Employers are revising benefit programs to respond to, and better support, the needs of employees in the “pandemic/post-pandemic” era There is no question that the pandemic has increased the importance of employee benefits significantly. More than half of employees, in several recent polls, said they would...
Small to Mid-Sized Employees Take a Closer Look at Level Funded Health Plans to Take Control of Costs and Expand Benefits Prior to the pandemic, healthcare consumerism (i.e., employee wellness) had been a growing trend for health insurers and self-funded employer health plans, as healthy people...
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a description of all indirect compensation expressed as a monetary amount, formula, or a per capita charge per enrollee will be provided upon the written contract or within 90 days of written request. We will provide any other reasonable and good faith estimate if the covered service cannot otherwise readily describe compensation or cost, and explain the methodology and assumptions used to prepare such estimate. If you have any questions, please contact our office at (208) 736-8111 or in writing.
The financial health, or absence of financial related stress, of your employees is an important part of the overall “employee wellness” picture. Worrying about finances can result in a wide range of (serious) health issues for employees. Offering supplemental, voluntary benefits such as life, disability, dental or vision, if not already part of the core offering, or the ability to “buy up” or purchase additional coverage at reduced “group employer rates” rates provides employees with financial security, and gets employers one step closer to a healthier, more productive workforce.
With the negative impact of the pandemic on engagement and performance, these programs are rapidly expanding and taking on a new purpose when it comes to helping employees have the personal energy needed to survive and thrive through tough times. Idaho Benefit Consulting can help you evaluate, implement and manage various types of financial wellness benefits for your company – ranging from supplemental health benefits to tax-advantaged savings plans that help employees pay for medical, childcare and commuter expenses, to financial education, student loan assistance, to purchasing programs that allow employees to buy merchandise, interest free, through easy payroll-deduction payments, and many more.
More than 80% of businesses who have taken the plunge into the digital age of benefits report that their core benefits processes are much more efficient compared to the old paper-based method. Idaho Benefit Consulting works with several top software vendors who offer cutting-edge digital benefit platforms to consolidate your benefits, payroll and other HR functions. As each client is unique, we can help you determine which platform solution is best suited for your needs and will help you set up and implement your new online benefit system.
Whether you are one of the many businesses that still lag behind in the adoption of benefits technology, or are looking to upgrade or change your current software, Idaho Benefit Consulting can help your company realize the possibilities and affordability that our cloud-based solutions provide.
Here are a few of the top reasons to consider taking your benefits online:
-Consolidates the benefit experience with a single streamlined solution for both employer and employee.
-Personalized, branded communication strategy with educational emails and more.
-Supports employees with comparison tools and cost transparency, helping them make wise benefit and financial decisions
-Increases employee engagement, speeds up the enrollment process, and makes renewals a breeze.
-Consolidated billing simplifies the process offering diverse benefits from different carriers.
Injecting a sound compliance strategy into your benefit programs may be one of the most important functions of your HR in the new post-pandemic environment, and also the costliest if mismanaged. With many employers introducing new benefits to meet current employee demands and remain competitive in a tight labor market, policies and administration must also comply with federal and local regulations.
As employee benefit experts, our job at Idaho Benefit Consulting is to stay on top of these requirements, as they change, and/or emerge. Our goal is to lessen the burden of the tedious, and sometimes complex compliance and administration tasks required by our clients’ benefit programs so they can focus on other important business matters. Following is a sampling of some of the compliance services we offer.
Compliance
-COBRA – enrollment, filings and employee communication
-HIPAA – PHI compliance
-ERISA – wraps, filings, SMM, SAR, notices
-FMLA
The Affordable Care Act Compliance
-Design benefits to meet the requirements of the ACA, as well as other city, state and federal laws.
-Eligibility tracking to ensure employees who are eligible for coverage are offered coverage
-Accurately compile benefits data and timely IRS filings (1094-1095-C & others)
-Evaluate penalty potential for employees receiving subsidies from the Marketplace
-Provide employer training and education on complying with the ACA
Administration
-Health Savings Accounts (HSAs)
-Health Reimbursement Accounts (HRAs)
-Flexible Spending Accounts (FSAs)
-Self-Funded Plans or Partially Funded Plans
The design and implementation of a quality benefits package is a key element to attracting and retaining valuable employees who help make your company succeed. However, sustaining an effective benefit program can consume all of your, or your HR’s, time and resources with so many moving parts and nuances. As experienced benefit professionals, Idaho Benefit Consulting can help you manage the full-cycle of your benefit programs, to fully realize the return on one of the largest costs to your organization.
Our benefit management services include:
-Hosting onsite* or virtual implementation, and annual enrollment with questions and answer sessions for your employees
-Continual employee communications designed to engage employees, and provide them with clarity in coverage, transparency in pricing and additional tools needed to aide in health management.
-Employee assistance/advocacy – help with claim issues, networks, benefits & pharmacy issues and more.
-Onboarding new employees, terminating employees.
-Proactive annual renewal process where we evaluate employee needs, demographics, market trends and more, before considering final renewal strategies and carrier renewals.
Bottom line, Idaho Benefit Consulting will do as much as we can, so you don’t have to.
*onsite enrollment assistance is currently not available due to the pandemic
Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) are examples of tax-advantaged employee benefit plan options designed to reduce payroll taxes, which in turn save both employers and employees money on healthcare, and other qualified expenses, such as childcare. Idaho Benefit Consulting can help you implement, administer, and comply with any of the following innovate tax-advantaged benefit programs. The plans are similar in some ways, but also vary, each having unique advantages and savings opportunities.
Health Savings Account (HSA)
Many group health plans benefit by having a Health Savings Account (HSA) feature that combines a high deductible/lower premium health insurance plan (PPO) with a savings account. Both employer and employee can contribute, tax-free to the savings account, which can help fund the deductible and other qualified medical expenses. Then, the insurance will begin paying claims, once the deductible is satisfied.
Health Reimbursement Account (HRA)
A Health Reimbursement Account (HRA) combines high deductible/low premium health insurance with a tax favored savings account. Employers contribute to the savings account, which can be used for to fund co-pays and other qualified expenses prior to the deductible being met.
Flexible Spending Account (FSA)
A Flexible Spending Account (FSA) is a cafeteria plan under Section 125 of the tax code and allows for benefits to be paid with pre-tax dollars which results in tax savings to both the employee and the employer. The average working employee in America spends thousands of dollars annually on certain types of medical benefits, daycare expenses and transportation services. By participating in an FSA, the employee funds the plan through regular pre-tax payroll deductions, which reduces his/her taxable income, and increases the percentage of pay they take home. The account allows them to pay for these benefits and services with the pre-taxed dollars, in essence giving them a discount on these services. The administrator of the FSA account can issue a debit card that is tied to the FSA making it easy to use the account when needed.
Defined Contribution Plans
The benefits of selecting a Defined Contribution Plan are many for both the employer and employee. An employee is more involved in their own healthcare choices and can choose a plan that is tailored around his/her needs, which reduces risk on employers. Also, both employer and employee save a significant amount of money on premiums and taxes, while retaining health benefits that are just as good, if not better than a traditional group plan. Different than the “one size fits all” model, the idea of a defined contribution health plan allows employees to choose a health insurance plan of their choice with funds (a fixed dollar amount – a “defined contribution”) given to them (set aside) by the employer.
Note these are brief descriptions. Please contact us for more details on any of these tax-saving benefit options.
Idaho Benefit Consulting provides health advocacy services that improve the experience your employees have with their employer sponsored healthcare and benefits. This includes receiving clinical advice on diagnoses and treatment, help finding the right doctors, clarity and transparency on coverage, assistance with claims and denials, and many other health and benefit services from experts who understand the complex healthcare system. As a result, employees understand and utilize their benefits more wisely.
With the best interest of your employees in mind, the goal of Idaho Benefit Consulting and our health advocates is to guide your employees to the specific benefits and care options that can help them most, when they need them most, helping them to live their healthiest lives, and furthering your mission to foster employee wellness.
With rising inflation and healthcare costs, along with massive income and productivity losses caused by COVID19, employer sponsored wellness programs are one of the top trending strategies to help both employees and employers offset the negative affects of the pandemic. Healthy eating and physical fitness are the cornerstone of this endeavor. Employees enjoy an overall improved quality of life, with increased energy levels and a stronger immune system, and a proven shield against major health issues such as heart disease, stroke, obesity, diabetes, and high blood pressure. Employers enjoy reduced claims, lower premiums and less absenteeism, along with improved morale and productivity.
Balanced Rock Insurance, along with Idaho Benefit Consulting, works with top carriers who incorporate wellness benefits into the basic health coverage with little or no additional costs. For those employers wanting to take wellness to higher level, we work with select vendors who can provide additional, affordable, wellness strategies. Examples of wellness strategies include:
-Access to a personal fitness coach with gym memberships. Access to additional resources such as fitness trackers, blogs, subscriptions and more.
-Onsite or offsite nutritional classes, access to other nutritional resources such as diet apps, blogs and other subscriptions. Members may also qualify for special assistance with diabetes management and more.
As with any benefit program, employee communication is key to promoting employee engagement and a healthy workforce. Idaho Benefit Consulting will promote employee wellness with a robust employee communications program we provide each client.
Idaho Benefit Consulting works in tandem with our parent company, Balanced Rock Insurance, who has more than 35 years of experience providing effective benefit packages to employers in Idaho. Along with other select industry partners, we consider multiple factors that challenge your largest cost drivers to providing healthcare to your employees. These include benchmarking, claims data, financial objectives, cost sharing and other funding methods, as well as blended cost-saving strategies such as employee wellness and voluntary benefits that have become staple benefits for today’s employees.
As with financial health benefits, programs that further support the mental and emotional health of your employees, are those also getting a close look post-pandemic. And, according to experts, it’s the perfect time to consider or reconsider EAPs and other mental health programs for your employees. The effects of the pandemic include everything from grieving the loss friends and family members, to facing financial difficulties, to the stress of simply the unknown, all of which can be a trigger for anxiety and depression. Employer sponsored mental health benefits can play a key role in assisting your employees with these issues, and consequently helps you maintain a harmonious, productive workforce. Idaho Benefit Consulting works in tandem with Balanced Rock Insurance to help you evaluate the best wellness benefits for you and your employees, including but not limited to the follow mental health programs.
Employee Assistance Programs (EAP’s) are critical work-based intervention services designed to identify and assist employees in resolving issues, usually requiring a a 3rd party administrator, and mental health professionals providing counseling, sometimes including family and dependent members as well.
Other mental health programs provide employees with the education and tools needed to tackle issues such as high stress and/or insomnia, improve time-management and work/life balance, to increase resiliency and emotional intelligence, and more.
You had a great idea, but unless you are a large employer with a dedicated staff, you are probably running around like a chicken with your head cut off trying to keep up with all the functions that go into running a company. As experienced benefit professionals, Idaho Benefit Consulting, LLC can help you with the most important of these tasks – managing your benefit program, while keeping up with timely, and sometimes complex, state and federal regulations.
We offer the following value-add services designed to let you focus on running your business:
<b>Service </b>- Plan implementation, employee education, new hires or terminations, assistance with claims, billing and more.
<b>Compliance</b> - Assistance with COBRA, HIPAA and ERISA
<b>Healthcare Reform</b> - ACA Reporting, legislative updates, plan compliance and more.
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Along with Health Insurance, surveys consistently show that a wider variety of benefits, whether fully employer sponsored or employee paid, are often more important to employees than a higher salary. Accordingly, Idaho Benefit Consulting, LLC can help you bundle and design an affordable benefit package complete with major health insurance, complimented by any combination of the following popular additional benefits.
Dental Plans
Regular dental exams help employees stay healthier and more productive in the work place. Simple routine visits to the dentist, which are usually covered 100% by insurers, help to detect serious underlying conditions such as heart disease and diabetes. The National Association of Dental Plans and the Centers for Disease Control have performed studies that show that employees with Dental Insurance plans have better attitudes and are less likely to suffer from depression, a common condition in today’s fast-paced world.
Dental Plans offer a variety of diagnostic, preventative care and corrective services including cleanings, exams, x-rays, fillings, root canals, orthodontia for children, and emergency care while traveling.
Vision Plans
Similar to dental policies, vision plans are inexpensive and save money on eye and vision related healthcare services. This includes routine exams, eyeglass frames and lenses, contacts, and even discounts on procedures like LASIK. Monitoring your eye health with regular exams also helps to prevent serious eye diseases like glaucoma and cataracts. An eye exam also helps to detect early stages of diabetes, high blood pressure, and high cholesterol.
Permanent Life Insurance
This type of life insurance builds cash value which is sometimes used as collateral for loans, if needed. However, most employers only offer basic term life insurance (see below), but also offer permanent life insurance on a voluntary basis. Even so, employees appreciate the opportunity to widen their safety net.
Term Policy
This type of life insurance does not build cash value. However, it will pay a set amount to the named beneficiary upon the death of insured within the stated term. Additionally, some policies may also make payments upon terminal or critical illness.
Short-Term Disability
During the time an employee is unable to work due to a qualifying disability (illness or injury), STD generally allows for income payments to the employee to begin after about a two-week waiting period and will continue to pay the employee until he/she recovers or maxes out the benefits–usually anywhere between one month to two years, depending on the policy.
Long Term Disability
During the time an employee is unable to work due to a qualifying disability (illness or injury), LTD generally allows for income payments to the employee to begin after about a 90-day waiting period. However, it could be much longer depending on the policy. The policy will pay the employee far longer than STD–for a few years, up to age 65, or even for life.
Voluntary benefits add extra protection for your employees at little or no cost to the employer. They create a financial safety-net for employees by augmenting employer-paid benefits. Sometimes referred to as worksite benefits, voluntary benefits can be purchased by an employee through pre-taxed payroll deductions, at a discounted group rate. Voluntary benefits are easy to administer and surveys consistently show that employees who have access to voluntary benefits experience higher job satisfaction and a higher overall sense of financial well-being.
Voluntary benefits can include the following:
Accident Insurance – pays cash benefits not typically covered by traditional health insurance.
Disability Plans – can be purchased to wrap around employer sponsored plan.
Life Insurance – employees can increase or buy up their basic sponsored life insurance.
Critical Care Plans – This special type of coverage generally pays cash benefits and can help reduce the personal financial impact of the cost of fighting critical illnesses.
Long Term Care Plans – provides benefits for care through nursing homes, assisted living centers, home health care and adult day care and designed to cover the cost of care that is not typically covered by Medicare, Medicaid or regular health insurance.
Dental and Vision Plans – available to increase employer sponsored coverage or for eligible dependents.
Call (208) 736-8111 for Quote
Or, close this window and click “Request Quote” to fill out our convenient online form located at the top right of our website.
Figuring out group health insurance can be one of the most stressful parts of running your business, especially if you don’t have a dedicated HR. At Idaho Benefit Consulting, LLC, we take care of everything involved – from your initial purchase, to proactively renewing your small or medium group plan annually.
Initially, and each year at renewal, we’ll perform a FREE consultation and analysis to determine you and your employee’s specific needs and budget. We’ll consider cost saving strategies such as wellness, voluntary benefits or gap policies that, when combined with your group plan, will help keep premiums low and help employees pay high deductibles.
An HMO group health plan requires group members to obtain their health care services from doctors and hospitals affiliated with the HMO. Thus, members are required to designate a primary care physician within the HMO. Then, the primary care physician treats and directs health care decisions. In addition, the primary care physician coordinates referrals to specialties within the HMO network. Accordingly, HMOs offer access to a comprehensive package of covered health care services in return for a prepaid monthly amount (or “premium”). However, most HMOs charge a small co-payment depending upon the type of service provided.
If you belong to a PPO group health plan, you will save the most money on healthcare if you use providers within the PPO network. Thus, if providers outside of the network are used, it is possible that those services may be covered only partially or not at all. Also, deductibles must be met on this plan before some services will be covered. PPOs require a co-pay for physician visits and some other healthcare services. However, the great thing about a PPO is it’s rich network of quality doctors and healthcare facilities, and the ability to utilize healthcare services outside of your deductible. For example, doctors visits.
An HSA combines a high deductible, lower premium group health insurance plan (PPO) with a savings account. Accordingly, both employer and employee can contribute, tax-free, to the savings account. Then, the account is used to help fund the deductible and other qualified medical expenses. Once the deductible is met, the insurance starts paying.
Gap insurance provides benefits that supplement a major medical and comprehensive benefit package. It works by paying a significant amount of the deductible on a major medical plan. More specifically, the additional benefits help to cover out-of-pocket expenses related to coinsurance, co-pays and deductibles for inpatient and outpatient services. For example, if you have a $5,000 deductible on your major medical plan, gap coverage could pay up to $4,000 of that deductible.
Call (208) 736-8111 for Quote
Or, close this window and click “Request Quote” to fill out our convenient online form located at the top right of our website.