ConnectYourCare is more than just a health care benefits company. Although ConnectYourCare is known for health care accounts, it assists employers, benefits advisors, and participating individuals and families in all-encompassing lifestyle benefits, from wellness incentive programs to dependent care and more.
Since there are so many offerings, some of the benefits may surprise you. Here are seven ConnectYourCare benefits you might not know about:
Lifestyle Accounts
Lifestyle accounts allow employees to choose and use the benefits that best suit them in an easy claims reimbursement model. Employers choosing to offer the accounts have flexible control in selecting what to offer as part of an attractive overall benefits package that bolsters talent recruitment and retention initiatives.
When offered by an employer, lifestyle accounts empower employees to select the benefits that work for them and their stage of life. They can choose to be reimbursed for:
Everyone is looking for ways to be healthier, and when there’s incentive involved, it makes it easier. Encouraging healthy behavior can have a significant impact on long-term savings. With education, tools, and social support, people can change their behaviors. These healthy behaviors reduce health risks, which leads to less chronic disease, which results in fewer health care expenses. In fact, the Centers for Disease Control and Prevention (CDC) cite that 90% of the country’s $3.5 trillion in annual health care expenditures are for people with chronic health and mental conditions. If a workplace program can help with these issues, everyone benefits.
People often need assistance planning their next financial steps, but it usually comes at a cost. By offering a reimbursement program, employers can help set employees up for financial success. It’s also becoming a benefit that people expect. In a recent survey by Robert Half International, 65% of employers offered financial wellness programs.
There’s always some way to improve at a job, and with continuous learning benefits, employees can get the funds to pay for the classes to do it. It works for both employees and employers: the increased knowledge help employees gain skills, and it’s more cost effective than developing and retraining new people. As an added bonus, employers can demonstrate that they value their employees and have a genuine interest in their advancement.
With so many factors that go into school, if you or your family members want to go to college, ConnectYourCare can help plan. In 2019, the average student-to-school counselor ratio in the United States was 455 to 1. Students looking for more one-on-one support in choosing what’s next can take advantage of this benefit to get the best advice on the next steps on their career path.
Adoption Assistance
According to the Dave Thomas Foundation for Adoption, private infant or international adoption costs $7,000 to $40,000, or more. Employers take advantage of this offer to help families that would be unable to otherwise pay for these expenses. It’s pre-tax, and it covers placement, travel, and legal fees.
Not only can this benefit help families who want to adopt, but it can boost employee recruitment, retention, and satisfaction. Employees are looking for workplaces that care about individuals, and adoption assistance is a clear demonstration of that mindset.
Dependent Care
Dependent care benefits allow employees to set aside money from a paycheck, before taxes, to pay for family care expenses that occur during work. For example, dependent care can pay for before- and after-school care, day care and preschool, summer camp, and for live-in child care. Dependent care can also be extended to in-home care for adult dependents who are incapable of caring for themselves.
The 2019 Freddie Mac Insight report showed that between 1993 and 2018, child care costs rose more than 49%, which was more than the rise in other household budget items. It also reported that families paying for care spend 10.5% of their income on it.
With the increased work-from-home culture of 2020, child care costs aren’t likely to decrease. Dependent care benefits can help with these expenses.
Payment Cards
What are the alternatives to the reimbursement model? Employers can look to Visa’s Annual Healthcare Research report, which stated that 89% of flexible spending account (FSA) card users said they found payment cards more convenient than having to be reimbursed.
Health payment cards are popular with both employers and employees, since they make it simple to make health care purchases—just by swiping a card. Like a debit card, the eligible expenses will be deducted from the account. When a user swipes the card, the system checks if the coverage is active and if there are sufficient funds available. Employees can also check the balance online to know the amount remaining in the account. As a bonus, users can set aside these funds before they are taxed.
Benefits for Life
There you go! Seven benefits you might not know about—that might be perfect for an employee’s family, career, and workplace. Visit here to explore more resources.
About the Author:
Carla Wardin lives in St Johns, Michigan, where she focuses her writing on the health and technology industries.
