Employee Benefits Need to Evolve. At BASIC, They Have!
Employee Benefits Need to Evolve
Prior to the pandemic, BASIC noticed an increased demand for new and different benefits. The demand came largely from companies looking for a competitive advantage in recruiting—and especially in recruiting younger workers who want benefits that align with their life goals and values. “Flexible Spending Accounts, Health Reimbursement Accounts, and other traditional employee benefits are well-trod ground,” says BASIC President Ernie Harris. “What the industry needed was a more centrally focused and easy-to-use hub to manage employee benefits all in one place.” In the past, organizations that continued to offer employee benefits through multiple providers and multiple platforms with cumbersome, outdated technology lacked the flexibility to add or switch out benefits in a timely manner. For them, implementing new benefits plans could take months. By solving the technology challenge, BASIC’s single-platform Consumer Driven Accounts (CDA) eliminated the headaches and long wait times.
When the Pandemic Hit, BASIC Was Ready
When COVID-19 shut down offices, companies found themselves needing new pandemic-related benefits, and fast. BASIC’s technological know-how made it possible to respond in real time. BASIC began offering a number accounts were designed specifically to answer the challenges created by the sudden shift to remote work. Those pandemic-specific accounts offered a wide variety of benefits including support for emergency child and dependent care, and for mental and emotional wellbeing.
But for many companies, the first and most urgent need was to get remote employees the technology, equipment, and furniture they needed to do their jobs (at home). BASIC responded by helping companies quickly create a Home Office Account. For employees, utilizing the account was easy. They used their BASIC Card to buy the equipment and supplies approved for purchase by the employer and the funds were automatically withdrawn from their Home Office Account.
Post-Pandemic, There’s a New Benefits Paradigm
As the pandemic made clear, organizations can’t afford to settle for limited employee benefit offerings purchased “off the shelf” from multiple TPA providers or to wait months to stand up a new customized benefit. BASIC gives companies and their employees an “endless aisle” of benefit options, including standard offerings such as Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA), and more innovative accounts geared to wellness, lifestyle changes, pet care, education expenses, spousal coverage reimbursement, Medicare coverage reimbursement, bicycle use, disaster relief giving, and more. Plus, companies have the flexibility to invent or customize a benefit for their needs. “Some of these BASIC accounts are traditional pretax benefits while some are post-tax, yet they can all be accessed on one platform and one benefits debit card to simplify the experience,” says Ernie Harris.
A More Creative Approach to Employee Benefits
There’s an enormous opportunity when it comes to creating employee benefits. With Consumer Driven Accounts, the company can configure a creative, customized benefits solution. Ernie Harris offers an example of employee rewards programs. “The logistics of managing employee rewards, whether for organizational achievements, work anniversaries, or birthdays, can be challenging with a remote workforce,” says Ernie Harris. “Having to purchase and mail gift cards or make payroll adjustments can be inconvenient, whereas utilizing the BASIC Employee Reward & Achievement Account is quick and easy. Send the employee their reward directly to their CDA account and they can access it same day.”
Benefits Should Be Simple. Keep It BASIC.
Many companies will likely prefer a single-platform solution like Consumer Driven Accounts once they understand not only its flexibility and versatility, but also how much easier it is to manage. Companies offering a new benefit only need to decide who’s included in the benefit, how much to fund it, and which expenses are eligible. BASIC does the rest. The flexibility built into Consumer Driven Accounts means more and better benefit options, more cost-and-time-efficiency, and a better employee end user experience, since employees can access all of their benefits from one website, one mobile app, and one benefits card.
You don’t have to be a current BASIC customer to take advantage of that speed, flexibility, and efficiency. Your company can come on board and launch a suite of Consumer Driven Accounts offerings from a single platform quickly. Contact BASIC for more information or request a no-cost proposal today.