Fifth Third Bank

Founded in 1858, Fifth Third Bank (Fifth Third), is a financial services company. Like many in the industry, continually needs to attract and retain quality employees. In order to meet this ongoing challenge, the bank needed to offer highly competitive benefits that would be affordable to both employees and the company.

The bank previously offered employees the choice of several plans, including a consumer-driven health plan (CDHP). Participation in the non-CDHP plans was far greater, with only 18 percent of eligible employees opting for the CDHP. Effective January 1, 2015, Fifth Third restructured its healthcare benefits to a single carrier, added another CDHP plan and contributed to a health savings account (HSA) to help offset the cost to the employee.

Goals

• Introduce Castlight to give employees a simple way to understand and access all of their health benefits.

Solution

• In choosing Anthem to be its sole health plan provider, Fifth Third was pleased to learn that Castlight Health is an Anthem partner.
• In a novel move, Fifth Third fully funds the entire HSA employer contribution amount in January, versus spreading it out over the course of the year. Now that employees had health care dollars to spend, the next step was to help them become better healthcare consumers.
• By leveraging Castlight, Fifth Third gives employees a simple way to understand and access all of their health benefits and empowers them with personalized information about their health needs, including medical and pharmacy benefits.
• Castlight continually provides real-time insights into employee needs for Fifth Third to create targeted, actionable communications and emails.