Vaccine Incentive Acount for Employers

Vaccine incentive accounts are an intriguing option for employers who want to bring employees back into the workplace. The desire for normalcy is widespread, but the prospect of returning to the traditional in-person work life is concerning for many employees who may still be fearful of contracting or spreading COVID-19.

COVID-19 vaccines are now widely available in the United States, yet the demand has slowed¹. According to the World Health Organization, vaccines are a critical part of reducing the spread and severity of COVID-19², and “a substantial proportion of a population would need to be vaccinated” to achieve herd immunity³. Implementing a vaccine incentive program could encourage your employees to get vaccinated, allowing your business to return to pre-pandemic life while maintaining a safer work environment. Well-known companies like Amtrak, Trader Joe’s, Chobani, and Amazon have already decided to offer employee incentives that encourage their staff to get a COVID-19 vaccine.

BASIC offers a Vaccine Wellness-Reward Account to assist employers with implementing such incentives. Employers who adopt this benefit account can determine the eligibility requirements, the incentive type, and the amount offered for employees who get vaccinated. For example, an employer can offer $75 and $100 for the first and second doses, respectively, for two dose vaccines. An employer could also offer the equivalent of two hours of pay for each vaccine dose an employee receives. When an eligible employee gets vaccinated, they submit proof of vaccination online to the BASIC Consumer Driven Accounts (CDA) system or through the BASIC benefits mobile app. Once verified, the incentive amount is added to the employee’s Vaccine Wellness-Reward Account.

Not Just for COVID-19

The Vaccine Wellness-Reward Account isn’t limited to the COVID-19 vaccine. Clients may also incentivize their employees to get the annual flu shot. Not only does the flu vaccine benefit employees, it’s good for businesses because the more employees that get vaccinated, the more those employees will avoid serious illness, missed work time, and lost productivity. BASIC offers a number of unique Fringe Benefit Accounts including Lifestyle Reimbursement and Employee Crisis Fund Accounts to set your benefits package apart and invest your employees.