BIZPower360 is partnered as a broker with an established Employer Benefit provider to raise awareness of an underutilized tax incentive that is tied to our 100% compliant employee Wellness Plan.
Business Owners, please read this:
ONLY ONE employee benefits program pays your company in real bottom-line dollars. It does not cost the business, and it does not impact employee paychecks.
It is called a SIMRP.
Have you heard of SIMRP?
The 2014 Affordable Care Act (ACA) contains a provision allowing any company with W2 employees to receive a payroll tax reduction incentive if it implements a qualified “Health & Wellness” program.
The provision is called SIMRP (Self-Insured Medical Reimbursement Plan).
The SIMRP Program is a participatory preventive care management program designed to help employees improve their physical and mental health. This innovative cost-saving strategy is made possible by a set of tax codes in the Affordable Care Act (ACA).
BizPower360 offers a SIMRP plan called BizPower Benefits.
The plan meets all the requirements for compliance with the ACA SIMRP rules and offers payroll tax savings for the employer with great benefits for employees.
BizPower Benefits allows employers to add additional benefits to their employer-provided benefits package at no cost to the employer.
BizPower Benefits also gives employees money to spend on medical plans outside the purview of traditional health insurance plans that the employer may provide.
BizPower Benefits Program Summary
A. BizPower Benefits can significantly enhance a company’s financial performance and employee satisfaction.
B. BizPower Benefits provides substantial payroll tax savings without impacting employees’ take-home pay while enhancing their benefits.
C. BizPower Benefits is a tailored health and wellness solution that seamlessly integrates into a business’s existing benefits package offering without any initial investment.
Zero investment required: Companies begin to realize savings immediately post-enrollment, as their tax savings cover the plan’s premium.
Direct impact on the bottom line immediately: This program stands out by providing instant tax savings, avoiding the conventional pay-now-receive-later model.
Average savings of $550 per employee annually in payroll taxes: After accounting for the program’s premium, the net savings amount to an average of $550 per employee annually.
Enhanced employee retention, loyalty, and productivity: Additional benefits have been statistically linked to higher employee satisfaction and loyalty.
Decrease in claim costs for major medical plans by an average of $1400 over three years: The program’s health dashboard, featuring round-the-clock telehealth and wellness services, encourages employees to opt for these virtual options, thereby reducing claim costs on traditional medical plans.
Effortless and fully automated implementation: Thanks to our efficient systems, our streamlined process requires minimal time investment from business owners.
No Reduction in Take-Home Pay: Our innovative program structuring ensures that the addition of supplemental benefits and access to a wellness dashboard are funded through tax savings. This strategy effectively reduces taxable income without diminishing net pay.
$150 Monthly Allocation for Supplemental Benefits: Each employee is empowered with an average of $150 per month to customize their supplemental insurance coverage, selecting from options such as accident, cancer, and life insurance based on personalized consultations at the point of enrollment. Secure,
Personalized Online Health Dashboard: A dedicated, HIPAA-regulated digital dashboard provides employees with a private portal for managing their health information and resources.
24/7 Telehealth Support Without Copays: The program inclusively extends to the employee’s immediate family, offering round-the-clock access to a diverse array of Telehealth professionals, ensuring medical advice and support without financial barriers.
Integrated Holistic Health Coaching: The program embraces a whole-person approach and offers extensive health coaching. It aims to nurture each participant’s overall well-being, which spans physical health, mental resilience, and emotional balance.
Addiction recovery and couples counseling.
BizPower Benefits Summary
- It saves an employer, on average, $550 annually for each W2 employee.
- Each employee in the program gains access to a comprehensive bolt-on health and wellness plan that includes Telemedicine, Telehealth, Telecounseling, and more exceptional benefits.
- Employees also receive an average of $150 monthly towards supplemental insurance plans covering life, cancer, accidents, and other areas.
- This program will not affect the employees’ take-home pay.
BizPower Benefits is independently validated to improve employee health. As part of an employee benefit package, it can help create employee satisfaction and retention.
Our solution can increase employee retention, loyalty, and productivity thanks to the enhanced benefits package.
It also reduces claims costs on major medical plans, with a three-year average savings of $1400.
The best part? It’s fully automated and simple to implement, requiring minimal effort.