How it Works for Employers
The diagram summarizes FranHealth/LyfeBank's patent-pending method for combining health benefit contributions from multiple employers. Supported by a robust on-line transactions processing systems, this method benefits individuals with multiple jobs and families with multiple wage-earners. Every FranHealth/LyfeBank enrolled employer can participate.
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Frank's Tires |
Before FranHealth/LyfeBankFrank's Tires has 6 locations in 2 states with 150 employees. The company has 60 full-time employees and 90 part-time employees. The company maintains 2 group policies for full time, one in each state. No health coverage is offered for part-time employees, though management wishes they could. The company just can't afford the additional cost to the group plan for part-time employees. It takes a lot of management oversight to make sure none of their part-time staff work over their allotted hours to avoid the trip-wire for the group health plan eligibility. | With FranHealth/LyfeBankNow Frank's Tires can provide budgeted health contributions based on employee class to all their full-time and part-time employees. The employees purchase individual and family healthcare policies, usually at a cost savings from group plan rates. The 2 group policies in each state are no longer needed and group plan administration time and expense are eliminated. There is no need to manage part-time staff schedules to avoid qualifying for the group plan. Employees now can be scheduled based on business factors, not healthcare. The health contribution is fixed by Frank's Tires until they choose to change the amount.
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Brad's Appliance Mart |
Before FranHealth/LyfeBankBrad's Appliance Mart had 3 locations with 50 full-time staff, 50 regular part-time and 20 seasonal for the holiday season. Brad's Appliance Mart has 1 group plan that just covers the 50 full-time employees. Management has struggled with high turn-over in their part-time and seasonal staff and want to provide a benefit that would increase retention, but have yet to determine something appropriate. | With FranHealth/LyfeBankThe company's group plan continues to cover its 50 full-time employees. However, now Brad's Appliance Mart can offer a LyfeBank healthcare contribution based on what they can afford for all their part-time and seasonal staff. When recruiting for part-time and seasonal staff this new benefit has been a huge value by increasing employee retention, which holds down training, recruiting, and other HR costs
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Southwest Community College |
Before FranHealth/LyfeBankThe Southwest Community College employs 300 teaching staff: 125 full-time, and 175 part-time. The college has one group policy that only covers the 125 full-time teaching staff. The part-time staff do not qualify for health coverage. Many of the part-time staff also teach at other local community colleges.
| With FranHealth/LyfeBankThe 125 full-time staff still have their group policy, but with LyfeBank all the part-time staff now can receive a healthcare contribution based on hours worked. Contributions from SW Community College can be combined in their LyfeBank account with contributions from their other community college employers enrolled with LyfeBank, to purchase an individual or family healthcare policy or to cover other healthcare needs.
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