Employee benefits and perks are an undeniable necessity of the modern workplace. They attract and retain talent, improve loyalty, foster excitement, and even create newfound employee engagement. But with 57% of employees stating that benefits and perks are an integral part of their considerations before choosing a job, employers must stand out from the competition.
Innovative benefits packages and perks programs can have a profound impact on hiring and keeping workers, yet finding a way to efficiently conduct benefits administration can prove difficult.
To solve this problem, companies such as Benepass have filled the void. Founded in New York City in 2019, Benepass is a flexible benefits platform that provides an all-in-one approach to benefits programs.
If you’re searching for benefits software that’s praised by over 400,000 users in more than 80 countries, Benepass could be a viable option for your business. In this Benepass review, we’ve compiled the good, the bad, and everything in between to help you make an informed decision. Let’s take a look at what makes Benepass a top choice for benefits administration for all types of businesses.
Benepass is a powerful software designed to bring post-tax and pre-tax benefits into a single platform. Think of it as functionality and employee engagement intertwined with useful benefits packages catered to your employees’ needs.
One-size-fits-all healthcare benefit plans aren’t ideal for every employee, but with the Benepass Health Reimbursement Account (HRA), you can cover a wider (and generally more expensive) array of healthcare needs.
The Benepass HRA provides tax-free funds that employees can use for specific, often uncovered situations, such as fertility treatments, mental health treatments, and medical travel. The employer chooses how much they would like to contribute, what’s covered, and the funds are reimbursed once the employee's claim has been reviewed and approved.
Employers can use this reimbursement account in conjunction with their current healthcare plan and a Benepass or other health savings account (HSA) to provide holistic care for employees.
Like healthcare, wellness benefits, and individual needs aren’t always completely understood. Wellness gets lumped in with mental health and overall well-being, but in fact, wellness can also include physical or financial health.
Through the Benepass Wellness program, employees can make purchase decisions based on what’s important to them, such as financial literacy or hitting the gym, while employers save time and money working with only a small number of vendors.
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Mobile apps aren’t synonymous with most benefits administration systems, but Benepass fills the void with a handy one. With the Benepass mobile app for both iOS and Android, users can manage their accounts, explore benefits, and spend their money in real time.
Meal vouchers and stipends are becoming one of the biggest perks in the modern workplace, especially with the advent of remote and hybrid arrangements. With 90% engagement rates, it’s a workday perk that’s too popular to overlook.
Benepass Food is a comprehensive system that provides employees with access to food delivery, grocery stores, chain restaurants, and select local hotspots. Cutting administration costs by as much as 40%, Benepass Food charges no extra fees and gives employers control over where their employees eat. For employees who want to promote a healthy lifestyle, this program gives them the power for change.
In a dynamic modern workplace, the need to learn and upskill is more prevalent than ever. Employees want to stay relevant and learn new skills for career advancement, making professional development a necessary perk for companies of all sizes.
Benepass’s professional development program does just that. Instead of reimbursement, the program allows employees to use funds for conferences, coaching, mentorships, webinars, coursework, and any other development-related event.
Flexible spending accounts, or FSAs, are tax-free accounts that allow users to use funds for medical supplies, copayments, deductibles, childcare, and more. It’s similar to an HSA, but it has a use-it-or-lose-it system. Any funds unspent at expiration are forfeited. Due to this stipulation, employees lose an average of over $400 on unused FSA funds.
With Benepass’s flexible spending accounts, employees get alerts so they always know when their funds expire, eliminating waste in the process.
Benepass’s lifestyle spending account (LSA) allows employees to use funds for qualified expenses. Think of it as an all-encompassing account for physical and mental wellness, but not healthcare. This all-in-one account can go toward gym memberships, commuter benefits, personal and professional development, family support, financial wellness, etc.
Select what qualifies under your LSA account, and Benepass automatically codes it into your perks. Connect payroll to automate the system, and employees can spend freely without the hassle of denied claims.
One of the most intriguing parts of this Benepass review centers on its single-card benefits usage. That’s right — employees only need one card to pay for any HSA, FSA, LSA, or other expense. Choose from mobile wallet, physical, or digital cards, complete with your company logo and colors to solidify your branding.
Benepass doesn’t have a single price or packages for customers. It requires you to book a quote based on your company's size and needs. As such, this Benepass review can’t reveal much in the way of exact pricing.
However, SaaS company Vendr uses AI and available data to produce accurate pricing. According to Vendr’s Benepass analysis, customers spend a median of $15,171 per year based on nine reported purchases.
Benepass has plenty of top-notch features, but how does that impact your company? In this part of the Benepass review, we’ll examine how the various features can improve both the employer and employee sides of the business.
No matter how many employees you have, Benepass has you in mind. Whether your focus is on expansion, retention, or both, Benepass can accommodate your staff without any hindrances or delay in benefits and perks.
Understanding benefits is confusing, but Benepass empowers employees to comprehend and use what's theirs with an easy-to-use mobile app and website. The intuitive aspect of the dashboard lets employees know how much they can spend, what constitutes a qualified purchase, and the tax implications involved.
If you have a fully distributed or remote team, Benepass has your back. Employees can use the card in over 200 countries and territories, ensuring no lapse in benefits or spending.
Once you have your benefits up and running, you can automate them to cut administration costs. In addition, Benepass integrates with multiple HRIS, HCM, and payroll systems to eliminate manual data entry and errors.
Even the best products have occasional issues. Though most user reviews praise the platform and the overall customer experience, Benepass has some notable issues that you should be aware of.
The issue isn’t widespread, but some users report that merchants or vendors won’t accept their card. Customer support can’t sort these problems on their end, so users often have to turn to alternatives to make purchases. Whether this is a merchant choice or a problem on Benepass’s end is unknown.
Benepass added a reimbursement payout hub to its website in 2022. Prior to that time, reimbursement timelines weren’t transparent, but now users can see when their claim is approved and an expected timeframe of when the money will hit their bank account.
Despite this upgrade, some users still report lengthy reimbursement times, which can pose financial issues for individuals without extra savings.
Benepass isn’t the only choice for benefit, stipend, and perk administration. Emerging competition gives employers more options to suit their needs, budget, and scalability. Though the Benepass review outlines positive aspects, these Benepass alternatives may offer a better option for certain companies and their unique situations.
Hoppier isn’t a benefits administration platform, but it’s still an interesting alternative. Rather than a heavy platform, this lightweight dashboard is simple and straightforward.
To administer benefits, Hoppier uses digital gift cards. Start a benefits program, select your card colors, and add a logo. Once you’re satisfied with the look, choose the amount, start date, and expiration date. You can also choose where employees can spend the funds, or use them as an all-encompassing prepaid Visa card. Any unspent funds at expiration are automatically sent back to your account.
Hoppier also offers complementary features to streamline benefits and increase employee engagement, such as Lunch Roulette, employee reimbursement, meal vouchers, and more.
Perfect for stipends, employee recognition programs, and perks, Hoppier is a great Benepass alternative.
If you want an all-encompassing software that goes above and beyond benefits administration, BambooHR is an excellent choice. This all-in-one HRIS includes performance management, payroll, onboarding, and analytics with an intuitive dashboard and interface.
In terms of benefits administration, BambooHR isn’t as streamlined or specialized as Benepass, but it’s still good enough to put your mind at ease. Within the software, employers can set up an enrollment window, approval workflow, reporting, and payroll integration. Employers can view each of their benefit plans with ease, allowing them to understand cost, frequency, plan descriptions, and important dates.
Benepass is an excellent option for companies with a global or diverse workforce. With its user-friendly dashboard and card-first technology, onboarding and using rewards or benefits have never been easier.
However, smaller companies with employees who struggle with tech, as well as those with low-wage employees who may struggle to cover upfront costs before reimbursement, may want to look elsewhere.
Overall, Benepass’s ease of use and rich features make it an excellent provider to streamline benefits enrollment and administration.
Ready to 2x your global engagement at your next event, with Ox stress?
Make Hoppier your unfair advantage today, schedule a demo
Ready to 2x your global engagement at your next event, with Ox stress?
Make Hoppier your unfair advantage today, schedule a demo
Ready to 2x your global engagement at your next event, with Ox stress?
Make Hoppier your unfair advantage today, schedule a demo
Ready to 2x your global engagement at your next event, with Ox stress?
Make Hoppier your unfair advantage today, schedule a demo
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