BB&T (Truist financial)

BB&T, now called Truist financial, is a bank based in the United States. It offers a variety of services for the employees of a company, including benefits programs. The benefits the bank offers gives a variety of plans for the individual needs of each company. There are separate plans for current employees and previous employees, as well as flexible benefits plans and plans that are specific to health coverage. These plans are run and managed by the bank to simplify the support companies give their employees.

Employees that work at the company and that no longer work at the company receive different benefit plans. A COBRA benefits specialist manages the employee benefits accounts and ensures the company complies with their role. They evaluate employee health needs, provide customer support, as well as collect premiums for the employer. When an employee is no longer with the company BB&T then notifies them of any remaining benefits, provides customer support, and an eligibility end date notification.

BB&T offers numerous online options for employers to use, which makes it easy to add to new employees with a plan that works for the company and employee. Currently, benefits include HSA (Health Savings Account), FSA (Flexible Spending Account), and HRA (Health Reimbursement Arrangement). The HSA account is the most flexible as it allows employees to save money over time with interest as well as pay for out of pocket health expenses. Were they to leave the company, they could also transfer the money they have accrued to their new position. The FSA account allows employees to save on out of pocket health expenses with tax reduction, and use the money on healthcare expenses of their choosing. While they cannot carry the balance over to a new position, up to five hundred dollars in the account carries over into the next working year. The HSA account gives the employer a higher level of control over what they will cover as well as providing employees tax-deductible options for out of pocket expenses. These different options provide the employer and employee flexibility in their costs and assist them in the benefits process.