Offerings through BenefitsPlace designed to appeal to multi-generational workforce spanning 529 tuition savings programs, assistance in admission process and refinancing of student loan debt
Benefitfocus, Inc., a leading cloud-based benefits management platform and services provider, highlighted its ongoing commitment to market-leading benefits that appeal to a multi-generational, diverse workforce and offer employees financial security. Through its BenefitsPlace platform, Benefitfocus has partnered with several leading specialty benefit suppliers – CommonBond for Business, Gradvisor and MyKlovr – who offer assistance to employees and their dependents at key moments in the college planning and payment lifecycle.
“Let’s pause for a moment to recognize that in the US we are near crisis with student loan debt and college graduates’ ability to repay over $1.5 trillion in student loans,” said Ray August, President & CEO of Benefitfocus. “HR managers are challenged every day with attracting and retaining the best talent for their companies. And an employee’s ability to save enough for their kid’s college or repay their own student loans is a daily stressor that impacts work performance. To solve this, employers need to provide a broad set of employee benefits that gives employees peace of mind and financial security. Our BenefitsPlace partners do just that.”
Benefitfocus BenefitsPlace provides employers, brokers and medical insurance carriers the ability to offer market-leading specialty benefits products from more than 40 leading brands. The Platform provides a simplified enrollment experience that brings all categories of voluntary benefits together in one place. As part of its commitment to providing employers the opportunity to offer valuable benefits in the wealth and financial security sector to their employees, Benefitfocus has partnered with several leading providers in college lifecycle planning.
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Saving for college
Gradvisor is a digital platform company that delivers personalized advice to employees so they can open and track the best college savings plan for their needs. It applies algorithms and data to recommend the best 529 plan for an employee, by factoring in their financial situation, geographic location, goals and comfort with risk.
529 plans are investment vehicles designed to encourage saving for future higher education expenses of a designated beneficiary, while offering significant tax benefits. While 529 accounts are growing in popularity, only 11% of employers offered them to employees in 2019, according to a study conducted by the Society of Human Resource Management (SHRM).
College admissions
myKlovr enables students and parents to leverage artificial intelligence to receive personalized, step-by-step guidance to increase their chances of being admitted into the college that suits them best. Members receive support for the whole college-planning process, from school identification to academic and financial readiness. All backed by the myKlovr College Acceptance Promise – a money-back guarantee if a student is not admitted to any college from a tier that matches his or her profile.
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Studies have shown that for almost 90% of working parents, their children’s education and college preparation is of utmost importance. While 90% of today’s high school students plan to go to college, 70% of public high schools lack college counselors. For those that do have counselors, their student load exceeds 500, leaving less than an hour per year per student.
Student loan benefits
CommonBond for Business is a comprehensive student loan benefits platform that provides personalized guidance on the best way to manage and repay student debt. Additionally, the platform is able to facilitate employer sponsored student loan repayment programs, positioning employers to attract and retain top talent in a tight labor market. According to data compiled by the Federal Reserve, the average student loan balance is more than $32,000, with the total amount of debt being held by students exceeding $1.5 trillion and impacting more than 44 million Americans.
Benefitfocus is exploring other options for assisting with the college admission and payment process as part of its ongoing goal to connect an increasingly diverse workforce with their benefits needs, now and in the future.
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