Positioning a myFlexplan: Empowering Employees with Choice
Updated: Dec 1
It’s not uncommon for advisors to tell me that the client “just wants an HSA for now, they don’t want to overcomplicate things for them or the employees with more options.” I get the sense that the advisor is actually not comfortable with the plan and how it operates and would rather stick to what they know. So, let’s bring everyone up to speed! Let's explore the art of positioning a myFlexplan as a valuable choice.
**The Myths and Misconceptions**
One of the biggest misconceptions is that offering a myFlexplan is more expensive or complicated than traditional healthcare options. In reality, it doesn't cost any more to implement a myFlexplan compared to an HSA, and the real cost lies in not offering it.
Here's why it's a smart move:
1. Flexibility Matters
In today's diverse workforce, employees come from various backgrounds and have unique needs. As an employer, it's virtually impossible to know the precise benefits situation of each and every employee. This is where the myFlexplan shines - it offers flexibility.
Consider this: an employee might have a spouse with excellent health benefits and doesn't require additional medical coverage. Do you have detailed insight into the family situation of every employee? Probably not.
Moreover, you may not be aware that some employees' children are undergoing orthodontic treatments, or maybe they’re elite athletes and the family could use financial support, either of these is plausible and would warrant a different benefit for each. It's clear that each employee's needs are unique and ever evolving.
2. Autonomy is Key
Offering a myFlexplan provides employees with a sense of autonomy and control over their benefits. It allows them to personalize their benefits to suit their lifestyle, family situation, and future plans.
3. Cost-Effective for Employers
From the employer's perspective, the budget set aside for HSA can be directed instead to myFlexplan, no additional fees are incurred to add the additional flexibility. The only additional step is reporting the taxable benefit if an employee opts for the wellness plan, and this is a small price to pay for the value it brings to your workforce.
The Pitch: Why Choose a myFlexplan?
When selling myFlexplans to employers and employees, emphasize the following points:
Employee-Centric Approach: Explain how myFlexplans cater to the unique needs of each employee. They provide a choice that empowers individuals to make decisions about their own benefits.
Cost-Efficiency: Highlight that myFlexplans do not increase the financial burden on employers, and they seamlessly integrate with existing benefit systems. Most employers will be familiar with a top-up HSA or … shudder cost-plus…either could be replaced with a myFlexplan to beef up the offering.
Wellness and Satisfaction: Showcase how myFlexplans contribute to employee satisfaction by allowing them to select benefits that align with their personal and family health needs.
Future-Proofing: Emphasize that myFlexplans adapt to life changes and evolving circumstances. Year over year, employees have the choice of where to put their funds.
In conclusion, positioning a myFlexplan is about promoting choice, flexibility, and cost-effectiveness. By understanding that one size doesn't fit all, employers can empower their workforce with benefits that truly cater to their needs. It's a win-win situation where employees gain control over their well-being, and employers enhance their employee satisfaction and retention.
Head of Growth