Protecting your wealth and planning for your future is critical to peace of mind. Boku provides multiple solutions to support your finances. Whether it's life insurance to make sure your family is protected in every situation and a flexible spending account to support your medical spending to commuter benefits and a student cost reduction program, we've got you covered.
financial hEALTH
Basic Life Insurance and Accidental Death & Dismemberment
Boku provides all full-time employees with life insurance and accidental death & dismemberment (AD&D) insurance beginning on the first month following the date of hire. Boku pays 100 percent of all enrollment costs. You simply need to name the beneficiary of your choice and change it as needed.
Your life insurance benefit is an amount equal to one time Your Basic Annual Earnings, rounded to the next higher $1,000. Your AD&D benefit is an amount equal to your basic life insurance. The plan maximum is $270,000.
Voluntary Life and Accidental Death & Dismemberment
Boku offers you the option to add an extra layer of financial support and stability to your family with voluntary life and accidental death & dismemberment (AD&D) insurance should you die or become dismembered in an accident. You can also cover your eligible spouse and child(ren).
Voluntary life and AD&D insurance is available to all full-time employees and the benefit is 100 percent employee paid. If this is the first time you are enrolling in Boku's benefits, Metlife will provide you with up to $100,000 of coverage without proof of health.
For You: You can purchase additional Life and AD&D coverage for yourself in increments of $10,000 up to a max of $500,000; $100,000 is Guarantee Issue.
For Your Spouse: You can purchase additional Life and AD&D coverage for your spouse in increments of $5,000 up to a max of $100,000 – not to exceed 50% of the employee’s election. $30,000 is Guarantee Issue.
For Your Child(ren): You can purchase additional Life and AD&D coverage for your child in increments of $1,000/$2,000/$4,000/$5,000 up to a max of $10,000 – all Guarantee Issue.
Short Term Disability (STD)
Boku provides all full-time employees with short-term disability insurance. This coverage helps protect your income if you can't work after an accident or illness. Boku pays 100 percent of all enrollment costs.
The STD benefit is 66.67% up to $2,500 weekly with a 7 day elimination period.
Flexible Spending Account (FSA)
The Flexible Spending Account (FSA) allows you to make pre-tax deductions from payroll and then use those pre-tax funds to pay for eligible expenses.
Discovery Benefits, Inc. administers two separate FSA plans for Boku employees: Medical FSA and Dependent Care FSA.
The plan year runs from 1/1/24-12/31/24. The FSA plan has a 75-day Grace Period allowing enrollees to incur claims for the prior plan year. All claims incurred during the plan year or grace period must be submitted within 90 days from the end of the plan year. Eligible expenses submitted (online, fax, debit card, etc.) to Flex-Plan Services will be reimbursed promptly.
Employees must incur all claims by 3/15/24 (the grace period) and all claims for reimbursement must be submitted by 3/31/24 (the run-out period).
Commuter Benefits (Transit and Parking)
If you are commuting to work using public transportation or paying for parking at work, we want to help you out!
Boku has selected Discovery Benefits to assist with the convenient payment of public transportation and commuter services with pre-tax deductions directly from your paycheck.
In addition to any funds you contribute to these plans, Boku will contribute towards your commuter benefits on a monthly basis. If you wish to take advantage of Boku contributions you will need to select either transit or parking for funds to be allocated to the applicable account. Please note, the funds cannot be split between the transit and parking benefits.
2024 Pre-tax Limit:
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Parking $315 per month
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Transit Pass/Commuter Vehicle $315 per month
Click Here for more details.
Student Loan Cost Reduction: SoFi
SoFi is a modern finance company providing lending and wealth management services online. They evaluate applicants based on a holistic view of their financial well-being rather than a three-digit score. Whether you are looking to refinance your student loans, buy your dream home, or simply seek advice as you ascend in your career, SoFi provides products and tools to match your ambitions.
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Convenience: Consolidate all your student loans into a single loan.
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Flexibility: Choose from a variety of loan terms.
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No Commitment: No-obligation rate quote
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$300 Bonus: Receive a $300 welcome bonus.*
*You are eligible to receive the $300 welcome bonus only if you sign up and refinance through the button below.
If you have any questions about SoFi student loan refinancing, please contact Customer Service by calling 855-456-7634 or email ask@sofi.com.
