It’s nearing the end of the year and time for another corporate benefits policy review. You saw the accounts. The company has spent hundreds of thousands on benefits, but you know, a lot of benefits are not fully used and thus, results in wasted funds.
Because from employee feedback surveys, employees want more. More benefits for dental, optical – even wellness!
But this can’t be done with your existing insurance policy. There’s just simply not enough flexibility and nothing more can be done.
You’ve heard of other companies self-insuring by reimbursing employees directly. It’s going to require more administrative work on your team to process all of the additional claims...
But it’s worth the cost savings and will make employees happier. You draft a proposed budget, make an estimation on the headcount required, and consider the risk of offsetting the costs of healthier employees with those that will require more funds to spend more.
You start to wonder, there must be others who are experiencing the same issue. There must be an automated solution – and that’s what led you here.
Mednefits Cards make it easy for companies to create and customise their benefits plans. They help companies maximise their budgets while offering employees more choices.
With Mednefits Cards, you’ll get a corporate benefits account seamlessly connected to an automated platform and app. All transactions in your account are recorded in real-time and employees have full access and control to their benefits usage in their Mednefits app.
Each digital card comes with its own perks – tailored to different business needs. Especially with the impact of COVID-19, some companies may be looking to expand their benefits offerings, while others may be looking for extra savings.
The Mednefits Postpaid Card is the digital solution to employee benefits – it allows you to customise the company’s self-insured benefits plans with a free platform.
Yes, that’s right!
You can set a budget for employees and they can use the app as a digital benefits wallet to scan at panel providers. Plus, they can also submit claims for non-panel providers. All transactions will be captured in the company portal automatically and a monthly invoice will be sent to the company.
The portal allows you to see the amount of benefits used in real-time. If you set up individual categories, you can also capture the amount of benefits used under each category. To help control levels of spending, you can also set cap amounts on benefits categories, or a limit on each transaction (thus encouraging employee co-payments).
If this looks like a solution that you’re looking for, sign up for a free demo here.
The Mednefits Cashback Card covers everything from the previously mentioned Postpaid Card, except it also comes with extra perks that provide the company with cashback on benefits spending. For each dollar employees spend towards their benefits, the company will earn cashback amount that can be used to offset spending within the next invoice. Cashback is applied automatically - so you can enjoy savings without having to do any extra work.
What can you do with the added savings? Reinvest it into your employees by increasing their benefits entitlement or towards the next holiday party. Interested in how to get started? Contact us here.
The Mednefits Prepaid Card also includes everything from the previously mentioned Postpaid Card, but it requires companies to set a fixed budget beforehand for employees to receive maximum savings. Mednefits will match every dollar deposited into your Mednefits account (which means an extra 100% for employees). For example, a company can allocate $1,000 to an employee’s benefits balance, and Mednefits will top up the employee’s account to $2,000.
Sounds too good to be true? Well, this is similar to how some insurance policies work. The difference is, we make your employee spending transparent so you can guarantee savings. Get in touch with a benefits specialist to find out more.
Mednefits Cards offers a new and exciting way to reimagine employee benefits - one that gives employees more choice and added cost savings for employers.