How do Benefit/Hour Banks work
- An Hour Bank is an over-charge of monthly benefits premiums. By creating a surplus reserve of premium payments, the employee can use their Hour Bank to cover
the cost of benefits when they are not working.
- By calculating fringe contributions in this manner, as opposed to a straight monthly premium, employees can easily see the status of their benefit contribution funding based upon the number of hours per month (i.e. 130, 140, 150) they have worked.
- By Limiting payments for medical benefits to periods when an employee is working, Hour Banking can reduce employee benefits costs.
Our Benefit Banking Module:
- Automate your current record keeping processes to increase productivity and decrease cost!
- Our fully automated system allows for great accuracy!
- Allows for large volumes of data to be input in simple “uploads”
- Our module automatically determines eligibility and assigns benefits accordingly
