• Employer based Hour Bank means that an employee accumulates hours to achieve eligibility for employee benefits.
• The hour bank programs are designed to address the unique staffing challenges faced by businesses. By allowing employees to accumulate paid time off during busy periods and draw on these hours during slower times or layoffs, hour banks help retain valuable staff. This stability is particularly beneficial for industries with fluctuating workloads, where employee turnover is often high.
• Employer Pre-Paid Hours option - available.
• The program has strong incentives to encourage the employee to come back to the Employer after a layoff or when work picks up.
• Every hour an employee works a contribution is made to their hour bank and puts them a step closer to a month of benefits.
• Benefits are provided to the employee at a 'cost' of 150 hours per month. The employee and the employer share the cost of the benefits from the very first day of work. The benefits begin the next month after the employee has accumulated 450 hours.
• If the employee works more than 150 hours, the extra hours will be stored for times when the employee does not work the required 150 hours. That helps the employee prepare for any life emergencies while helping to build rapport so that they will work with you again. And by accumulating hours in the Hour Bank, employees can continue to receive benefits (excludes LTD) while not working until they don't have 150 hours in their bank.
• Employers with an existing benefits plan, for which they can get experience, can apply for an hour bank program. Their rates will be based on their experience.
• Terminated employees forfeit their hours. Termination can be involuntary (fired) or voluntary (quit).
• Employees who have less than 150 hours and can't / don't reinstate their bank above the 150 hours within 8 months forfeit their hours.
• Maximum number of hours that can accumulate is 1,200.
• We offer a reimbursement claim card that simplifies healthcare by eliminating out-of-pocket expenses. Enjoy tax-free payments and quick, easy access to benefits for dental, vision, pharmacy, and paramedical services. It streamlines the claims process with Electronic Funds Transfer (EFT) payments, allowing for swift reimbursement. Employees can easily identify direct billing providers and tap into valuable health resources, all in one place. Digital Ecard for Claims Video

*Learn More about the Traditional Group Hourly Plan on our YouTube page.

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