employee benefits
At Impact Beneficial, Employee Health Matters
Impact Beneficial is built for small businesses, by a small business owner. Here are just a few of the solutions we offer to help lower benefits cost while providing better access to health, vision, and dental care for your employees. Many times we will find savings that were left on the table for years.
Recruit the best talent with add-on benefits like life insurance, critical illness and cancer insurance to help cover out-of-pocket costs, and disability insurance to help employees get their lives back and return to work when the unthinkable happens.
SELF-FUNDING/LEVEL FUNDING
Keep more of the savings when your employee group stays healthy, and pay less for good care when employees get sick.
Keep your existing network or choose the network of doctors, hospitals, and condition-specific centers of excellence you want.
TRADITIONAL HEALTH INSURANCE
All the brand-name large insurance carriers you trust, with our negotiating power and group rates. Get the group buying power to negotiate your premium like a much larger employer, plus our personalized support for you and your employees.
HEALTH SAVINGS ACCOUNTS (HSAs)
Allow your employees to save money tax-free for their health expenses now, later, and years from now in their retirement, and pay lower premiums while doing it.A Health Savings Account (HSA) is a tax-exempt savings account members can put money into to pay for qualified medical expenses. Money goes in tax free, invests and grows tax-free, and comes out to spend on healthcare tax-free.
HEALTH REIMBURSEMENT ACCOUNTS (HRAs)
Commonly offered with a High Deductible Health Plan (HDHP). These are funded solely by the employer. Funds are used to reimburse employees for healthcare expenses, including the deductible of their health plan, and unused funds return to the employer. When combined with a HDHP, this can result in lower premiums.FLEXIBLE SPENDING ACCOUNTS (FSAs)
An FSA allows employees to contribute a portion of their paycheck pre-tax to a Flexible Spending Account under IRC Section 125. An employee may seek reimbursement from the Flexible Spending Account for expenses paid for child care, health plan deductibles, and eligible medical expenses not otherwise covered under a health plan.Money in an FSA is use-or-lose; however, a Flexible Spending Account allows an employee to increase his or her spendable income while also reducing the employer’s tax liability.
Each employee gets to decide for themselves how much money, if any, to contribute to an FSA, up to the limit set annually by the IRS.
DENTAL
Access innovative dental insurance carriers with incredible benefits, typically at the same or lower cost than what you are currently paying.
Ordinarily, orthodontia can be expensive even with insurance--we can help you source affordable orthodontic care as well.
ACCIDENT PLANS
Coverage for eye exams, eyeglass frames, lenses, and contact lenses. Some vision plans even cover other services like laser vision correction.ACCIDENT PLANS
Did you know that nearly 1 in 7 Americans will have an injury resulting in medical attention annually?An accident plan helps employees cover out-of-pocket expenses associated with these unplanned medical visits by paying out set amounts triggered by a list of common accidents.
These plans can be an automatic benefit for all employees or offered on a voluntary basis, allowing employees to choose what works for them.
LIFE INSURANCE
Access our trusted network of group life insurance carriers with our group buying power for decreased cost, lower participation requirements, and increased guaranteed issue, making more life insurance available for your money. This is great for those employees who could not have qualified individually because of health status and/or price.DISABILITY
Disability is the only minority status we could all enter at any time--unless of course we’re already there. 1 in 4 Americans has a disability. Most can work, but during the initial event will need some time off and financial support to get them through to the time they are able to return to work. Short-Term Disability policies can help cover the gap.For conditions that prove to be significantly impairing for a longer time, Long-Term Disability policies can help cushion the blow while members have a longer recovery or apply for Social Security’s disability insurance.
If you already have Short-Term and Long-Term disability policies in place, we can help you make sure you are getting the best deal and that there are no time gaps in coverage between policies, so your employees are protected.
CRITICAL ILLNESS, CANCER PLANS, AND OTHER SUPPLEMENTAL INSURANCE
Help employees cover their out-of-pocket medical expenses and nonmedical expenses health insurance won’t cover, like professionals to help with activities of daily living they cannot do for themselves while suffering serious illness.
Unlike most health insurance, employees can use these plans to help pay for experimental treatments, clinical trial participation, and travel expenses related to medical treatment.
These can be voluntary (employee-paid) or employer-paid benefits.
HUMAN RESOURCES INFORMATION SYSTEM (HRIS)
Administer all your benefits more easily, automate compliance, and increase benefit value for yourself and your employees with our partner HRIS system.REGULATORY COMPLIANCE
We will help keep you on track with your required regulatory filings, taking the burden off HR and helping you avoid fines.SECTION 125 PLANS
With a Section 125 plan, employee contributions toward their benefit premiums can be pre-tax. Without a Section 125 plan, employee contributions can only be made with after-tax dollars.There are three basic forms of Section 125 plans: Premium Only Plan, Flexible Spending Account, and Full Cafeteria Plan.
PREMIUM ONLY PLAN
The most basic type of Section 125 plan and the most popular.A Premium Only Plan allows employees to pay their portion of insurance premiums with pre-tax dollars, which in turn reduces both the employer’s and employees’ tax liability.
Benefits that are typically offered within a Premium Only Plan include health, dental, vision, accidental death and dismemberment, and group term life insurance.
FULL CAFETERIA PLANS
Under a Full Cafeteria Plan, the employer makes the same dollar amount of contribution for every eligible employee. The employees may spend the employer's contribution to purchase any of the benefits offered within the plan. In addition, the employee may contribute pre-tax dollars to purchase additional benefits beyond what they could otherwise purchase with the employer’s contribution.ICHRA/QSEHRA
If you have only a few employees, you may get the most mileage out of your healthcare dollar by offering every employee the same amount of tax-advantaged money to buy individual coverage on the ACA Exchange. We can help you set up this health benefits strategy and help each of your employees find the best individual health insurance plan for them.