The past year has been an incredibly challenging time for businesses and business owners across the country. However, The American Rescue Plan was recently signed into law. Typically, a group health plan is paid 50% by employer and 50% by employee; this is unaffordable for many businesses. With the government paying close to 50% and employees paying 50%, the employer has no cost for the health plan. The government is now giving large subsidies for individual health plans, paying up to half of an employee’s monthly premium.
MBS has rounded out this program with an employee benefits bank. Contributions made by the employer, the employee, or both can be used for voluntary benefits including dental, life, telemedicine or so much more! Of course, MBS will manage all the administration. This could be a great offering to new employees with little or no cost on the employer’s part!
With the new enrollment period open until August 15th with no need for a Qualifying Life Event, let’s take a look at how the American Rescue Plan can help save your business money and increase employee benefits this year.
Health Insurance Subsidies and Your Company’s Employee Benefits
Here at Merritt Business Solutions, we can help your eligible employees to access health insurance subsidies in the marketplace. Your employees may now be eligible for increased subsidies thanks to the changes to the Affordable Care Act with the American Rescue Plan.
For anyone with an individual income of $12,760 to $51,040 or $26,200 to $104,800 for a family of four, we can help them to enjoy even more savings than ever before. You can then combine this with a fully managed benefits program for your employees, offering them the best of both worlds. They can use these benefits to access life insurance, critical illness coverage, telemedicine, and many other voluntary benefits that may fit their needs.
Saving Your Team Time and Money
For business owners, we know that there are never enough hours in the day. That’s why at Merritt Business Solutions, we are dedicated to helping businesses thrive during this difficult time. If you are a business owner who finds they are performing multiple roles, you’ll find our employee benefits department can support you at any time.
You’ll enjoy the benefit of having an entire team dedicated to helping you whenever you need assistance so that you can focus your time and energy elsewhere. We know that for many small business owners, the administration surrounding benefits can be very overwhelming. We’ll save you precious time and money with our streamlined technology, which will make your Benefits and HR onboarding process much more manageable. You can rest assured knowing you are fully compliant at all times, saving your company money in the long run.
To help your company save money year after year with the ever-increasing costs of running a business, our expert team can help put together a strategy for both you and your employees. They’ll be able to take a look at every detail of your business and explore the various options available to you to help you save money moving forward for your business.
For more information about how the American Rescue Plan can help your business save money, contact the team at Merritt Business Solutions here.