Need better health insurance?

Choice Benefits Solutions – Health Insurance, Voluntary Benefits, Enrollment & Education Programs

For many employers, getting help in controlling the rising cost of employee benefits, plus attracting and retaining quality employees are concerns. Now through Choice Benefits, these and related issues can be addressed at no cost to your company.

Benefits for your business:

• “Total Source” for all employee benefits
• Free section 125 Plan ($500 Value)
• Compliance check up (Save $$$)
• Access to Health, Dental and Supplemental Insurance
• Expert consulting at no cost to the business
• Multiple state open enrollments with one on one counseling

Benefits for your employees:

• Existing benefits education
• Total compensation statements (FREE)
• Healthcare Reform education
• Introduction to new benefits
• We help employees and families adjust to any changes in their health insurance, and we help them make the right decisions for their future
• Help with the connector or exchange plans

Supplemental benefits program features:

·         Personalized employee benefit statements designed to help employees better understand and appreciate their existing company benefits. These statements can be provided at no cost. Employee Benefit Communication

• A full line of supplemental insurance products* to enhance any current employee benefits plan—at no employer cost.

• Our program allows you to maintain complete control over the products offered.
•  We will handle the enrollment and communication of your core benefits at no charge and collect individual waivers, to reduce employer liability! (group size 10+) 

If high deductibles caused by Health Care Reform have you moving toward implementing or improving a Voluntary Benefits plan, consider Choice Benefits Solutions before making your move. 

Please contact me directly to discuss how working with a true “Total Source Benefits Partner” can make a difference for your organization and employees.

Rick DeRosa

978-430-8273

Update – Employer Shared Responsibility Provision Delayed until 2015

On Tuesday, July 2nd, the U.S. Department of the Treasury announced that the Affordable Care Act (ACA) employer shared responsibility payments and certain employer reporting requirements will be delayed until 2015. The ACA includes provisions requiring employers with 50 or more full-time equivalents (FTEs) to offer minimum essential coverage that is affordable or face potential penalties. Previously, these provisions were to take effect January 1, 2014. Now, applicable large employers have until 2015 to comply. For additional information, please see the U.S. Department of the Treasury statement. We expect more formal guidance in the next week, and we will update you as information is made available.

Free Section 125 Plan Document

Did you know that if you offer your employees Pre-taxed benefits, you must have an updated Section 125 or face penalties and fines.

In the past few months we have noticed a rise in audits from Mass Fair Share within our client base.  If you offer health benefits in your business and offer them pre-taxed, make sure first that you have your section 125 plan documents available.  Then make sure that they are updated, (should be updated every year) and kept with all of your enrollment and waiver information.  If you are not sure if your company is in compliance, we would be happy to perform a free review for your business.

A simple thing as having a compliant and updated section 125 document can save your business thousands of dollars and prevent future IRS audits.

Recieve a Free Section 125 plan document ($500 Value) free of charge.

Call (978)-703-0443 for more details

Call or e-mail me for more details

Rick DeRosa

978-703-0443

www.choicebenefits.org

Top reasons to offer disability insurance

Top reasons to offer disability insurance

  May is national disability awareness month and not only should we be aware of the physical and mental hardships of a disability but also the crippling financial effects that a disability has on a family.  As employers we can at least help our employees deal with the financial set backs of a disability.  Here are the top reasons why we should.

1. It can be offered through your business at no cost to your company (voluntary)...... or costs can be shared.
2.  The average American has a negative savings account balance and any disability regardless of time missed at work, could have a very negative affect on the family’s financial future (Mortgage, cars, children etc…)
3.  Plans start as low as $4 per week
4.   Just by offering “off the job” disability you should see a savings in your workers comp premium (depending on carriers)
5.  Adding it to your benefits is Fast & Easy

Plans can be offered on an individual platform or a group.  Click here for a quick quote!

Visit www.choicebenefits.org

(978)703-0443

Top things for small businesses to know about healthcare reform in 2014

Top things for small businesses to know about healthcare reform in 2014

Beginning January 1, 2014, all U.S. residents are required to maintain minimum essential coverage unless the individual falls into one of the following exceptions:

· individuals with a religious conscience exemption (applies only to certain faiths);
· incarcerated individuals;
· undocumented aliens;
· individuals who cannot afford coverage (i.e. required contribution exceeds 8% of  household income);
· individuals with a coverage gap of less than 3 months;
· individuals in a hardship situation (as defined by the Secretary of Dept. of Health & Human Services)

For Employers:

If you have fewer than 25 employees, pay average annual wages below $50,000, and provide health insurance, you may qualify for a small business tax credit of up to 35% (up to 25% for non-profits) to offset the cost of your insurance. This will bring down the cost of providing insurance.

Under the health care law, employer-based plans that provide health insurance to retirees ages 55-64 can now get financial help through the Early Retiree Reinsurance Program. This program is designed to lower the cost of premiums for all employees and reduce employer health costs.

Starting in 2014, the small business tax credit goes up to 50% (up to 35% for non-profits) for qualifying businesses. This will make the cost of providing insurance even lower.

In 2014, small businesses with generally fewer than 100 employees can shop in the Health Insurance Marketplace, which gives you power similar to what large businesses have to get better choices and lower prices. In the Marketplace, individuals and small businesses can buy affordable health benefit plans. Open enrollment begins on October 1, 2013.

The Marketplace will offer a choice of plans that meet certain benefits and cost standards. Starting in 2014, members of Congress will be getting their health care insurance through the Marketplace, and you will be able to buy your insurance through the Marketplace, too. Find out how you can get ready to enroll.

Please visit us at www.choicebenefits.org for more information or call: (978)703-0443

Grand Opening!

We are excited to announce the grand opening of our Individual Life Insurance Division.  Get instant term life quotes without giving any personal info on our web site.  www.choicebenefits.org.  We work with all the best carriers so you will get the lowest rates available.

Get peace of mind, knowing you've helped protect your
loved ones.
Life insurance can help provide for the people who depend on you financially, if you can't be there for them. The money can be used for final expenses, help to replace your lost income, cover debts, pay your mortgage, fund a child's education, and more.
here are two types of life insurance:

•       Term life insurance offers simple, affordable coverage for a set time period, typically 10 to 30 years.
•       Permanent life insurance offers coverage for your lifetime with the potential to build equity in the form of cash value and options for more flexibility.

C

5 Ways to save on small group health insurance

Over the past 5 or 6 years healthcare premiums have been on a steep rise.  Now rumors are circling that small business health premiums could double over the next few years with the implementation of healthcare reform (Wall St. Journal March 2013).  With that said it’s never been more important to search out and begin to employ some cost management strategies.  The old “set it and forget it” strategy in regards to employee benefits strategies is or should be far gone.  Here are some of my “go to’s”

   Option 1: Changing Carriers

                In today's healthcare markets all the big carriers may not be equal but pretty close.  If your Dr’s and hospitals are in the network and the benefits are equal, than changing carriers should always be an open option.  This may save a business from passing along costs to employees by raising deductibles or lowering company contributions. 

Option 2: Changing Plans

Raising your deductible may not always be the best solution, especially for a company with an older workforce, but this has been a reality for most businesses over the past 5 years.  Insurance carriers want to make insured’s act more as consumers for their care, thus they are driving companies towards higher deductible plans by pricing them out of lower or no deductible plans.

  But before businesses raise them they should look into some other options.  Here are a few; HSA’s are the fastest growing plan designs in the country and for good reason; HMO’s just do not cover what they used to.  Dual plan options with a “high Plan” and a “low plan” and fixed dollar contribution can help drive employees to less expensive plans by choice.   Choosing the right plans could be imperative in employee attraction and retaining so make sure you work with your broker and fully explore all of your options. 

***Option 3: HRA’s***

In 2012 I saved a small “not for profit” school almost 30% of their total health costs simply by raising their deductible and having the school pay the difference via a health reimbursement account(HRA).  The employees were not impacted at all.  Now saving 30% isn’t common but 8%-10% is.  If your group is over 10 employees and your deductible is less than $2,000/Individual an HRA could be a great strategy.

Option 4: Bridge/Gap Plans

 A gap plan is a plan insured by a third party carrier that can reimburse employees a dollar amount for medical claims.  The employee just needs to submit a claim to the third party with proper verification.  These plans are typically used in conjunction with raising the medical deductible and can be fairly inexpensive.  Bridge/Gap plans typically come in voluntary as well as group platforms, but be careful…..these plans vary greatly depending on the carrier.

*Option 5: Pre-Taxing*

                Its 2013 so if you do not have an updated section 125 plan I suggest you do so ASAP.  With that said with or without one most businesses are pre-taxing health insurance either way.  Here a few more ways to save money by pre-taxing (saves businesses on FICA….7.65%). 

·         HSA’s – Employees and employers can fund HSA accounts by pre-taxing up to $6,450 per family in 2013.  This saves the business $493 per employee per year!

·         FSA’s – The 2013 limits have been reduced to $2,500 per account for FSA’s but if an HSA is not an option FSA’s are not only a great benefit but can also save a business money.

·         Voluntary Benefits – I get weird look every time I tell someone that they can save money by adding more benefits….. but these are 100% employee paid benefits that cost the business zero and each benefit that can be pre-taxed saves the company money.

The healthcare world is like a constant changing maze, the strategies of yesterday are gone today and todays will be gone tomorrow.  For more help with navigating through all of the changes today and hopefully saving some money while you move forward, give Choice Benefits a call.

By:

Rick DeRosa

Choice Benefits