Building a genuinely satisfying benefits package is at the top of every HR leader’s mind, but getting there is harder than ever before. Healthcare costs are rising, employees in a competitive labor market are expecting more employer-sponsored benefits than ever, and we’re not innovating fast enough to drive satisfaction.
Lack of employee engagement will doom your best cost-containment efforts. Employees don’t use their benefits, leaving them unsatisfied and resentful about rising costs. 30% of all employees claim they have not received any advice or education about using their benefits. On their own, point solutions aren’t solving anything, especially if your employee doesn’t know about them.
Engagement is the key to benefits success, and engagement is, first and foremost, about awareness. We created HealthJoy’s digital benefits wallet to solve your engagement problems.
How our benefits wallet works
Since we introduced our digital benefits wallet in 2018, it’s become one of our most powerful features. Along with JOY, our AI-powered virtual assistant, the benefits wallet pulls employees into the app and drives them to interact with all their benefits.
The benefits wallet is a digital representation of an employees’ plan details, laid out like a wallet. We designed it to operate much like Apple’s popular wallet feature, so it’s familiar to smartphone users right away. Instead of seeing credit card details and airline tickets, your employees will see a card for every benefit on your plan.
Our team will create a unique card for each of your employee benefits. You’ll see cards for your EAP, telemedicine benefit, medical insurance, and dental plan. Each card will include whatever plan details you elect to display, but typically shows a short description of the benefit, contact numbers, deductible or copay amounts, and a button to tap through for quick access.
The benefits wallet integrates financial account information, as well. Employees can connect to their 401k, HSA, FSA, HRA, and more. With near-real-time updates, they can quickly see where they stand with just a few taps.
The unique layout of our benefits wallet not only increases employee engagement, but reduces the questions your HR department usually fields about plan details. That can translate to hours saved each week.
Engaging employees with our benefits wallet
Our benefits wallet builds awareness through accessibility. Once employees go through open enrollment, they lack support to use their benefits. It can be difficult or even impossible for them to rifle through the maze of phone numbers, contact points, and plan details they need to access them. These are usually offered in printed benefits booklets, PDFs, static websites, or Ben Admin portals that do nothing to support the user. By centralizing all your employee benefits in a single app, we’ve eliminated this frustrating process.
We see several significant benefits with this approach:
- We meet employees where they already spend time. Nearly all Americans have a smartphone, and we spend an average of 3 hours and 43 minutes on those phones every day.
- We can quickly update benefits off-cycle. A change in your benefit plan design creates confusion and questions for HR. We eliminate this problem by keeping plan details updated in the benefits wallet, even when they change mid-year.
- We track wallet views as an early indicator of utilization and engagement. Among the many metrics tracked within our Client Dashboard is wallet views. See precisely how often employees use this feature. We think you’ll be impressed!
- Year after year, employees enjoy the same experience regardless of their plan benefits.
Instead of relying on the location of our benefits wallet to pull in users, we combine it with AI technology to drive up utilization. Our AI-powered virtual assistant, JOY, runs regular engagement campaigns designed to pull employees back into our app (see What are HealthJoy’s JOY Campaign Journeys? for more).
What are HealthJoy’s JOY Campaign Journeys?
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These JOY campaign journeys might guide members through linking their bank account or prompt them to start a provider search. Once they’re in the app, they’re just a few taps from our benefits wallet and all the resources at their thumb tips. JOY will even encourage them to check their wallet and offer a shortcut to view specific benefit cards.
The power of a benefits experience platform
The benefits wallet is one of the best representations of the unique benefits of HealthJoy’s approach: not just an app, but a benefits experience platform. Representing benefits as a wallet isn’t groundbreaking, but it does help us achieve industry-leading utilization for often-forgotten benefits like telemedicine and EAP.
Schedule a demo today to see how HealthJoy is building a better employee benefits experience.