Such an underutilized Government Program exists that offers employers a way to provide additional benefits at no net cost to themselves or their employees.
By combining sections of the tax code with the Wellness provisions of the ACA this software driven program gives companies a way to offer a state-of-the art program at no net cost to either the employee or the employer.
The employee’s take home pay remains the same and the Program saves the Company over $500/employee/year in FICA taxes
The Employees enjoy many benefits from a full-blown state-of-the-art Wellness Management Plan including Licensed Dieticians, Stress Management, Licensed Physical Trainer, Personal Risk Health Assessment & a Supplemental Retirement Savings Plan —funded entirely through tax savings.
NO Change in take home pay: A valuable and appreciated benefit for Employees and their families.
It is simple to use through your smart phone technology. Just use the specialized portal once a quarter. Each employee is given a specifically geared portal for their own health interests, so you get info that you want to see.
This all started with the premise that
“An ounce of prevention is worth a pound of cure. Having the resource and the incentive that pays you to use it is a true win-win.”
And here is the history of how it started: In January of 2014, the IRS put in place the Preventative Healthcare Credit to little fanfare. Very few people knew that this law existed, but it was designed to help the future tax-payor by lowering future healthcare costs through education. The assumption was that, through awareness of one’s health, and with the benefit of personal information and coaching, the average worker would be better prepared to stay healthy and thus cost the government less in healthcare costs.
The CDC currently estimates that over 80 million Americans are either Diabetic or are borderline Diabetic. These numbers are frightening to the government as they do their best to move the population into a one payer system.
At current rates of medical costs and considering the speed at which the population health is declining, the government numbers show a break in future funding for medical coverage. So, the Incentive of Prevention was born and currently something that has been working well for the specific companies and employers lucky enough to have heard about it.
For each Company that offers this program to their employees a financial incentive has been created to enhance the roll out. The Company will save $500 in FICA Taxes for each employee they employ. But better yet, each employee will receive a $1,500 financial benefit as well.
There are not too many areas in life where the government has built a beneficial program where BOTH the employer and the employee can enjoy a financial gain but, because of the health care costs the government sees in the future, they are willing to give an Incentive for people to understand how to stay healthy.
Lots of people tease the government that it rarely shows up to a business with a Policy, Program or offering that helps. Well, this time, it has hit it out of the park with this super beneficial program.
Too bad, the government does not tell more of the small business owners and have so far, only explained it to the larger ones. Maybe, it does not believe that small businesses want to help their employees in the same way as the larger ones do, but, as a small business owner myself, I can assure them that they are wrong. I know small businesses would love to sign up if they only knew where or who to call for help.
I am glad to help 800-582-1484.
Anna Petrossian is a former educator turned successful businesswoman with over 31 years’ experience in the world of manufacturing/import/consultancy and marketing.
She has focused her strengths on how to grow Companies and found creative solutions and resources others envied. Through her expertise and efforts, companies have grown into multi-million dollar ventures and she is often asked to assist other business owners on topics of where to get growth capital, reduce costs and improve profits. A valued resource to the business community, Anna prides herself first on helping others.