In this week’s episode of Hall Pass, CEO Jason Hall sits down with Regional Sales Executive Jean Sicurella to discuss how things have changed for salespeople in the health & benefits arena amid COVID-19. In addition, Jean provides insight into how Specialty Accounts work and potential ways that they can be used to assist employees during this time.
Check out the video below:
Specialty Accounts
Question 1: What are some ways that other salespeople in the health & benefits arena can keep busy amid COVID-19?
Now, it’s more important than ever in Sales to create a personal connection. This can be done by checking in via email and through face-to-face video conversations. In addition, salespeople should be selling what is relevant to the customer. For example, BRI customers may wish to:
- Change their Commuter plans
- Get assistance with COBRA administration
- Offer a Specialty Account to help employees pay for expenses
Question 2: What are Specialty Accounts? How do they differ from traditional pre-tax accounts?
Specialty Accounts are taxable benefits so that employers can avoid regulatory constraints placed on pre-tax accounts. Employers decide what expenses are eligible and the rules regarding funding, eligibility, and maximum reimbursement amounts over a set period of time. BRI handles the rest.
Examples include:
- Medical Reimbursements
- Wellness Reimbursements – gym fees, equipment, online subscriptions
- Tuition Reimbursements – courses, certifications, licensing
- Specialty transportation expenses not eligible under a Commuter Benefit Plan – bike sharing, ride sharing, car pools
Other unique options are available as well. For instance, office supplies, funeral expenses, mortgage payments, and more! Download our Specialty Account brochure for more information.
Question 3: How do Specialty Accounts work for employers? How do they work for plan participants?
Specialty Account plan design is based on criteria set by the employer. This criteria includes:
- What expenses are eligible for reimbursement
- Who is eligible to participate in the benefit
- How the plan is funded
- The maximum spend per plan participant over a chosen period (e.g., month, year)
BRI handles the administration of the plan based on the above criteria. So, when employees incur an eligible expense, they submit a claim to BRI for reimbursement.
Question 4: Why should employers choose BRI to handle the administration of their Specialty Account?
It can be difficult to manage a program like this internally. By having BRI handle the administration of your Specialty Account, you reduce the complexity of managing a benefits program and get peace of mind.
If you need help with your furlough billing, BRI can assist with that as well through our Direct Billing service. Reach out to your Client Specialist for more information.
