SIMRP
Implementing a Self-Insured Medical Reimbursement Plan (SIMRP) with a Patriot Preventative Care Management Program (PPCMP) can offer a multitude of benefits for businesses. Firstly, it can lead to significant financial savings through a Section 125 Cafeteria Plan, which can result in an average FICA savings of approximately $550 per year for each wellness program participant. Additionally, businesses may see a reduction in total expenditures by 1-2% due to a decrease in employee claims, which can amount to savings of around $1,400 per participant over three years. This is largely due to the effective management of population health risks and the resultant decrease in claims.
Moreover, the implementation of such programs can lead to a healthier workforce. Statistics show that 68% of interactions with healthcare professionals such as doctors, RNs, and health coaches lead to a reduced need for services, which saves both time and money. Furthermore, self-care options are utilized 29% of the time, completely avoiding costs, and 72% of potential emergency room visits are prevented by more appropriate care. The overall effect is a workforce with fewer sick days, leading to increased productivity and reduced costs associated with employee benefits.
From an employee perspective, the Attentive wellness program provides a comprehensive wellness package that does not impact their take-home pay. Pre-taxing the wellness plan creates a wellness reserve, which can be used to purchase supplemental benefits such as life insurance with cash value, GAP insurance, and coverage for critical illnesses, accidents, and hospital stays. This reserve averages $150 per month, or $1,800 annually, offering employees substantial tax savings and the opportunity to invest in valuable ancillary products.
For employers, the advantages extend beyond financial savings to include enhanced employee attraction and retention. A healthier employee population, coupled with the flexibility to creatively use savings for things like 401k contributions, adds significant value to a company’s benefits package. Such benefits are attractive to current and potential employees, fostering loyalty and reducing turnover.
In summary, a SIMRP with a Patriot Preventative Care Management Program (PPCMPO) can be a strategic investment for businesses, yielding financial savings, fostering a healthier workforce, and enhancing the overall value proposition for employees. These programs not only support employees in managing their health proactively but also align with the financial and operational goals of the employer, creating a symbiotic relationship that benefits all stakeholders involved.
HOW CAN A BUSINESS IMPLEMENT THIS PROGRAM?
To implement a Self-Insured Medical Reimbursement Plan (SIMRP) with a Patriot Preventative Care Management Program (PPCMP), a business should start by developing a comprehensive plan document that outlines the medical expenses that are eligible for reimbursement, the procedures for reimbursement, and the criteria for employee eligibility. This document serves as the foundation of the program and ensures compliance with the Affordable Care Act (ACA), which mandates coverage for essential health benefits.
The next step involves structuring the SIMRP to align with tax guidelines, particularly a Section 125 Plan, to maximize tax savings for both the employer and employees. It’s crucial to conduct a thorough review of the plan with CPAs and ERISA attorneys to ensure all legal and financial aspects are addressed.
Once the plan is established, the business must communicate the details to its employees, explaining the benefits and how to participate. This includes information on the Preventative Care Management Program and how it can lead to better health outcomes and financial savings.
To incentivize participation, employers can offer cash reimbursements for individual and family medical care expenses as part of the wellness program. These incentives should be strong enough to motivate employees to engage actively in managing their health.
Additionally, implementing a wellness program requires the integration of various health services, such as access to doctors, RNs, and health coaches, who can provide reduced levels of services when appropriate, thus saving costs. The program should also include self-care options to avoid unnecessary medical expenses.
Employers should also consider the use of technology to facilitate the management of the program. This can include online platforms for tracking wellness activities, submitting reimbursement requests, and providing educational resources.
Finally, it’s important to regularly review and adjust the program based on feedback and data analysis. This will help identify areas for improvement to ensure the program meets the needs of the employees and the financial goals of the business.
In summary, implementing a SIMRP with a Patriot Preventative Care Management Program (PPCMP) involves careful planning, legal and financial review, clear communication with employees, incentivization of participation, integration of health services, use of technology, and ongoing evaluation and adjustment. By following these steps, businesses can create a program that benefits both the employer and the employees, leading to a healthier workforce and financial savings.
How It Works?
- Each employee will have his/her own Personal Health Dashboard with Personal Health Records and access to valuable preventative care programs.
- Over 120 videos related to preventative care to enhance success in 15 conditions and lifestyles.
- A Preventative Care Program for the whole person: physical, emotional, financial, social, occupational, and life purpose.
- Online Personal Health Risk Assessment “HRA.”
- Personal Health Coaching by a certified practitioner will provide health coaching and guidance, goal setting, and modification for members to reach their co-created health goals to help manage lifestyle and prevent and manage disease.
- Online Road to Preventative Care that identifies both weaknesses and strengths and provides solutions to improve lifestyle and health.
- 2 4/7 Telemedicine with NO copay or VISIT cost
- Behavioral Wellness
We become your partner and manage this whole process end-to-end, providing all documentation and protections. We benefit when you benefit. Prequalify by filling out the application.