As an employee benefits provider, Honeybee makes it a priority to not only meet, but stay ahead of the demands of the market. Every business is distinct, and no one-size-fits-all employee benefits package is able to satisfy the needs of every business size, individual employee needs or employer budget, not to mention the other factors to consider when evaluating employee benefits packages.
To make the most out of employee benefits, customizability and flexibility is key to serving both organizations and individual plan members – that’s why Honeybee provides the market with dozens of plan design options to make sure that everyone can find the ideal coverage for their organization.
1. Closely match an existing plan’s coverage
Though not all Honeybee clients were previously covered by another benefits plan, many do switch to Honeybee from existing coverage. By offering a large variety of coverage options, Honeybee enables businesses with prior coverage the option to maintain similar (or even identical) coverage while also allowing businesses to take advantage of the industry-leading benefits experience that only Honeybee provides.
2. All-inclusive health account OR specific categories (or some combination)
You may be familiar with the traditional multi-category paramedical benefits structure. One of Honeybee’s main features is having combined all these categories into one Health Account, encompassing all paramedical and vision expenses. Combining all expense categories into one allows employees to get the most use out of their coverage. As the vast majority of plan holders don’t end up using all areas of paramedical coverage on any given year, combining all categories of health expenses into one lump sum account allowing employees to use their coverage for what they actually need.
3. Complement your standard benefits plan with fun perks that contribute to company culture
Businesses can also grant Allowance Accounts, a monthly spending account commonly used for fitness, transportation, and education, among other purposes (also commonly known as a Lifestyle Spending Account or a Personal Spending Account). Honeybee offers Allowance accounts free of charge, so many of Honeybee’s clients opt to provide their employees a monthly allowance for personal expenses, from gym memberships to education reimbursement, and even areas such as pet expenses and childcare! If an employer chooses to offer Allowance Accounts, they are able to control the monthly deposit and expense categories which are offered to their employees.
4. Customizability to fit every employee’s unique needs
In a traditional coverage plan, employers select set deductible and coinsurance levels for their employees with little to no room for negotiation. However, the reality is that this method is hardly ideal for most. Honeybee allows for plan holders to adjust their levels of medical, dental, and health deductibles and coinsurance depending on personal needs.
For example, a relatively young, healthy employee may not expect to incur many prescription drug costs over the course of a year and would rather have more money in their Health Spending Account for expenses such as massage therapy. With Honeybee, that employee can opt for a high deductible, which would result in additional funds being added to his/her Health Spending Account. Essentially, this allows for a plan member to lower coverage for expenses they don’t intend to incur, while adding coverage for expenses they do intend to incur.
What Millennials Want From Employee Benefits
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Plan options made to measure
Honeybee offers dozens of possible benefits coverage options to ensure that businesses have a plan design that sets them up for success. We have many different employee benefits packages offering varying levels of catastrophic medical coverage, dental coverage, paramedical coverage, and vision coverage to suit the needs of businesses, their budgets, and their biggest resource – employees.
Want to know more about Honeybee’s flexible product offerings plan options and how they can work to include your client’s current employee benefits? Contact your Executive Benefits Consultant or email us at firstname.lastname@example.org and we’ll be happy to go over your options.