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Employer examples

Frank's Tires

Before LyfeBank Frank'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 employees, 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 LyfeBank Now 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.

Brad's Appliance Mart

Before LyfeBank Brad's Appliance Mart had 3 locations with 50 full-time staff, 50 regular part-timers and 20 seasonal staff for the holiday season. Brad's Appliance Mart has one group plan that covers just 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 LyfeBank The company's group plan continues to cover its 50 full-time employees. However, now Brad's Appliance Mart can offer a LyfeVault® 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 draw and has increased employee retention, which holds down training, recruiting, and other HR costs.

Southwest Community College

Before LyfeBank The Southwest Community College employs 300 teaching staff: 125 full-time, and 175 part-time. The college has one group policy that covers only 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 LyfeBank The 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 LyfeVault® 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.