Self-Insured Medical Reimbursement Plan
Did you know that If you are an employer with at least 10 full-time employees (minimum of 30 hours per week), and the employees have medical insurance either through your business or via a spouse's employer, then you could potentially benefit from this unique federal program that creates a payroll tax savings for the employer while simultaneously providing employees with valuable supplemental health and wellness benefits (beyond their medical insurance) at no additional cost to the employees?
Employers find this program valuable because in addition to the payroll tax savings, the health and wellness benefits not only increase employee satisfaction and retention, but they help to keep the company's medical insurance premiums from skyrocketing.
Employees enjoy this program because they receive valuable and convenient health and wellness benefits at no additional cost--seeing no change to their medical insurance or their current paycheck amount.
In summary, SIMRP is potentially available to any employer with 10 or more full-time (30+ hours a week) employees, who pay into Social Security via FICA, and whose employees must be on a Group Medical / MEC Equivalent plan through either the employer or a spouse's employer.
Employers find this program valuable because in addition to the payroll tax savings, the health and wellness benefits not only increase employee satisfaction and retention, but they help to keep the company's medical insurance premiums from skyrocketing.
Employees enjoy this program because they receive valuable and convenient health and wellness benefits at no additional cost--seeing no change to their medical insurance or their current paycheck amount.
In summary, SIMRP is potentially available to any employer with 10 or more full-time (30+ hours a week) employees, who pay into Social Security via FICA, and whose employees must be on a Group Medical / MEC Equivalent plan through either the employer or a spouse's employer.