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For restaurant employers struggling with the rising costs of employee payroll and workers' compensation insurance, a Self-Insured Medical Reimbursement Plan (SIMRP) may be the answer to increasing employee benefits, while also reducing costs for both employers and employees.
The intent of the Affordable Care Act (ACA) is to reward quality care through establishing payment structures that provide reimbursement for implementing wellness and health promotion activities.
How does the Federal Program help a Restaurant Business Owner?
Save $500 per Employee per Year
This little-known Affordable Care Act program lowers an Employer's payroll taxes for all eligible employees.
Eligible employees must be W2 full-time workers working 30 hours per week.
All types of organizations are eligible to participate: Public, Private, Union, Non-Union, and Nonprofit.
Save 20% - 30% on Workers' Comp Premiums
With the uncertainty of how Covid-19 will affect your future Workers' Compensation premiums, restaurant owners should do all they can to lower premiums now.
A restaurant business is limited on what they can do to decrease their Workers' Comp premiums. Implementing a Safety Program, a Return to Work Program, Joining a State-Sponsored Program, or securing a Group Rating are the normal actions a company can pursue to lower premiums.
With our help, a California restaurant business may be able to reduce Workers' Compensation premiums by an estimated 20% - 30%.
Increase Employee Benefits - No Investment Needed
The SIMRP Program provides a non-taxable allowance to purchase supplemental benefits like disability, accident, critical care, cancer care, and life insurance, without lowering the employees take-home pay.
Added features of the program provides virtual access to telemedicine, counseling, financial, and legal support services plus an educational portal to support healthy lifestyle choices.
This Federal Program requires No Investment from the restaurant employer.
Minimum eligibility requires 3 full-time employees, who work a minimum of 30 hours per week.
Example 1: Restaurant Business with 25 Employees
Payroll Tax Savings per Year - $12,500
Workers' Comp Gross Wages Reduction - $300,000
Example 2: Restaurant Business with 100 Employees
Payroll Tax Savings per Year - $50,000
Workers' Comp Gross Wages Reduction - $1,200,000
Example 3: Restaurant Business with 500
Employees Payroll Tax Savings per Year - $250,000
Workers' Comp Gross Wages Reduction - $6,000,000
How does the Federal Program help an Employee?
A Non-Taxable Allowance
The Affordable Care Act's primary objective is to provide more benefits for Americans.
This little-known provision details how a business can use their "Cafeteria Plan" to its fullest potential. A cafeteria plan permits an employee to pay for their "share" of healthcare benefits.
This incentive plan permits a company to implement this type of incentive which provides a non-taxable allowance that must be spent on specific supplemental benefits: Accident, Disability, Critical Illness, Cancer Care, or Life Insurance.
Supplemental Benefits
In the aftermath of COVID, individuals everywhere, are taking a harder look at Supplemental Benefits and how those benefits can help their families.
This ACA program's allowance requires participating employees to use the entire allowance to purchase their options.
Employees can choose from a one company program that has every option or individual plans from multiple providers.
Save Money
How does an employee save money?
First, if they are paying for supplemental benefits, this program provides an allowance to purchase supplemental benefits from providers of the program.
Second, most employees purchase accident insurance coverage. Accident plans provide a cash payment to the employee when a claim is presented to the insurance provider.
Third, supplemental benefit plans are instrumental in reducing out of pocket costs for future unexpected events.
The ACA programs have many requirements, however these programs provide incredible benefits to restaurant owners and their team members. Most restaurant owners don't understand and don't know that these federal programs are readily available to them.
If this sounds complicated to you, don't worry. Simply give us a call at (818) 924-2054, and we'll set you up with a specialist to help you out.
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