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A Look at Healthcare Reform’s Impact on Employers

www35814 — Mon, 10 May 2010 13:20:22 +0000

A Look at Healthcare Reform’s Impact on Employers

On March 23, 2010, President Obama signed into law the Patient Protection and Affordable Care Act. Along with the Health Care and Education Reconciliation Act of 2010, this legislation will make significant changes to our current health care system.

The Act adds new responsibilities for employers and insurance carriers. While most of the provisions will start in 2014 or later, some provisions are effective right away or within a short period of time after enactment.

Effective 2010

Small-Business Tax Credit. A tax credit of up to 35 percent of the employer’s health care contribution is available for qualified small employers (any employer with no more than 25 full-time employees and average wages of less than $50,000). This tax credit will increase to 50% starting in 2014 once exchanges are operational.
Early Retirees. A temporary reinsurance program is provided to employers that offer coverage to early retirees between the ages of 55 and 64.
Health Plan Changes. 1) Plans must offer unlimited lifetime benefits and annual benefit limits will be restricted. 2) Pre-ex conditions will be prohibited for children under 19. 3) Recissions are prohibited except in the case of fraud. 4) Plans must cover certain preventive health services at no cost to the insured. 5) Dependent coverage age limit extended to 26.
Federal High Risk Pool. Temporary establishment of a high risk health insurance pool for individuals unable to find insurance elsewhere.

Effective 2011

W-2 Reporting. Employers must report value of health care benefits provided on employee w-2s, but not as taxable income.
Higher Penalty Tax on Non-Qualified Health Savings Account (HSA) Withdrawals. Non-qualified withdrawals will be taxed at 20% versus the current 10% penalty.
Cafeteria Plans. A new Simple Cafeteria Plan is created through which small employers (less than 100 employees) can easily provide tax-free benefits to their employees without the administrative burden of sponsoring a cafeteria plan.
Standardized Definition of Qualified Medical Expenses. Costs for over-the-counter medications obtained without a prescription will no longer be considered a qualified medical expense.

Effective 2013

Flexible Spending Account Limits. Annual contribution limits are reduced to $2,500 per year, with CPI increases available in future years.
Itemized Deduction for Medical Expenses. The Act increases the income threshold for claiming the itemized deduction for medical expenses from 7.5 percent to 10 percent. Individuals over age 65 would be able to claim the itemized deduction for medical expenses at 7.5 percent of adjusted gross income through 2016.
Higher Payroll Taxes for High Income Earners. The hospital insurance tax rate will be increased 0.9 percentage points for wages over $200,000 for individuals and $250,000 for those filing jointly.

Effective 2014

Employer Coverage Mandates. Employers with 50 or more employees who do not offer employee health coverage will pay $2,000 annually for each full-time employee, excluding the first 30 full-time employees. The penalty is increased to $3,000 for any full-time employee receiving a federal tax credit for coverage, because his or her employer health coverage is considered “unaffordable.” Coverage is considered “unaffordable” where the employee contributes more than 9.8 percent of his or her income, or the employer contributes less than 60 percent of the actuarial value of the plan.
Insurance Exchanges. Exchanges are created at the state level starting in 2014, where individuals and small employers can shop for health coverage. Initially, the exchanges would be available to individuals and small groups (less than 100 employees), unless the state opts to cover only groups with up to 50 employees. Starting in 2017, states could open the exchanges to larger groups.
Wellness Programs. Employers can offer larger rewards, up to 30% of the cost of coverage, to employees for participation in a wellness program or for meeting certain health-related goals.
Individual Tax Credits. Credits are available for people with incomes up to 400 percent of the poverty level for insurance purchased through an exchange.
Health Plan Changes. 1) Insurers cannot refuse to issue coverage on any individual due to pre-existing conditions. 2) Higher rates cannot be charged to any individual based on health status, gender or other demographic factors. 3) Coverage cannot be non-renewed or dropped because an individual participates in a clinical trial.

Effective 2018

High Value Plan Excise Tax. A nondeductible excise tax of 40 percent is imposed on any health insurance plan with combined annual employer/employee premiums exceeding $10,200 for individual coverage and $27,500 for family coverage. The tax would only apply to premiums in excess of the threshold.

Get Creative with Benefits Strategies

admin — Mon, 28 Dec 2009 18:09:54 +0000

In an economic downturn, companies can struggle to maintain their existing employee benefits programs, much less think about adding new ones. In times like these, low- and no-cost measures can help a company to keep its benefits programs vibrant and evolving to meet employee needs. Here are some such measures to consider:

A recession may make it impossible to allocate additional company dollars to benefits, but an employer can give employees time and convenience instead, through various strategies-
- Set up a direct deposit program for employee paychecks. Depending on the financial institution used, the direct deposit program may be a bridge to discounted financial services, such as free checking, waived ATM fees, and the like.
- If business needs permit, give employees more control in balancing their work and personal demands through some form of flexible scheduling. This could include flexible hours, summer hours, compressed workweeks and telecommuting. Some employers find that employees on flexible schedules are better performers on the job, because they can more readily attend to personal issues and thus be more focused when at work.
- Investigate adding voluntary benefits. These no-cost-to-the-employer benefits can add a dimension to your benefits programs that can be difficult to achieve through a traditional benefits package. Employees are able to buy benefits at prices more affordable than what is available in the individual market; they have the convenience of payroll deduction; they also have the convenience of benefits being marketed to them, rather than having to seek them out on their own.
- Investigate discount programs. In these programs vendors offer their products and services at a discount to a company’s employees. The vendor’s motivation is access to the employer’s workforce, with the hope that the discount will steer buyers in their direction rather than to their competitors.
- Although many workplaces have gone more casual, others maintain specified dress codes. Employees appreciate when certain days are designated as casual-blue jeans okay-and the atmosphere that can accompany a casual dress day can give the workplace a lift.
Examine existing benefits programs to see what works and what doesn’t, and ask whether dollars should be reallocated to better meet employee needs. For example, are there medical plan options in which few employees participate? A streamlining of the available options can reduce administrative and program costs alike.
Some benefits have multiple uses but may have been promoted narrowly, so that employees may not understand their true value. Employee assistance programs (EAPs), for example, may be perceived as a source of help for substance abuse problems, but EAPs also typically offer a wide range of services many employees could avail themselves of, such as childcare and eldercare referral and assistance with financial issues and debt counseling.
Employees often underestimate the value of their benefits and compensation package, but there’s a good reason for this-many companies neglect to inform employees of what the company spends to make the benefits offerings available. Employees see their own contributions for medical, dental, etc., on their paycheck stubs, but other than during open enrollment-if even then-many companies simply never let employees know what the company pays for employee benefits. Consider distributing “total compensation statements,” which show employees the actual amount the employer is compensating them, through salary, mandated benefits (e.g., Social Security, Medicare), and the company’s employee benefits program.

As the economy improves and benefits budgets become less constricted, these measures can remain in place, continuing to enhance the value of your benefits package in employees’ eyes.

Click on the Contact Us in the main menu in order to discuss how we can help you to communicate with your employees.

myBenefitStatements – What we’re all about!

MBSteam2009 — Thu, 17 Dec 2009 16:21:42 +0000

We communicate with your employees the full value of their benefits and cash compensation through…

Customization…for your company, using your logo, colors and images; Personalized…to each individual employee.
Attractive design…which draws your employees’ eyes and attention to their statement—making them want to read it!
Easy to understand format…striving for clear, concise communication.
Employee communication…saturating your total compensation statements with important personalized data critical to each employee.
Charts, graphs and pictures…focusing your employees’ attention on key company strengths and clarifying comparisons.
Accurate data…we work with you to provide an accurate presentation of each employee’s total compensation package.
Timeliness…delivering benefit statements to your employees when the communication of total compensation is most effective.

We are committed to each individual employer—to be personable, responsive, and to earn your confidence as we work together producing your employee benefit statements.

myBenefitStatements – show your employees the value of their benefits

MBSteam2009 — Thu, 17 Dec 2009 15:59:36 +0000

This special format is designed to emphasize the value of employee benefits in an easy to use, cost effective, high quality product:

Customized with your company logo
High quality full-color digital printing on 8 ½ x 11” premium paper
Windowed security envelope included at no additional cost
We do the work–minimal data collection required
Value-priced!
The layout, colors, design and pie chart are all pre-set.
The categories of benefits and the actual titles in each of those lines are also pre-set. Additional types of benefits will be combined in the “other benefits” line.
The descriptive text below each benefit category may be edited, as well as the letter from the leadership. No additional notes or definitions are included.
A Summary Management Report and PDFs of each statement for reference purposes are available for an additional fee.

myBenefitStatements Means Service

MBSteam2009 — Wed, 16 Dec 2009 19:29:19 +0000

Our goal is to surpass your expectations with dedication to prompt, accurate, and friendly service!

BusinessPlans, Inc. (BPI) – myBenefitStatements is a dynamic organization committed to providing innovative solutions to your employee benefit statement needs. We offer a range of benefit statement services dedicated to a two-fold goal of delivering quality, cost-effective employee benefit statements coupled with hassle-free benefit statement project management for our clients.

myBenefitStatements has been providing hassle-free employee benefit statement services for over two decades, so this is nothing new to us. In 2003 we launched our user-friendly myBenefitStatements.com web site. Essentially, we’ve created an online resource center to provide the solution to your benefit statement needs.

Our services are designed to help you maximize the value of your employee benefits program. Our experience assures you of superior service in the design, testing, implementation, and delivery of your custom employee benefit statements – giving you what you need, on time and right the first time or we’ll keep working until you are 100% satisfied.

Our Vision
myBenefitStatements will be recognized as the leader in providing customized employee benefit statement services through superior service to help businesses achieve strategic success and maximize the effectiveness of their benefits program.

Our Approach
myBenefitStatements believes that employee benefit statements should be designed for the needs of each individual company. A custom benefit statement should reflect a definite purpose – not design by accident. Our unique approach involves the following process:

Discovery – determining goals, needs and resources
Design – structuring a layout based on each company’s unique characteristics
Implementation – collecting data, performing calculations and providing proof sample statements for approval before printing and delivering
Service – day-to-day administration of programs and company assistance

Introducing Open Enrollment Forms

MBSteam2009 — Wed, 16 Dec 2009 18:27:55 +0000

You know myBenefitStatements for creating high quality, easy to read, total compensation statements. Now we have created easy to follow benefits enrollment forms for your next open enrollment period.

Recent studies show that many employees are confused or frustrated while selecting their benefits (Employee Benefit News, April 1, 2009, p. 17). In some cases self-service online enrollment has become “no service.” Use our open enrollment forms in conjunction with employee meetings/seminars to ensure your employees make informed benefits decisions.

Our new benefits enrollment forms are…

Customizable to show your benefit offerings
Easy to understand
Full-color—enlisting your employees’ attention
Easy to complete and return on the spot during elections meetings

With more than 20 years of employee communications experience, myBenefitStatements is your skilled partner. We collaborate with hundreds of brokers and employers all over the country to create effective employee communications tools. Hard copy, easy to complete forms from myBenefitStatements are one of our specialties.

To see samples and request a price quote, visit www.myBenefitStatements.com or contact Sarah Fakan at (800) 865-4485 ext. 104. If email is more convenient, please send us an email at Info@myBenefitStatments.com

“Off the charts!” – dramatic increase in employee satisfaction…

MBSteam2009 — Wed, 16 Dec 2009 18:19:14 +0000

Our client gave total compensation statements to their employees for the first time in 7 years. Then they conducted their regular every-other-year employee survey.

When they compared the results with the previous survey, they saw a significant increase in employee satisfaction with their benefits. In fact, they described the increase as “off the charts!”

Our client believes that a contributing factor to this huge growth in their employees' perception of their benefits is employee benefit statements.

myBenefitstatements is the right choice!

admin — Tue, 22 Sep 2009 21:04:26 +0000

Use myBenefitStatements to… Boost morale Show each employee a picture of their total compensation Connect with each employee using personalized communications Reinforce employees’ sense of value to the company Related posts:myBenefitStatements is the right choice! Open Enrollment forms from myBenefitStatements make it easier for you! You’ve got to communicate! Introducing Open Enrollment Forms Communications Are [...] Related posts:

Clearly Communicate with Employees

admin — Thu, 17 Sep 2009 16:50:42 +0000

Over 50% of your workforce don’t understand all the benefits offered and the value of their total compensation (wages + benefits)! You can use benefit statements as a effective employee communication tool.

Employee communication is critical. You can communicate the value of your benefits program through attractive and affordable benefit statements showing your employee the value of their total compensation in an easy-to-understand format.

Your customized employee benefit statements can be presented in a 1-page, newsletter style or tri-fold format. Whatever your needs – myBenefitStatements has the solution!

Open enrollment election and confirmation forms are also available.

How many employees did you replace last year?

admin — Thu, 17 Sep 2009 16:48:48 +0000

According to HR professionals the cost of replacing an employee is conservatively estimated at 26.8% their annual salary. (It costs your company $8,040 to replace an employee earning $30,000!)

–2005/2006 Employee Job Satisfaction and Retention Survey from Salary.com

How many employees did you replace last year? You do the math and then compare the replacement cost with the fee for total compensation statements.

The typical employer can provide a total compensation statement for every employee at a fraction of the cost of replacing just one employee! Why wouldn’t you use benefit statements?

Check out samples of our benefit statements or request a benefit statement services quote.

Having talent retention issues?

admin — Thu, 17 Sep 2009 16:47:38 +0000

If you’re having problems:

Attracting new employees
Communicating total compensation to your employees
Improving employee morale
Reducing employee turnover
Retaining the best employees (employee retention)
Providing additional benefits at low cost to your employees

Then benefit statements are right for you! You’re spending many thousands of dollars providing your employees with statutory and fringe benefits – shouldn’t you be getting your money’s worth?

Why You Should Work With myBenefitStatements!

admin — Thu, 17 Sep 2009 16:45:31 +0000

At myBenefitStatements we know that you're looking for an employee benefit statement supplier who will go farther than just creating statements and sending invoices. You want to establish a long-term relationship with a service provider that will help you improve your bottom line.

You want a team of creative professionals who understand your industry, your business, and how to communicate with and motivate your employees. You want someone who can customize your benefit statements to meet the needs of your participants while relieving the Benefits Department of unnecessary detail work. You want to partner with an organization that delivers on the expectations it sets, and who keeps the focus on producing the outcomes you need to achieve.

Choose myBenefitStatements and allow our experience and expertise to work for you. myBenefitStatements offers added value to you through personal, professional, and dedicated service at a reasonable cost. We won't stop working until we've achieved the look and feel you desire for communicating total compensation to your employees. Whatever your benefit statements needs, we've got you covered!

Simply pick up the phone right now and give us a call or fill out our online request form and we will contact you! Two easy ways to add a valuable resource to your company benefits.