Employer-Paid Benefits ClaimLinx

Common Employer-Paid Benefits That Increase Employee Retention

Employee retention is a delicate balance for small businesses. You want to offer competitive wages and benefits while maintaining cost-effectiveness within your human resources budget. Better retention rates can lower your onboarding and hiring costs, which is why employee retention is a vital aspect of your business model. ClaimLinx explains common employer-paid benefits that increase employee retention.

Health Insurance Benefits

A survey by Willis Towers Watson stated healthcare benefits, including insurance, were the most important reasons respondents stayed with an employer when it came to employer-paid benefits. Nearly half of respondents, or 45 percent, in the 2012 Attraction and Retention Survey cited health benefits as an essential reason to stay there. A Glassdoor survey in 2015 also touted health insurance as valued by 40 percent of respondents. Health insurance continues to be a valuable retention tool when keeping employees with your firm.

Retirement Benefits

The Willis Towers Watson survey also revealed 35 percent of employees said retirement packages were important sticking points. Glassdoor said 31 percent of its respondents liked retirement or pension plans. Consider a 401(k) plan or custom-designed retirement plan for your workers when it comes to employer-paid benefits. 

Time Off

Paid time off, flexible schedules, and family leave are all vital benefits that have value for employees. Surveyed workers wanted extra vacation time that accrues every pay period. Flexible work schedules give parents the ability to spend time with children, run errands, or attend school functions for the kids. A 2019 survey from the Work Institute shows work-life balance concerns are increasingly important for workers. Family leave, paid or unpaid, is an important factor when parents begin to take care of newborns. ClaimLinx can help you develop a health insurance strategy that works with your other employer-paid benefits to optimize your costs.

Education

Education benefits can mean company training or tuition reimbursement. This employer-paid benefit comes in handy for workers seeking a promotion, a raise, or even better job satisfaction. Earning a college degree is one way workers can improve their quality of life while reducing their costs. Consider reinvesting in employees who graduate by increasing their responsibilities or promoting them.

Cost of Employee Turnover

The Work Institute states the cost of employee turnover is $15,000 per person. When you think about how much money you spend on employer-paid benefits, having the right ones in place can lower your turnover costs. In a highly competitive job market, retaining employees is more critical than ever.

ClaimLinx and Employer-Paid Benefits

ClaimLinx is home of the ClaimLinx Simple Option Solution. Our team utilizes a holistic strategy that blends health insurance coverage from a national carrier and a self-funded medical expense reimbursement plan (MERP) for optimal savings. Contact ClaimLinx or call toll-free (800) 858-1772 for more details. 

Autumn Health Tips ClaimLinx

Autumn Health Tips From ClaimLinx

Colder weather is here, and the leaves are changing colors in the throes of autumn. ClaimLinx is ready to celebrate the harvest, Thanksgiving, and upcoming winter holidays. In today’s blog, ClaimLinx discusses autumn wellness tips to keep you and your family healthy as the year comes to a close.

Boost Your Immune System

Fall time means allergies, colds, and flu. Boost your immune system by eating healthier with more fruits and vegetables loaded with vitamins and minerals. Wash your hands more often and carry plenty of hand sanitizer with you to prevent the spread of germs. Since you might wash your hands more often during flu season, invest in a bottle of quality hand lotion for softer skin. Support your immune system by drinking plenty of water and getting seven to eight hours of sleep per night. 

Maintain Food Safety 

Fall time means Halloween, Thanksgiving, holiday parties, and plenty of delicious food. Maintain food safety practices by cooking food thoroughly and to the correct temperatures, and keep food prep surfaces clean to prevent cross-contamination. ClaimLinx believes food safety is an important part of ensuring healthy and enjoyable family gatherings.

Head Outside

Fall brings gorgeous scenery thanks to beautiful leaves. Entire hillsides sing with red, orange, yellow, and brown hues during autumn. Bring out the warmer clothing before taking a hike, jog, bike ride, or drive to enjoy the signs of the season. Getting more sunlight during the fall increases your vitamin D, which improves your mood and helps your body function properly.

Maintain a Routine

Your routine faces several challenges in the fall months. Kids have sports practice, school recitals, and teacher-parent conferences. Family members might come in from out of town, or you might travel for the holidays. Children also have days off of school for holidays. All of these events could end up disrupting your healthy daily routine.

Maintain your routine by planning for healthy living in advance. Prep meals on the weekends, maintain a regular sleep schedule, find time for fun activities, and get the kids in bed at the right hour every night. Even when Daylight Savings Time ends, you can still keep the same routine despite less sunlight during the day. ClaimLinx expects that a regular routine makes you healthier and more productive in everything you do.

Fall Health and ClaimLinx

Our fall health tips will help you and your family stay strong during cooler months. We utilize a holistic strategy, called the ClaimLinx Simple Option Solution, to save businesses money on health insurance. Contact ClaimLinx or call (800) 858-1772 for more information.

Third-Party Administrator ClaimLinx

What Does a Third-Party Administrator Do?

ClaimLinx is a full-service insurance company. We take care of anything and everything, such as finding the best possible employer-paid benefits and competitive health insurance rates. But at the core of the ClaimLinx Solution our consultants use, is the third party administration we offer employers. Today’s blog from ClaimLinx explains what a third-party administrator does for businesses.

Definition of a Third-Party Administrator

A third-party administrator accepts and processes medical insurance claims from healthcare entities and patients. Think of this as a service that makes sure everyone’s paperwork lines up with what’s covered, what’s not, and who pays what in terms of health insurance coverage. They connect and communicate among health insurance providers, employers, healthcare companies, and people who file health insurance claims for payment. Third-party administrators are experts in their field, and they typically only work with insurance.

Related Post: See ClaimLinx’s Complimentary Elite Services for clients

Duties of a Third-Party Administrator

Many employers choose to self-fund employee healthcare plans, and technology makes it possible to streamline payments to healthcare providers. However, a third-party administrator takes the hassle out of this process. ClaimLinx ensures everyone fills out the proper forms and that each participant receives the right amount of money. Employers and employees log in to our convenient online system to see their forms, claims status, and finances on a health insurance plan. Our team reduces paperwork and educates everyone on how to file claims for coverage.  

What ClaimLinx Does

ClaimLinx accepts claims from employees and providers and processes them to determine the correct payout for the employer and the member. We keep track of each client’s custom schedule of benefits and each member’s usage. Meaning we track who has hit their deductible and through which claims. All of that data lets our team help when it comes to finding new ways to save. Our system works for medical, prescription, dental, and vision coverage. We process claims and payments to providers and members while following strict HIPAA guidelines for privacy. Our team works for you, not for insurance companies. With Claimlinx as your third-party administrator, you and your workers are our top priority.

Related Post: What is an employer-sponsored, or self-funded, plan?

Hire ClaimLinx as a Third-Party Administrator

ClaimLinx does so much more than serve as a third-party administrator. We offer the security and convenience of all of your healthcare resources in one platform. Our employer benefits consultants teach employees how to take full advantage of their health insurance. Contact ClaimLinx or call toll-free 1-800-858-1772 to find out about the ClaimLinx Solution for your small business.

ClaimLinx Health Insurance Benefits Consultant

ClaimLinx Glossary: Secondary Coverage

You offer fantastic health insurance for your employees. It gives them peace of mind for themselves and their families in case they have expensive medical bills. However, the plan couldn’t possibly cover every single type of high-tech MRI scan, prescription medication, or medical procedure. Then secondary coverage comes into play. ClaimLinx explains precisely what secondary coverage is, and how it can save your employees money on their healthcare costs.

What Exactly Is Secondary Coverage?

Simply put, secondary coverage is any health insurance plan that supplements your main plan. Your primary plan usually comes from your employer. ClaimLinx uses secondary coverage as a way to restore good benefits to employees. One of the first steps in using the ClaimLinx Solution is to raise the deductible on the primary plan in order to lower premium costs. But that means employees would have to shoulder most of the costs for office visits, prescriptions, testing, etc. A secondary plan can pay for the medical expenses not covered by your primary plan. This is why secondary health insurance represents a vital tool for helping employees pay for health care. The ClaimLinx Solution sets up a custom secondary plan for your employees, called an employer-funded medical expense reimbursement plan (MERP)

Related Post: What is the difference between primary and secondary coverage?

How Does Secondary Coverage Work?

A primary plan pays money directly to healthcare providers while you pay the balance. Secondary coverage pays you directly to reimburse you for expenses not covered by the primary plan. Or secondary coverage can also pay medical providers directly so employees don’t have to. For example, your primary plan covers 60 percent of the costs of an MRI, and you receive a bill for $1,000 for the scan. You must pay the $400 not covered by the primary plan. Your secondary coverage would pay part or all of that $400. The added benefit with ClaimLinx is that employees experience seamless administration. They don’t have to worry about paying that $400 up front. They arrive at the provider’s office with a custom ID card with benefits listed. ClaimLinx then takes care of the rest.

What Does Secondary Coverage Pay?

Secondary coverage might pay for medical care not covered by your primary plan, including eyeglasses or visits to the dentist’s office. A secondary plan may cover copays and coinsurance to help alleviate the costs associated with the primary plan. Some secondary coverage specializes in paying for expenses related to accidents, critical illnesses, cancer, long-term care, and disabilities. ClaimLinx’s Solution aims for employees to receive the same benefits as an expensive plan from a major carrier. Secondary coverage can pay for that, but at a much lower cost.

Related Post: What is the ClaimLinx Simple Option Solution?

Why Have Secondary Coverage?

The average person in the United States spends $10,739 per year on healthcare. Secondary coverage can help you spend less money on healthcare, which may insulate your finances from high medical bills. Consider a secondary plan if you know you’ll have high medical expenses in a given year. The ClaimLinx Solution finds the best way for employers to save money while giving workers a great employer-paid benefit.

ClaimLinx and Secondary Coverage

ClaimLinx can save companies as much as 40 percent on health insurance costs. Contact ClaimLinx or call toll-free 1-800-858-1772 to find out what we can do for you.

MERP ClaimLinx

ClaimLinx Glossary: Medical Expense Reimbursement Plan (MERP)

A medical expense reimbursement plan (MERP) is part of the ClaimLinx Solution. A MERP allows business owners to make a tax-deductible contribution to employees’ medical expenses. Our employer benefits consultants combine a high-deductible health insurance plan from a national carrier with a MERP. This arrangement gives both workers and owners an optimal choice for health insurance benefits. Today’s ClaimLinx blog defines and explains how a MERP works with regards to health benefits.  

Short Definition of a MERP

A MERP lets business owners deduct any portion of medical expenses paid by the company or employees for their medical care. The idea is to reduce the out-of-pocket expenses that employees pay for medical care before health insurance starts to cover the costs. Contributions to these costs lower the amount of money the IRS calculates for a business’s income taxes. ClaimLinx helps you find the optimal funding levels for MERPs to give you the best way to provide health insurance for workers.

Related Post: Why did my employer purchase a MERP?

Example of How a MERP Works

Suppose ClaimLinx has determined a plan with a $3,500 deductible works best for your company. That means the employee would normally pay $3,500 before the health insurance coverage starts paying for his or her medical care. A MERP can help lower someone’s up-front costs for medical care. ClaimLinx designs a custom schedule of benefits for you and your employees based on medical needs and company budget. In this case, the employee would actually have a much lower deductible and may even experience copays for regular visits and procedures. Business owners receive the tax deduction only when an employee has a qualified medical expense when they pay part or all of the medical expenses.  

Why Employers Need a MERP

All the time, employers tell ClaimLinx they would not be able to have viable health insurance benefits without a MERP. Small businesses often have slimmer margins and can’t afford good benefits when premium costs go up. MERPs allow employers to keep offering great benefits on a smaller budget. When you take the administration of first-dollar benefits like copays for office and specialist visits away from the insurance company, you don’t have to pay as much for those benefits. The flexibility of MERPs let companies fund their employees’ medical expenses based on the budget and needs. And as a bonus, MERP funds transfer from year to year. So a company can build up funds over time. 

Related Post: HSA vs. HRA vs. MERP

The benefit to the company is also that MERPs lower the income that goes towards a tax liability. For example, a business owner has $500,000 in income in one year. The owner has $10,000 of qualified expenses he reimbursed for employees through the funding program. The owner does not pay income taxes on the $10,000 he contributed to that fund. At a 23.6 percent tax rate, the business owner pays $2,360 less in taxes for that $10,000.

ClaimLinx Navigates MERPs for You

The employee benefits consultants at ClaimLinx help business owners select the correct funding levels for MERPs, so employees save money on health insurance costs. Not only do owners lower their costs, but they also help retain employees with lower-cost employer-paid benefits. Contact ClaimLinx or call toll-free 1-800-858-1772 for more details on our ClaimLinx Solution.