By becoming a member of SickBank, Employers will gain financially by lowering their exposure on the paying of sick time. By adding SickBank to the total compensation package, employers can offer fewer accrued sick days on their benefits package while actually offering more paid sick time to their employees. In addition to helping their bottom line, Employers will be contributing to the overall health and welfare of their employees by allowing them ample time to recover from illness or injury. Moreover, employers become part of a larger movement, helping to eliminate the disparity of paid sick leave across the workforce beyond their own organization.
All of SickBank's financial statements will be posted on the website at they become available.
A running total of all SickBank repository deposits will be viewable on the website in real time.
Yes, you can limit the number of days an employee can donate per year although care should be used in placing the limit. SickBank requires a minimum of one day per participant per year donated to maintain services but also the limit should be placed at a point that your organization can financially absorb.
SickBank allows member employers to set a limit to the number of days employees can use within SickBank. By setting the limit, you can control costs. Other cost saving measures available as a SickBank member employer include: • You reduce your paid time off payout costs, and ultimately reduce your annual PTO exposure. Here's how, for example, a mid sized hospital with 2500 employees currently offers 10 sick days per year exposing them to 25000 potential sick days used per year. By reducing the offered days to 7 per year plus SickBank will reduce exposure by 30% while offering more potential sick days to your employees through the SickBank. • Also an employer can cap how much sick time an employee can carry year to year. Using the same Hospital as before, they capped sick time accrual at 480 hours or 60 days. By reducing that cap to 40 days SickBank benefits will cover the additional 20 days reducing the Employer's exposure by one-third for each employee. Imagine not having to pay for 4 weeks pay during an employee's extended absence and that employee still getting paid. • You get to be a hero to your employees. Should the time come when your employee requires more time off than your PTO policy offers, you just ensured they get it. • By joining SickBank, fewer employees will need to request pay advances during or after an extended absence as their income will be maintained. • For Employers who can only afford to offer a few sick days joining SickBank will give them the ability to offer more sick time to their employees through the SickBank at minimal cost.
When employees of SickBank member organizations enroll in SickBank and deposit at least one sick day per year, they will have up to an additional 20 sick days available to use in the event of an extended illness or injury. This additional compensated time will give you piece of mind that you have ample time to recover without fear of losing income. This is a benefit to you, the employee. If you don't sign up you are throwing benefits away.
That is precisely what SickBank payments are. It is supplemental income when your employer-paid sick time is exhausted
Because one day you might get into a dreadful humdinger of a car wreck and need the sick time after they patch you back together with spit and chewing gum... Your employer may only offer you seven days sick pay when your doctor says u need a month to heal up... Your mom might choke on a turkey bone at Thanksgiving dinner or your kid could be born with two heads and you need to hold the hand of your two headed monster throughout the surgical bonanza... You can't get time if you don't give time so give give give..
SickBank funds are invested aggressively to ensure there are always sufficient assets to provide benefits to all recipients when they are needed.
Absolutely not. SickBank will never pilfer funds from the repository. This is the purpose of the transaction fee imposed on all paid claims to maintain solvency of the SickBank and to continue to provide services to its members.
Any surplus funds from SickBank's operating fund will make aggressive strategic investments to ensure no shortfall will occur. Separately, funds deposited into the repository will remain, earning interest and be available for use of its recipients.
No. SickBank is funded by the people for the people.
No. SickBank is not a publicly traded corporation.
SickBank will invest funds collected through an investment account. An aggressive strategy is employed to maximize return while maintaining liquidity.
SickBank funds are placed in an investment account that is aggressively invested to provide maximum return. Annual statements of account performance will be posted on the website as they are published.
SickBank employs a 30-day washout period for new enrollees to allow SickBank to maintain a strong financial base. Employers routinely impose a wash-out period to their new hires before benefits become available, usually 90 days. There is also a 30 day washout period between claims to limit abuse.
