Do you know a small business owner that doesn't have a group
health insurance policy in place, but would like to help their employees with
the cost of health insurance? If so, you might just gain a new best friend.
Tell them about BASE®’s new Choice Incentive Plan. This plan
is designed for employers who want to reduce the cost of health insurance for
their employees, but aren’t interested in sponsoring a group health plan. This
taxable benefit provides a predetermined allowance to help employees lower and
offset the cost of purchasing their own health insurance policy and requires
proof of payment.
You may know some business owners that provide their
employees with a similar type of plan, but it often happens without any
formalized or written guidelines in place. The BASE® Choice Incentive Plan can
help employers set up the plan so it is done legally and in compliance with the
Affordable Care Act.
So how does it work? It is fairly simple.
1) The employer sets a fixed dollar amount to go towards
individual insurance plans, including health insurance premiums (on or off
Exchange), supplemental insurance premiums (all types including disability),
and life insurance (Term, Whole, Universal). The employee has the choice on
what type of health coverage, so it fits their needs.
2) The employee then must provide proof that they did, in fact,
use the benefit dollars provided by the employer to purchase health insurance.
The employee submits the proper documentation to BASE®.
3) The employer then pays the defined benefit amount to the
employee which is made to the employee on an after-tax basis.
Essentially this benefit plan separates wages from benefit
dollars with simple administrative tools.
The BASE® Choice Incentive Plan benefits both the employer
and the employee in many ways. From controlling the funding limits to reducing
the paperwork and documentation in the employer’s office to the tax benefit
this plan carries with it, employers have many reasons to utilize the BASE®
Choice Incentive Plan. Employees gain an advantage by having funds available to
assist them in purchasing health insurance. They also have the freedom to choose
whichever plan works for their personal needs.
All of these reasons are just the tip of the iceberg when it
comes to the benefits associated with this plan. So the next time you think of
a small business owner looking to enhance their benefit package, let them know
that BASE® has the plan just for them.
The BASE® Choice Incentive Plan is new, simple, and it might
even make you a new best friend.
If you or someone you
know is interested in more information regarding the BASE® Choice Incentive Plan,
please call 1-888-386-9680.