Personalized benefits are a new way to offer benefits. The company sets a monthly benefit allowance, and employees buy what fits their personal needs. This saves companies and employees an average of 35 percent in taxes compared with wages while avoiding the pains of offering traditional group benefits.
The PeopleKeep solution
PeopleKeep is benefits automation software that makes offering benefits simple, painless, and personal for everyone. PeopleKeep includes a reimbursement benefit, personalized online insurance shopping assistance, simple administrative tools, and helpful service every step of the way.
How PeopleKeep works
Step 1: Create a PeopleKeep account.
We’ll guide you through a quick account setup.
Step 2: Launch your benefits program
Determine your contributions and invite employees.
Note: You must offer the reimbursement benefit to all full-time employees. Allowances can vary by employee family status. Each family status (self only or family) has a different monthly allowance cap: You can contribute up to $854.16 per month for families and $420.83 for self-only eligible employees.
Step 3: Employees buy what fits their personal needs
PeopleKeep helps each employee personalize their benefit. Click here to see more articles about How your PeopleKeep reimbursement benefit works for you
Step 4: PeopleKeep automates the rest
PeopleKeep automates expense verification, which means employees get their requests quickly reviewed and you don’t have to worry about it. Once everyone’s set up, all you need to do is log in monthly to approve reimbursements and update employee information as new people join your company and others leave.
Your company must report the total benefit allowance on each employee’s W-2 at the end of the year.