverse, so why isn’t your benefits plan? Flexibility is key to accommodate employees in every stage of life. Flexibility can be achieved by implementing a Health Spending Account (HSA): they provide variability, practicality, and a cost-effective way to keep up with diversifying trends in employee health, vision, and dental coverage.
To further explain how a flexible benefits works, let us take a look at the MyHSA Flex Plan, which is a CRA approved HSA.
MyHSA Flex Plan Highlights:
- Activities can be tracked in real time
- Employees can submit claims online through the App
- Direct deposit through Electronic Funds Transfer (EFT) within 48 hours – no waiting for cheques
- Live Chat support through MyHSA Flex Plan App
- MyHSA Flex Plan App available for iOS and Android devices
Offering Shared Maximums is another practical option that creates flexibility for employees. Shared maximums allow for shared coverage between paramedical care areas, such as massage therapy and physiotherapy. This way, if an individual requires more chiropractic care versus physiotherapy, they are able to devote the entire amount towards chiropractic services, or wherever suits their needs. Check out this Alberta Government Health Spending Account FAQ for additional information.
Virtual Benefits
Here’s another key benefit when looking at how do flexible benefits work. Virtual benefits such as Telehealth provide built-in flexibility and accommodation by connecting employees to online care providers to protect their health and safety in an easily accessible manner.
Physical distance and remote work mandates have made virtual care essential for businesses that want to protect the health and safety of their employees.
With the increased adoption of telehealth, the many benefits of virtual care became more apparent, including:
- Improved health outcomes from faster diagnosis
- Decreased wait times to access physicians
- Additional flexibility in scheduling
- No unnecessary trips to hospitals and clinics
- Access to physicians outside of normal business hours
- Ability to get a diagnosis, prescription and treatment in minutes
- Medical advice from anywhere, even if you are travelling
An Employee Assistance Program (EAP) is another way to recoup flexible, and often virtual benefits. EAPs offer specialized resources and professional services (such as counselling and legal and financial advice) to connect you and your employees to better health and well-being.
Technology
How do flexible benefits work with technology? The role of technology in our lives continues to increase and has the power to make mundane and repetitive tasks automated and easier. For your convenience, many of our carriers offer online enrollment and opportunities to streamline and systematize policies and procedures for ease and efficiency. The Benefit Strategies team also harnesses technology by offering online training for plan administrators, and hosting virtual employee meetings to keep everyone informed and engaged.
Does Your Current Plan Have These Components?
If your employee benefit plan practice has been to “set it and forget it”, consider a refresh and review of your plan to incorporate flexibility, virtual benefits, and technology to keep up with the times, and incentivize your team.
Call one of our specialists at Benefit Strategies Inc. at 780.437.5070 for a complimentary quote, and transition to a package that offers the latest in technology, and will best serve you in today’s market.