You may or may not be surprised to hear that 61% of employees overspend on health benefits, but the fact is your employees likely aren’t getting the most out of their benefits plans because they don’t fully understand them.
With BeneFITwise, we use advanced analytics to find the best options for each employee, looking at risk, cost and personal preferences to show options tailored to their needs.
The process begins with employees responding to a few brief questions about their current healthcare, family status and risk tolerance. This process usually takes five minutes or less.
Our system then creates a customized ranking of medical plans and suggests recommended HSA amounts, all based on a RealCost formula that accounts for premiums and out of pocket expenses.
Anonymized data is used to compare each employee to millions of others with similar needs when generating suggestions.
Each employee can find the coverage and plan that works best for their situation, taking the anxiety out of choosing coverage.
Post-enrollment reports use de-identified data to give you actionable insight into how your workforce engages with benefits.
We know that most employees don’t have the time or support to fully understand their benefits options and choices, and that lack of understanding can cost them real money in unneeded coverage.