Innovative Tax advantage and Self Funded savings mechanisms
The marketplace is constantly changing adding new programs and moving based on tax code, innovation and disruption of the status quo.
BC Group has a team of alliance members who specialize in non-traditional products to help you maximize your payroll dollars for your staff and tax incentives available for varying industries.
insurance & Healthcare Access Products
Access to primary care physicians
Free prescriptions, accident coverage
Re-direction care for large self-funded groups, drastically improving EBITDA, saving millions of dollars.
For groups from 15 to 15,000 and larger.
Major Healthcare Insurance
Major healthcare benefits is the number one benefit employees look for from an employer. In order to attract and retain top talent you have to offer them. How you offer them, how much expense you underwrite of the cost has a profound effect on the profitability of your company. Most companies are over insured offering rich benefits based on the fear than this year might be the one you become chronically or seriously ill. Only 2-6% of your work force have serious illnesses, so why is your plan based on worse case scenario? Build a benefits plan based on the 94% of healthy employees.
No one expects a crisis and no one expects not to be able to work because they are sick or injured. For low monthly premiums you can obtain coverage that pays out to you directly as the result of an accident or illness. There is no communication with your healthcare provider and dollars are deposited in your bank account for to pay the bills you decide you need to.
Professional Employer Organization (PEO)
Professional Employer Organizations offer a turnkey solution for you and your staff. Under this model employees are co-employed by you and the PEO. Taxes are reported under the FEIN of the PEO.
Depending on the PEO you can carve out workers compensation or healthcare benefits or bundle everything under one roof.
Federal Tax Credits
The Federal Government has multiple tax credits available to businesses of all sizes.
With the unprecedented disruption and collapse of business as usual as a result of the COVID-19 pandemic there are once in a generation tax credits available from the Federal government.
Employers are eligible for up to $33,000 in employee tax credits from 2020 & 2021.
BC Group has partnered with the leading provider of services in this area. Our partner helped write the statutes for disaster aid starting with the first ever act as a result of hurricane Katrina in 2005. Their expertise is regularly sort out by congress to aid in this area.
Self-Funded Healthcare Benefits Savings 20-30%
Level Funded Plan
These plans take on some of the characterists of self funded plans without the danger of explosive costs being absorbed by you the employer.
They behave the same as fully funded plans but the components are paid for by you.
At the end of twelve months if there is a surplus of funds remaining a portion or all of those funds are credited to your account for the following year.
The insurance carrier does not own the insurance and their admin costs and profit are not all included in your premiums. This leads to lower cost and the opportunity of credits.
Self Funded Plan
For companies over about 100 participants in major healthcare benefits it is possible to self-fund your plan.
There is more exposure under this model, but also more opportunity to control cost by avoiding insurance carrier fees as a part of your plan.
Self – funded plans should be entered into in the full knowledge that the financial burden for high claims is partially born by the company.
Government regulation grows every year, keeping up with the necessary regulations is a full time job. Let a payroll company manage this area for you. Most payroll companies now have the capability for you to approve payroll from anywhere you can get cell service or an internet connection. Let your payroll provider take care of taxes, garnishments, 940 & 941 reporting and quarterly tax filings. Many will also do your ACA reporting for form 1095s. Typical integration includes an HRIS to manage the essential aspects of business. I-9 verification, W-4, on boarding, employee handbook documentation etc.