Cost-Efficient ASO Benefits Plans Now On Honeybee
Budgeted Administrative Plans Only plans (also known as ASO plans) are now available on Honeybee. Honeybee was designed to provide businesses with a wide array of plan types and benefits housed on Honeybee’s easy-to-navigate, user-friendly app. With the addition of budgeted ASO plans now available, Honeybee is able to house a complete suite of plan types that fit a business’ budget and coverage needs.
Combined with Honeybee’s innovative, proprietary app and the wide array of partner health platforms able to be housed within, Honeybee acts as your holistic health partner that scales alongside your business growth.
Honeybee Provides a Wide Variety of Coverage Options
Whether you have an existing plan or are just starting out, Honeybee can help you up your benefits game.
What Budgeted ASO Is, And Why Businesses Benefit From It
Administrative Services Only, also known as ASO, is a type of cost-sustainable self-insurance. ASO-type plans provide lean, pay-as-you-go coverage, providing businesses with an affordable budgeting solution without compromising on coverage for their employees.
Under budgeted ASO on Honeybee, employers will pay for coverage on a per-use basis, plus a monthly budgeted deposit that goes into a Reserve Account. Low cost, high frequency day-to-day claims come out of this Reserve Account, plus an administration fee. (Think routine dental cleanings, massages, or physiotherapy visits.)
If by the end of the year there are funds remaining within the Reserve Account, the funds are then returned to the employer, which can be paid out in the form of a payment holiday or cash!
In 2020, many Honeybee clients saw a decrease in usage of low cost, high frequency day-to-day claims, and had remaining funds in their Reserve Account at the end of the year. As a result, many had their excess funds returned back to them!
A small monthly premium goes towards Stop Loss, which provides security in the form of insurance on high-cost claims. In the event a group’s claims exceed the employer’s expected, pre-defined limit, Stop Loss comes into the picture by absorbing the excess claims amount. This can be a safety net for companies that find themselves with unexpected catastrophic claims above what they may be willing or able to afford. Though Stop Loss has historically been accessible only for large organizations, Honeybee’s ASO plans make it possible for smaller businesses to have Stop Loss attached to their plan.
In other words, a budgeted ASO self-insured plan with Stop Loss allows companies to only pay for what they can actually use without sacrificing the insurance coverages for unexpected, expensive claims. This enables companies to save money when times are lean, without sacrificing coverage levels or worry about the expense of a significant monthly premium. To learn more about the advantages of an ASO benefits plan, click here.
Looking for something other than Stop Loss? No worries. Honeybee can match or improve upon virtually ANY plan type.
Employee Benefits Aren’t Complete Without Honeybee
Honeybee has been a disruptor within the Canadian group benefits space. We bring the future-facing world of tech and the traditional world of insurance together with our innovative proprietary app, giving a fresh new face to employee benefits.
Honeybee gets company culture. Employers offer employee benefits to help support their employees, bolster employee retention and satisfaction, and add value to overall compensation packages. And yet, paradoxically, many employee benefit plans in practice are anything BUT exciting!
Honeybee understands that the only impactful benefits are those that excite and engage employees. Honeybee helps breathe back life into employee benefits so that employers can offer benefits worth getting excited about. With an industry-leading app, Honeybee digital benefits offers an unparalleled user experience while eliminating many of the frustrations and general clunkiness of traditional employee benefits.
How Honeybee Helps You Build a Strong Workplace Culture
Discover how Honeybee’s digital employee benefits platform can help you build a strong workplace culture that attracts and retains top talent.
Honeybee Products and Features
Insurance is only one component of what Honeybee has to offer! Check out Honeybee’s numerous optional features, all designed to help our clients attain and maintain the company culture important to them.
- Health Account – The Honeybee Health Account is our unique approach to a popular employee benefit: the Health Spending Account (known as a “HSA” for short). These accounts are funded by the employer and can be used by employees for a wide variety of medical expenses. A Health Spending Account combines all categories of health expenses (e.g. health and drug, dental, and paramedical expenses) into one lump sum account which allows employees to use their coverage for what they actually need.
- Allowance Account – You may have heard of fitness allowances and employee wellness programs. Allowance accounts are similar but so much more! Allowance Accounts are a way for employers to deliver flexible lifestyle benefits that employees will actually use and enjoy. A Lifestyle Spending Account is an account that employers deposit a set amount of money into every month, which employees can then spend on expenses that have been approved by the employer. Employer-approved expenses can include (but are not limited to) fitness, transportation, childcare, petcare, and grocery – the sky’s the limit.
- Virtual Health – We wouldn’t be a very good digital employee benefits solution if we didn’t offer virtual health! Honeybee has partnered with numerous virtual health providers such as Akira, Morneau Shepell, Inkblot Therapy, and more that provide healthcare at any time, anywhere.
- Honeybee Offers Platform – Move over, Groupon! Honeybee has our own offers platform where members can snag exclusive offers on Canadian healthcare-related products and services such as visioncare, therapy, sanitation products, gym memberships, and more. It’s a great way to spend HSA dollars, or get a deal on things you may already be paying out of pocket for.
- Digital benefits app – Many people balk at the thought of making sense of their benefits or submitting a claim. Honeybee’s digital app takes away the frustration and reinvents the way we think about benefits. Whether it’s pulling up your benefits card, submitting a benefits claim, or viewing your available benefits, you can get it done quickly and easily so you can go on with your day. Because your benefits should work with you, not against you.
Why not make benefits something to be excited about again?
Honeybee is able to match or improve virtually any benefits package.