At Impact Beneficial Employee Health Matters
Impact Beneficial is Utah’s most innovative employee benefit consulting group. We lean on analytics, data, software and deep institutional knowledge to carefully select the most competitive benefits while balancing and even saving on cost. Our goal is to be an extension of your team, improve on systems, unlock efficiencies, and increase employee well-being. As we accomplish this goal, we will be dedicating a portion of our revenues to O.U.R. We are proud to deliver premium services at no additional cost. Many times we will find savings that were left on the table for years.
With our experience and industry knowledge we will construct the best possible set up for your health insurance. We will look at alternative funding methods, innovative insurance carriers, and networks to get the most out of your benefit dollars.
DENTALWe have access to new dental insurance carriers with incredible benefits, typically at the same or lower cost than what you are currently paying. We can also help you source affordable orthodontia care. There are lots of positive changes going on in the dental market.
A common form of supplemental insurance. We can help you get group accident plans at reduced rates. These can be offered on a voluntary basis, allowing employees to choose what works for them. These plans pay out set amounts that are triggered by a list of common accidents.
HEALTH REIMBURSEMENT ACCOUNT
Commonly offered with a High Deductible Health Plan. These are funded solely by the employer. Funds are used to reimburse employees for healthcare expenses. When combined with a HDHP, this can result in lower premiums.
Human Resources Information SystemWe offer a robust HRIS system to streamline HR functions, automate compliance, and increase benefit value to the employer and employees.
We have proprietary group life insurance options with decreased cost, lower participation requirements, and increased guaranteed issue, making more life insurance available for the cost. This is great for those who could not have qualified individually because of health and or price.
DISABLITITYThese are insurance policies that can pay for a short or long period of time. They can be set up to cover less serious or more critical matters. If you already have Short Term and Long Term disability in place, we can help you make sure you are getting the best deal and that there are no time gaps in coverage so your policies work in hand in hand.
HEALTH SAVINGS ACCOUNTS
Health savings accounts (HSAs) are a growing trend in health care. An HSA is a tax-exempt savings account established to pay for qualified medical expenses. Contributions, interest, other earnings that accumulate, and amounts distributed from an HSA are all tax-free.
These plans function similarly to a medical plan. A premium is paid and the insurance company will cover all or part of the cost for vision care. This will also typically include coverage for eye exams, frames, lenses, and contact lenses. Some plans can also cover other services like laser vision care.
Regulatory ComplianceWe can expertly diagnose, fix, and help maintain all your regulatory and compliance requirements, taking the burden off HR and avoiding fines.
SECTION 125 PLANS
A Section 125 plan allows employers to provide their employees with a choice between cash and certain qualified benefits without adverse tax consequences. 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.
These plans pay out in addition to the group benefits. They are a means of receiving extra funds during tough times. We can help you offer a suite of these as voluntary or employer-paid to round out your benefits offering.
FLEXIBLE SPENDING ACCOUNT
Under IRC Section 125, employees may make pre-tax contributions to a Flexible Spending Account. 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. A Flexible Spending Account allows an employee to increase his or her spendable income while also reducing the employer’s tax liability.
FULL CAFETERIA PLANS
Under a Full Cafeteria Plan, the employer makes a nonelective 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 he or she can purchase with the employer’s contribution.
We have incredible retirement solutions available that can fit a diverse employee population's risk appetite and financial goals. We also have methods available to help you avoid large downsides, but allow you to participate in the upside.