The Buy-Down - "Pioneered in Idaho by Myriad Benefits”
The "Buy-Down” is a term we use to define a partial self-funding arrangement a group can use when providing a health insurance plan to employees. A Buy-Down can be an advantage to any size of group.
Groups have been using the Buy-Down for over 25 years. It has proven to be very successful in saving significant amounts of premium year after year for the employer.
At Myriad Benefits, we have a dedicated team that will handle all administration details. Together, with your broker, we are available to provide extensive onsite training to your organization. Our system provides the customer a better understanding of claims paid and benefits used.
Self Insurance - Self-insuring may be a viable option for larger employers. Your organization together with Myriad Benefits develops a benefit plan design and finds arrangements that meet your needs. Self-insurance allows an employer to buy protection for large claims and at the same time maintain control of the plan dollars and reserves.
Flexible Spending Accounts (FSA) - Under Section 125 of the IRS code, employees are able to set aside pre-tax dollars to pay for unreimbursed medical expenses (i.e. co-pays, deductibles, dental, vision). In addition, they can set aside pre-tax dollars to pay for dependent day care.
Premium Only Plan (POP) - Premium Only Plans (POP) allow group participants to pay their portion of health insurance premiums on a pre-tax basis. Myriad Benefits provides the resources for all applicable documentation.
Flexible Spending Accounts and Premium Only Plans will reduce an employee’s Federal, Social Security, and in most cases, State taxes. Employers receive tax savings on FICA, and Unemployment taxes.
Wellness Concepts - Myriad Benefits is a leader in developing wellness programs that are well received by employees and achieve real results. Wellness programs are quickly becoming a key component in overall group plan designs. Employees learn how they can assess and improve their overall health, learn how to access preventive care, and the value of making positive lifestyle changes.
Employers are rewarded with lower absenteeism, better morale, and increased productivity. These pro-active efforts, in the long run, will help to reduce health care costs.
Consumer Driven Health Plans (CDHP) - These plans give the employer and the employee an opportunity to create a benefit plan that allows flexibility in its design. High deductible health plans are used as the starting point. From there the group can choose a host of viable options to compliment their overall strategy underneath the deductible. The goal is to trim health insurance premiums and, at the same time, provide the employees with tools that improve their overall health and better manage their health care spending.
Health Savings Accounts (HSA) - Federal legislation passed in 2003 gave way to HSA’s that created tax incentives to encourage adoption of high deductible health plans. Individuals are able to contribute money in their own bank accounts growing the funds tax free and using those funds to pay out-of-pocket medical expenses. Deductibles, co-insurance, dental, vision, prescription and over-the-counter drugs are just a few of the eligible expenses. Employers and employees can contribute on a pre-tax basis.
Health Reimbursement Arrangements (HRA) - HRA’s allow employers to purchase high deductible health plans and then use the premium savings to fund benefits underneath the deductible. The employer has the flexibility to structure these reimbursement plans to suit the needs of the employees and the business.
Integrated Health Plans - Integrated Health Plans allow the employer to incorporate any suitable plan design in combination with wellness plans, smoking cessation plans, weight loss programs, exercise programs, health assessment/awareness programs, and flexible spending accounts.
The bottom line is to design a plan that is not only affordable for the employer, but also one that encourages prudent use of health care dollars. A plan that results in lower absenteeism, improves workplace productivity, and gives the employee a greater appreciation of the benefits provided.