Are you maximising your employee benefits budget? Have you heard of flexi-benefits? If you are, then you're taking a good approach so far. Flexi-benefits offer employees greater flexibility in personalising their health benefits. If this is your first time hearing about flexi-benefits, you may want to read on.
More and more companies are beginning to implement flexi-benefits as a part of their employee benefits package. A study conducted by Mercer in 2018 found that employees desire flexibility. Regardless of the kind of work flexibility, millennials look out for more freedom and flexibility in what the company is willing to offer. Flexi-benefits have proven to yield positive results for everyone in the company and demonstrates that the company values the health and wellness of their employees. Think about this in the long run, would you want to have healthy and happy employees at work? Here's why you should change from self-insured reimbursement to having flexi-benefits.
1) Stretch your benefits budget with corporate rates
As employers, you want the best of both worlds - affordable healthcare options and better benefits for your employees. However, benefits are costly - employee visits to the clinic can certainly add up.
Due to Small and Medium-Sized Enterprises (SMEs) having fewer employees, many organisations are unable to secure corporate GP consultation rates for their employees. As such, employees are expected to pay walk-in rates when they visit a doctor and then submit their full claims to HR.
By grouping SMEs together, flexi-benefits providers can help companies secure corporate rates for their employees when they visit healthcare practitioners. For instance, with Mednefits, employees enjoy corporate rates for consultations at GP clinics, along with corporate discounts for dental, TCM, specialist, and wellness services. This way, the company is able to give more benefits to their employees within the same budget, making flexi-benefits a more worthwhile investment.
2) Wider range of health benefits for employees
With the same budget, SMEs can also provide a wider range of benefits. Take for instance, a company that allocates $300 per employee for employee benefits. Because of the lack of corporate rates, employees can only afford 2 visits to the GP clinic and 1 visit to the dentist. However, with flexible benefits, companies get to maximise their investment in employee benefits. They can also offer employees a larger variety of services such as optical care and wellness classes, in addition to the basic GP consultations and dental visits.
The Employment Act currently mandates employers to provide paid sick leave and reimburse employee’s consultation fees. However, flexi-benefits go beyond the essential and allows employees to be able to choose how they wish to manage their own benefits.
ViewQwest currently partners with Mednefits to offer its employees MNC-level flexible healthcare benefits. In addition to basic employee benefits, Mednefits also offers subsidised rates when employees prefer TCM treatment or wellness services. ViewQwest employees are empowered to personalise their own healthcare experience and this motivates them to stay healthy. Flexi-benefits have helped to cater to the needs of those who are healthy and reward them for staying fit and healthy.
3) Paperless claim submission
The self-insured or reimbursement method for medical claims requires companies to allocate manpower to manually collate receipts from employees and track spending on claims. This adds burden to HR, who also have other valuable matters to work through.
If you work in HR, you will understand how much paperwork there is to look at every day. The best solution is to get on a free platform for HR that would automate the entire process. Mednefits is an employee benefits platform that is addressing this gap by automating payment processes at clinics to enable instant healthcare claims.
Employees can simply submit their e-claims at any time through an app on their phone. For those who have visited an out-of-network clinic, they only need to take a picture of their receipt and submit the image through the app. This automated process speeds up approval rate and employees can check the status of their claims online too.
These are a couple of reasons why you should consider making the switch to flexi-benefits if you are on the reimbursement model. You might also want to read more about the pros and cons of manual reimbursement here in Singapore.