Products June 9, 2016

Jiff Offers Three New Health Benefits Solutions

The tools are aimed at lowering health benefit costs for employers and improving the quality of benefits for employees.
Reported by

Jiff, a health benefits platform, has created three new solutions: Jiff Enterprise Navigator, Jiff Total Wellbeing and Jiff Launch Pad.

Jiff Enterprise Navigator, presented as a mobile interface, responds to the preferences of each individual and learns about the individual as their health and benefit needs evolve. It centralizes all of a company’s benefits into a single hub and is Jiff’s most comprehensive solution, offering the platform’s full range of features and programs.

Jiff Total Wellbeing presents employees with a comprehensive suite of tools to improve their physical, mental and financial health. It allows employers to run high-impact incentive programs, where employees can earn points toward rewards such as premium reductions, streaming music subscriptions, sweepstakes for vacations and more.

Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.

Jiff Launch Pad is designed to be a fun, engaging health program that can integrate wearable devices, such as Fitbit, Garmin or Jawbone, to guide participants to set daily goals and  to receive rewards for achieving those goals.

“Employers are facing a seemingly unwinnable struggle against rising health care costs, and they need a way to get  more value from the health benefits they offer,” says Derek Newell, CEO of Jiff. “But they also want to cultivate a happier, healthier, more productive workforce. Jiff solves this problem [by helping] emplloyers bring clarity to their benefits strategy through data, employee engagement and best-in-class tools that lower the cost and increase the quality of employee benefits.”

Products June 9, 2016

MassMutual Partners with Kashable for Credit Solution

The hope is that this will reduce 401(k) hardship loans.
Reported by
 
To help preclude 401(k) participants from taking out loans or hardship withdrawals, MassMutual is making Kashable credit services available through the BeneClick! employee benefits exchange.

Applications can be submitted online. Employees are prequalified for credit based on their employment; Kashable determines their ability to repay and sets the amount of credit they qualify for. Interest rates start at 6% with repayment terms between six and 12 months.

“Access to emergency credit can be a highly valuable benefit for workers and can help protect their retirement savings when financial emergencies arise,” says James Ocampo, assistant vice president, strategic development for MassMutual. “We expect Kashable’s loan program to be a popular voluntary benefit, both with employers and employees.”

MassMutual’s 2015 Employee Benefits Security Study found that 37% of workers find managing their personal finances somewhat or very difficult, and 40% say personal financial problems are a distraction at work. Additionally, Bankrate.com’s 2016 Financial Security Index revealed that 29% of Americans have no emergency savings, and of those that do, 21% do not have enough to cover three months’ expenses.

“In an economy where employees are worried about their finances, providing a loan program that meets the health/wealth challenge head on, is a major competitive edge for employers,” says Einat Steklov, co-founder of Kashable. “We applaud MassMutual for their comprehensive platform and are proud to be included on BeneClick!”

«