New employee benefits tools: Wellness, fintech, benefits management & more
In the market for some help for your employees or yourself? How about with employee health coaching, wellness, and financial education, or handling your fiduciary responsibilities or investing or helping with HSAs?
Premier Insurance is here to help. Employee Benefits used to mean just medical, dental, and vision. Todays employees are expecting benefits that work for them and help them achieve their goals. Contact our office to learn more about these in demand benefit solutions, and how adding them to your benefit offerings can lower costs, improve employee retention, and make you a competitive employer. Here are some of the new products launched recently in the employee benefits and retirement saving space:
Health Advocate: Health concierge and benefits solutions provider West’s Health Advocate Solutions has launched new engagement-driven product packages. Health Advocate aims to eliminate fragmentation in health care by creating a comprehensive, integrated package of services that optimizes employers’ existing health plans and maximizes employee participation in current benefit programs. These packages are specifically designed to address the unique engagement challenges facing both fully-insured and self-insured companies.
Viverae: Workplace wellness technology provider Viverae is expanding its health coaching services to provide Viverae clients with greater flexibility in how they choose to offer coaching. Available this summer/fall, employers can choose to provide coaching to their entire population, or select a more focused approach to target high-risk and high-cost populations with coaching services that maximize their budget. Viverae’s expanded coaching services include seven new coaching solutions, each targeting specific employee populations or risk factors.
Vestwell: Digital retirement platform Vestwell will be offering a select list of investment options under Morningstar Investment Management LLC’s 3(21) fiduciary services program to its clients. The integration of Morningstar Investment Management services aims to enable plan advisors and sponsors to address their fiduciary responsibilities while creating their own investment product lineup from menus of funds that Morningstar has performed due diligence screening on.
UnifyHR, a provider of Affordable Care Act administration and eligibility verification services, announced the addition of COBRA administration and billing services to its product portfolio. It aims to help employers manage complex employee benefits programs so they can focus on their core business.
UMB Healthcare Services has launched two new technology features for health savings account (HSA) customers. Apple Pay lets customers add their UMB Healthcare Services Visa debit card to the Apple Pay virtual wallet on their mobile device to make eligible medical expense purchases. ReceiptVault lets them track and manage their health care receipts in one place, an important tax requirement for HSA owners. It also aims to help UMB customers who have an HSA in conjunction with a long-term savings goal, such as retirement planning, by keeping track of all receipts.
Rize, a mobile-first financial web app, announced its expanded platform with the addition of Rize Invest – offering both automatic saving and automatic investing in one place. With Rize Invest, users can set goals and Rize will save or invest money automatically each month. Rize offers a “pay what you want” model for its services. For savings only, there is no minimum and users can name their own monthly fee. For investing, there is a minimum contribution of $2 per month, plus 0.25% per year on invested goals.
Investopedia Academy: Financial education website Investopedia’s online course provider Investopedia Academy has launched “Master Your Money,” a new personal finance course geared towards millennials. The course is taught by Farnoosh Torabi, money expert, bestselling author and host of the “So Money” podcast. The curriculum shares personal anecdotes from Torabi and includes some of the latest behavioral tricks to help users reach financial health.
InfoMart announced that its ASAP Connect platform will include gender non-binary identifiers. Job candidates will now be able to select from traditional binary options male or female, indicate gender non-binary, or simply choose other and self-identify as they see fit.
Genome Medical launched programs designed to let employer groups offer genetic services and physician-guided genetic testing to their employees through its national network of clinical genetic experts. All of Genome Medical’s employer group services are available online, including video or phone telemedicine consultations and live or on-demand educational webinars.
Blooom: 401(k) robo-advisor blooom announced a new feature, Suspicious Activity Alerts, designed to continuously monitor for withdrawals or loans on an individual’s 401(k) or other employer-sponsored retirement accounts (403b, 401a, 457 and TSP). If blooom detects suspicious activity, the client is notified via text message. In addition to these new alerts, blooom also offers assistance with exposing high hidden fees found in many investment fund options, aligning portfolios to retirement goals, and ensuring proper diversification. The new Suspicious Activity Alerts feature is included as part of a client’s $10 monthly blooom membership.