(303) 369-3200

 

In recent years there has been a shift in the way companies are structuring employee benefits packages. With the rise in healthcare costs and the changes that are taking place with healthcare reform, many employers are finding it necessary to revamp the traditional benefit structure and integrate new innovative ways to cut costs without reducing the coverages offered to employees.
 

A great way to enhance an employee benefit package is with voluntary products. Examples of voluntary products that could be added benefits with no cost to the employer include:

  • Additional Life Insurance
  • Dental plans to replace or enhance your group plan
  • Accident Policies
  • Disability Insurance
  • Vision Insurance
  • Critical Illness
Other options that can strengthen a benefits package and bring value added services, include:
  • Legal Services
  • Financial Counseling
  • Credit Union Membership
  • Pet insurance
  • Discount programs
All of the above programs can be offered at no cost to the employer. Voluntary benefits can create a well-rounded benefits package, but there are some things to consider when selecting which plans are right for your employees.
  1. Conduct an employee survey or a focus group – determine your employee demographics and which products would interest your employee population to help ensure the success of the benefits offered
  2. Educate employees about the coverage offered –explain in both group and 1-on-1 meetings (all conducted by the carrier or broker) the value of the added layer of protection that voluntary products can provide for employees and their families
  3. Distribute communication pieces year round – don’t wait until the annual open enrollment to discuss benefit options available (i.e. web based enrollment, use of onsite enrollment counselors, payroll deductions for the premiums). Use email, employee portals or company specific social media sites to raise employee awareness and encourage participation.
Whether you’re trying to reduce cost or attract and retain employees, voluntary benefits have many advantages. The wide range of products will enhance any employee benefit package and increase employee satisfaction.
Tuesday, 11 February 2014 10:00

Mandate Delays for Large Employers

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On February 10, 2014, the Federal government released the final regulations for the Employer Shared responsibility provisions of the Affordable Care Act (ACA).  These final regulations brought some welcome transition relief to large employers in two different size categories. Employers with 50-99 Full Time Equivalents:

  • The Shared Responsibility Mandate does not apply until 2016
  • Employer does not need to comply until the first day of their 2016 plan year, which means employers may wish to change their anniversary date to later in the year
  • In order to qualify for this delay, employers must not reduce their coverage, contribution, or eligibility below specified levels
  • Also, reducing their workforce below 100 employees other than for a “bona fide business reason” may disqualify an employer from using the transition relief

Employers with 100 or more Full Time Equivalents:

  • Now in 2015, employers in this category will not be subject to a shared responsibility penalty, as long as they offer coverage to 70% of their full time employees (the original requirement was 95%)
  • After 2015, coverage must be offered to 95% of employees to avoid the penalty.  The coverage offered in 2015 and beyond must be “affordable” and offer “minimum coverage”

Recall that the calculation of Full Time Equivalents is defined by the law.  This calculation and other details of the new guidance are summarized in the FAQs recently released. This new transition relief offers new opportunities to employers to create strategies for managing the impact of the ACA on their business. For more information, join our webinar on the topic on March 4th, or just This email address is being protected from spambots. You need JavaScript enabled to view it. with questions. 

Tuesday, 28 January 2014 10:00

Strategies to Manage the Affordable Care Act

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 The Affordable Care Act (ACA) will continue to keep business owners and HR and benefits professionals on their toes in 2014. . Employers of all sizes need to game plan their strategies to manage the impact of the ACA on their businesses.  Whether you are a large employer trying to find the best way to cope with the Pay-or-Play mandate next year, or a small employer looking for alternatives to the community rating that may wreak havoc on your 2014 renewal (2016 for groups with 50-99 employees), we can help! . We are conducting a webinar at 10 am on March 4th on behalf of Mountain States Employers Council. Join us and start formulating your strategy now! Click here now to register.

Thursday, 16 January 2014 10:00

Planning Your 2014 Employee Wellness Program

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 If you haven’t already set the stage for your wellness program in 2014, now is a great time to begin! First, make sure you have the executive team’s buy in, not just lip service.  Then, get your Wellness Committee together (you have one, don’t you?).  Figure out what you want to include in your program, the necessary time commitments, your company’s resources, and your budget.  Do you want to focus solely on communications to employees, or seminars, biometrics events, and challenges?  Do you want to do something on a monthly basis, or quarterly? . If you’re not sure what health-related topics you want to focus on, consider holding an on-site biometric event first.  Biometrics screenings collect basic health information such as blood pressure, heart rate, and cholesterol.  With an aggregate report of your employees’ health stats, you can identify problem areas in your population and get great communication ideas that might actually improve the health of your employees.  Although the information to the employer is de-identified, personal information is given to each employee, so that everyone “knows their numbers,” and it may even identify a potential problem that the employee wasn’t aware of.  Many medical carriers will arrange these events for you (sometimes at no cost), and there are several ways that you can incentivize employees to participate, from prizes to premium discounts. . When planning your employee communications, take advantage of the free resources that your medial carrier has available.  Most carriers have a library of flyers and posters on just about any health-related subject you can imagine.  If you’re planning to include seminars or lunch & learns in your program, your carrier might be a great resource as well.  These are simple things you can do that don’t take a lot of time on your part, and may not cost much.  We can help you identify free resources for seminars or chair massage events that can help you round out your program. . There are many wellness companies out there that can help you coordinate a range of events as well.  You can also take advantage of community events such as 5Ks or charity walks.  Employees love competing against each other, and you can turn these events into departmental challenges.  Whatever your plan of action, get started today!  It can only do your company good. . Looking for more ideas?  Just This email address is being protected from spambots. You need JavaScript enabled to view it. or give us a call at 303.369.3200.

Tuesday, 07 January 2014 10:00

Do You Know Where Your POP Plan Document Is?

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 Providing a Section 125 Premium Only Plan (or POP Plan), is a great tax benefit for both employees and employers.

  • It allows the employee portion of the health, dental, or vision premium to be deducted on a pretax basis, which increases the amount of their take home pay.
  • Since the employee premium contribution is not counted as income, employers also benefit from the reduction of payroll taxes, which saves you 7.65% of those premiums on FICA taxes.
  • These tax savings for employers helps offset the cost associated with an employer sponsored plan.

POP Plans are the easiest of all the cafeteria plans to administer. But, in order for this type of plan to run properly, it must be compliant with IRS rules and regulations. Failure to have a written plan document or to administer the plan in accordance with that document can cause the loss of a tax-favored status, resulting in a tax liability for the employee and employer. . The POP plan is designed to renew year after year and only requires updating if the employer makes changes to the plan that would necessitate an amendment (i.e. changes in eligibility, plan year, benefit changes such as whether HSA contributions are also allowed, etc.). . However, due to the changes being brought upon by healthcare reform, many industry leaders are recommending an amendment or restatement, to keep your POP plan document in compliance. If your POP plan document has not been updated in several years, be sure to contact your Section 125 administrator. . If you do not have a POP Plan document, or an administrator, call Fall River at 303.369.3200 or This email address is being protected from spambots. You need JavaScript enabled to view it., and we will be happy to get you introduced to someone who can help get you compliant.

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