Sometimes clients offer other alternative benefits to their employees.
The reasons for doing this are many but depending on the earnings of their workforce, offering a group medical plan will eliminate any health insurance subsidy. In those cases offering a group health insurance benefit can come off as a penalty for the employees. By offering alternative benefits our experts can help the employees enrolled on a subsidized health insurance plan and still get good if not great benefits from their employer!
- ICHRA: with an ICHRA the employer can give the employees money towards their health insurance purchase. The ICHRA allows the employer to do so with untaxed dollars and the benefits remain tax free to the employees
- Minimum Essential Coverage: MEC plans are lower in cost and can be a good alternative benefit that helps employers avoid ACA penalties but often still permits employees to get subsidized insurance. many times a MEC plan can be layered with other indemnity benefits to mimic a major medical plan benefit.
- Direct primary care: These plans are affordable and bridge the gap to coverage for employees with no insurance or access to care.
- Indemnity benefits: These plans offer payments typically direct to employees in lump sum to help cover the cost of care. They are not fully covered in the event of a catastrophic loss, though.
- Ancillary benefits: Many employers will allow their employees to go to the exchange for health and then provide great ancillary benefits. Benefits like Dental Insurance, Vision Plans, Group Life and Disability. Some of these benefit levels are only available to employer groups giving the employer a distinct advantage over plans that an employee could purchase directly. A common dental and vision plan with excellent coverage can cost the employer under $45 per employee per month!
Ask your Total Benefit Solutions, Inc health insurance experts today if this strategy could work for you group ! (215)355-2121