SUPPLEMENTAL BENEFITS PROGRAM
OUR PROGRAM is based upon research into existing IRS codes and regulations. The plan is a robust Self-Insured Medical Reimbursement Plan with a preventative care management emphasis that has been validated by the GE/Intel Validation Institute to be 80% – 90% reliable in pre-disease predictive analytics. As health costs are rising and outcomes are poor (sicker populations), those managing the claims and workforce populations are seeking solutions.
The value of the Program to the employee is the ability to buy valuable supplemental benefits without lowering their take-home pay. By an after-tax allotment being created by pre-taxing the Program according to IRS regulations. The result is a tax saving called an “After-Tax Allotment”. The allotment averages $150 per month to purchase ancillary products such as short-term disability, accident, cancer, critical illness, whole life with a cash value, cancer, GAP covering high deductibles, or other value-added benefits after tax. Along with a superior preventative care management program that offers medical care. The Tax Law provides the opportunity for reimbursement of medical expenses as defined under the 213(d) definition of medical expenses. It specifies what can be reimbursed, how much can be reimbursed, and who qualifies. The reimbursement is according to IRS guidelines for medical care reimbursement. The participation is incentivized by the allowable reimbursement and supplemental benefits available from the tax savings generated by participation.
The value to the employer is the ROI that comes from a Section 125 Cafeteria Plan that results in an average FICA savings of $500 per year per participant. There is a 1-2% reduction in total expenditures from a decrease in claims from employees using the benefits. This translates into $1,400 per participant over a three-year period derived from mitigating population health risk management. Results drive reduced claims—68% of callers to our doctors, RNs, and health coaches result in a reduced level of services saving time and money; alternative care includes self-care options 29% of the time avoiding all costs; 72 percent of likely ER visits were mitigated by more appropriate care. A healthier population with fewer sick days, reduced benefits costs and more flexibility to be creative with savings all add value to attracting and retaining employees.
Call us and let's talk about how this can help you and your employees.