As group health insurance costs continue to rise, employers are looking for ways to offer health benefits at a lower price. DefinedContributionNow! Is a concept often referred to as a defined contribution health plan. It allows an employer to name its price on its benefits offerings, rather than paying the costs to provide a specific group health plan (a "defined benefit"). Employers instead fix their costs by establishing a monthly dollar amount employees choose how to spend.
Employers can now make available a tax-free monthly allowance that employees use to purchase their own individual policy directly from a carrier or independent licensed health insurance agent.
How can I implement this at my company? Defined Contribution is current a term used for 401Ks Old Pueblo Benefit Advisors uses the Defined Contribution Now! System. Here’s how it works:
Call Us at (888) 977-5901 to Get Started! This program is offered through Old Pueblo Benefit Advisors, LLC and all Administration costs are provided in a proposal format. These fees are nominal and the savings in FICA taxes alone makes the program worth it! Simply provide an employee census of those wanting to participate.