What Benefit Plan Types are Available?
Purpose: To help you understand the different types of benefit plans you can set up in BambooHR.
Select a benefit plan
BambooHR allows you to choose from and set up varied benefit plans to help meet your company's needs. To add a new benefit plan, go to Settings > Benefits > Create New Plan. A dropdown menu will show all of the benefit types available.
- Medical: Set up a basic medical plan. You can choose between a standard plan (where the cost for employees does not vary based on specific factors like age) or a variable rate plan (where you need to identify costs individually on employee profiles).
- Dental: Set up a dental plan.
- Vision: Set up a vision plan.
- Supplemental Health: Set up additional health plans (e.g., cancer, hospital, accident, critical illness, etc.).
- Retirement: Set up a contribution plan for retirement (e.g., 401(k) or the equivalent thereof).
- Reimbursement: Set up reimbursement for employee out-of-pocket expenses for things like travel, education, gym membership, etc.
- Health Savings Account: Set up an HSA.
- Flex Spending Account: Set up an FSA.
- Life Insurance: Set up an insurance plan. You can add coverage options as separate life insurance plans (e.g., Employee Life Insurance, Spouse Life Insurance, and Family Life Insurance) or have them specified in the comments when editing an employee's enrollment in the benefit plan.
- Disability: Set up a long-term or short-term disability plan.
- Other: Set up any other benefits you offer that you want to track in BambooHR—the sky's the limit!
Customers using BambooHR® Payroll can add non-benefit, post-tax deductions in addition to the standard benefit plans outlined above. They manage these deductions on the employee's Pay Info tab instead of Settings > Benefits. For more information on post-tax, non-benefit deductions, click here!
Benefit plan settings
Be sure to refer to the following tables for all information and details you need to know when setting up benefit plans for each benefit type.
*Required fields: Any field with an asterisk in the Plan Settings column below is required to complete.
**Benefits Administration: In addition to the standard information in Benefits Tracking (and Payroll if enabled), these specific settings are only available for BambooHR® Benefits Administration customers.
***Payroll: In addition to the standard information in Benefits Tracking (and Benefits Administration if enabled), these specific settings are only available for BambooHR® Payroll customers. For details on federal limits regarding contribution amounts for specific plan types, please review this help guide.
Section 125 (pre-tax)
Feature | Additional Plan Types | Steps | Plan Settings | Pay Info |
---|---|---|---|---|
Benefits Tracking |
|
|
|
|
Benefits Administration** |
|
5 steps (standard rate & variable rate) |
|
Same as above. |
Payroll*** |
|
|
Same as above. |
Additional healthcare benefits for accidents, hospitalizations, etc. (Section 125 (pre-tax)).
Feature | Additional Plan Types | Steps | Plan Settings | Pay Info |
---|---|---|---|---|
Benefits Tracking |
|
|
|
|
Benefits Administration** |
|
5 steps (standard rate & variable rate) |
|
Same as above. |
Payroll*** |
|
|
|
Same as above. |
Feature | Additional Plan Types | Steps | Plan Settings | Pay Info |
---|---|---|---|---|
Benefits Tracking | 3 steps |
|
|
|
Benefits Administration** | 4 steps |
|
Can set Company Pays to either percentage or currency of gross pay or employee contribution. | |
Payroll*** |
|
3 steps |
|
|
Feature | Steps | Plan Settings | Pay Info |
---|---|---|---|
Benefits Tracking | 2 steps |
|
Reimbursement set at the plan level. |
Benefits Administration** | 3 steps |
|
Same as above. |
Payroll*** | 2 steps | Same as above. |
Contribution to a savings account used for healthcare purposes (pre-tax)
Feature | Steps | Plan Settings | Pay Info |
---|---|---|---|
Benefits Tracking | 3 steps |
|
Employee and company contributions set individually at the employee level. Can be currency or percentage of gross pay. |
Benefits Administration** | 4 steps |
|
Same as above. |
Payroll*** | 3 steps |
|
Same as above. |
Feature | Additional Plan Types | Steps | Plan Settings | Pay Info |
---|---|---|---|---|
Benefits Tracking | 3 steps |
|
Employee and company contributions set individually at the employee level. Can be currency or percentage of gross pay. |
|
Benefits Administration** |
|
4 steps |
|
Can set Company Pays to either percentage or currency of gross pay or employee contribution. |
Payroll*** |
|
3 steps |
|
Same as Benefits Tracking. |
Post-tax
Feature | Additional Plan Types | Steps | Plan Settings | Pay Info |
---|---|---|---|---|
Benefits Tracking | 3 steps |
|
|
|
Benefits Administration** |
|
4 steps |
|
Same as above. |
Payroll*** | 3 steps |
|
Same as above. |
This can be either long-term or short-term, employer-paid or voluntary (pre-tax or post-tax).
Feature | Additional Plan Types | Steps | Plan Settings | Pay Info |
---|---|---|---|---|
Benefits Tracking | 3 steps |
|
Employee and company contributions set individually at the employee level. Can be currency or percentage of gross pay. |
|
Benefits Administration** |
|
5 steps |
|
Same as above. |
Payroll*** | 3 steps |
|
Same as above. |
Feature | Additional Plan Types | Steps | Plan Settings | Pay Info |
---|---|---|---|---|
Benefits Tracking | 3 steps |
|
|
|
Benefits Administration** | 4 steps |
|
Same as above. | |
Payroll*** |
|
3 steps |
|
Same as above. |