California health insurance
-
5 Ways for Businesses to Save
Five Ways to Save on Business Health (that most Companies don't know about)
The group health market has completely changed in the last few years and more
is to come.
Much more.
If you have a group health benefits plan or need to get one to avoid new
penalties or attract the best employees, keep reading.
The status quo (not shopping new options) can cost you $1000's each month.
Let's avoid that with the following five keys.
Tax
Credits through Covered California for Business
There are new tax credits available to small business for health insurance.
If you qualify, it's a big deal.
Covered Ca might pay up to 50% of your employee premium.
We are helping companies get 1000's of immediate tax credit towards their
employee health premium NOW.
This is found money if you qualify and to not accept or worse yet, not know
about it, is writing a check to the IRS monthly.
This is especially important since the IRS finally clarified that a very
large tax penalty will hit companies that pay for their employee's
individual/family health plans.
That's right, 20% of California companies are accruing a large tax credit
right now.
How large?
A company paying for employee's individual/family plans or even "allotting"
money for that type of coverage is potentially liable for:
a penalty of $100/day per employee; up to $36,000 per year.
They went further and clarified that the penalty even applies to small
companies down to 1 employee and even if it's "packaged" in a Section 105,
which have been sold to many companies as a way to keep the IRS at bay.
Good news is that with tax credits, we may be able to avoid the huge penalty
while still reducing costs significantly.
Contact us immediately at
help@calhealth.net or at 866-486-6551 if you have under 25 employees
and the average salary (not including owners/officers) is under $50K.
SimplFits
- Online Cloud-Based HR System
We're very excited about this option. Our head group leader put it
succinctly...
"It's a game changer".
He is not a person prone to exaggeration so we took note.
WIth our new SimpleFits, we are offering our clients a revolutionary,
cloud-based benefits and HR management tool....for FREE. We're paying for
it.
No cost to you.
Here's what you can expect:
Online tools for onboarding, offboarding, and benefit management
Simple and intuitive HR management suite including compliance suites
Integration with major payroll systems.
All in one, clean interface.
It really pretty amazing.
What can you expect from the system (besides our guidance in how to use it)?
Expect a 50% decrease in time and energy spent managing HR changes and
issues.
This is perfect for companies that find themselves stretched on the HR side
of things.
If you're wearing the HR hat at your company, it will make your life so much
easier and at the same time, make you look like a rockstar to the employees that
rely on you.
It's that good.
Again, we offer this tool to all our group clients at no cost.
We pick up the cost for one reason...you'll love the system so much, you'll
never leave us.
We put our money where our mouth is.
Contact us regarding the SimplFits option and we can take you for an
online demo at help@calhealth.net or
call 866-486-6551
Private
California Exchange
Most employers are unaware that there is a Private Exchange option
available in California. This can offer many ways to save on health
insurance including the following:
- Mix and match carriers such as Kaiser, Blue Shield, Health Net etc to
your employees.
- Define a contribution amount or percentage towards our employees premium
- Take advantage of Employee Solutions for additional savings
This is really one of the best options on the market that most companies
are completely unaware of.
Many companies that we discuss the Private Exchange with have NEVER
been quoted this option by existing agents.
We find that to be very interesting since many of their existing plans are
available through Covered Ca with lower pricing and a host of add-ons.
We can quickly quote this option
(called California Choice) for your company at no cost to you.
For certain carriers and plans, Cal Choice's pricing is pretty phenomenal.
Let us see if we can use this Private Exchange to reduce your cost.
Also, if you have some employees that want Kaiser while others want a PPO
with another carrier (to keep doctors), Cal Choice is the perfect option.
Request your free quote for Cal Choice
group health benefits here.
Defined
Contribution with Major Carriers
This really is a hidden gem.
Here's the basic premise:
- You define an amount that you will pay per month for each employee
and/or dependents. It can either be an amount or a percentage; even a
percentage towards a given plan.
- You lock in your budget and the employee has complete choice across a
range of options.
Here's the secret behind why it works to keep costs down!
There's a built-in incentive for employees to reduce the plan coverage and
cost to fit their budgets.
You're not telling them to do it. They are CHOOSING to do it.
We found that most employees will choose a higher deductible to reduce their
share. Employees with more health issues will go up the scale but according to
what works best for them.
Net effect:
- the overall cost to the employer goes down.
- Employees are happy because they have control.
- Win win.
POP 125 Tax Savings
If your employees are contributing anything towards their costs or their
dependent premium, you MUST have a POP 125.
This allows two kinds of savings:
- Employee pays their part with pre-tax money
- Employer reduces employee tax on same amount
If you have employees that pay part of their (or their dependent) premium,
and do not have a POP 125, it's akin to throwing money away.
Actually, throwing money to the IRS.
We can easily set this up for your company and look at other similar options
to bring down your cost while providing the same if not better benefits.
Ask us about the POP 125 at
help@calhealth.net or call call 866-486-6551
Minimum
Essential Benefit Plans
Many larger companies (over 50 full time equivalents or 150 labor hours per
week) are potentially facing a large penalty for not offering group health
insurance due to the new law.
The penalty is accruing right now!
There are new plans which may be far less expensive that either the penalty
($2-3K per employee annually) or the standard ACA compliant plans.
We can help you evaluate if this option will work for you company.
There are a few options there.
We can either look a placeholder plan at the lowest cost to avoid the biggest
penalty.
We can also look at a Minimum Essential Benefit plan which meets the full ACA
requirement but is priced better than most Bronze group plans on the market.
Either way, it's worth looking at if you are a larger company and do not
offer benefits. Call us at 866-486-6551 or email
help@calhealth.net
ACA Renewal Proposal Overview
Finally (and most importantly), why not get a free bid on all the options
above to make sure you have the best coverage at the best rate.
There's no cost for our services
We'll quickly turn around all these options for your company
30 years combined experience in the group health market
Call us at 866-486-6551 or enter your
basic census info so we can get started.
Related Page:
Small Business Tax
Credits through Covered California