The pandemic caused a big shift in the employment landscape, with many employers shifting to either temporary or indefinite work-from-home policies. But now there’s an even better reason for companies who want their employees healthy and happy to reevaluate their benefits offerings: adding a Specialty Account for pet owners to your benefits package!
Pet adoption grew 250% since the start of the pandemic, with nearly 1 in 5 households adding a four-legged friend or critter to their family. Not only do pets require lots of time and care, but they can also get very expensive. What better way to show your employees support than by including their love for animals in their employee benefits and making it financially worthwhile? A Specialty Account designed for pet services is a great way to reward your employees and give them financial flexibility. Eligible expenses can be tailored specifically for each staff member’s needs, so they’re sure not only enjoy the benefits for their pets but also themselves!
HOW SPECIALTY ACCOUNTS WORK
Specialty Accounts are customizable and built for the needs of individual companies, regardless of size or industry. In three simple steps, you can create a personalized benefits plan.
- Employers start by working with their assigned representative to select expense categories from an eligible, predefined list. Working together, you can create a program that meets the company’s needs and helps boost the employee experience.
- The employer sets up the rules.
- Will funds roll over? Opt to allow employees to keep (rollover) unused funds at the end of the year, or not, depending on the company budget.
- How much (and how frequently) will funds be provided? Control how to distribute funds.
- Who can enroll? Set parameters to meet in order to participate in the benefit.
- Employers decide how to use the funds. There are two options to choose from: carded and non-carded programs. A carded program allows employees to pay for eligible plan expenses using their Beniversal® Prepaid Mastercard®. Participants can take advantage of convenient contactless payments by connecting their Beniversal Card to digital wallets like Apple Pay®, Google Pay®, and Samsung Pay®. BRI’s sophisticated auto-approval logic minimizes the need for paperwork.
The non-carded option is reimbursement only. Participants pay for expenses using their preferred payment method. Then, they reimburse themselves through BRIWEB, BRIMOBILE, or by mailing in a claim form with required documentation
THE EASE OF CREATING PET BENEFITS FOR EMPLOYEES
Whether you choose to create a carded or non-carded program, you will be providing a custom benefit tailored for your employees.
There are many ways to include various pet costs into a Specialty Account. Here are ideas from similar (non-carded) wellness accounts BRI has helped to bring to life:
Common ineligible expenses: general supplies from pet store (beds, toys, cages, etc.)
- Dog walkers
- Grooming services
- In-person and mobile veterinary services
- Obedience classes
- Pet food (including prescription pet food)
- Pet insurance
- Pet sitters
With all of these options, and the opportunity for more, BRI is confident we can find a pet benefits plan that works for you, your employees, and their pets.
As part of our ongoing Specialty Account series, we will continue to cover our most popular Specialty Accounts. We will discuss how each can be used and tailored for specific companies and industries. So, don’t forget to check back next week when we feature an in-depth look at Specialty Accounts: Home Office.
Don’t want to wait? Check out our overview flyer or request a proposal below