|
Here is a simple example of the
savings for a small group using
a Flexible Benefits Plan.
Note that there is no increase
in the deductibles or copays to
the employees.
Example assumes a group of 10
employees. Employer pays
75% of employee's health care
premium and all employees pay
for their own dependent care
coverage.
|
Without Plan |
|
With Plan |
|
Employer Paid
Annual Premium |
$46,750 |
|
$33,120 |
| |
|
HRA Funding |
$5,600 |
| |
|
Guaranteed
Savings |
$8,030 |
| |
|
Actual HRA
Utilization |
$3,370 |
| |
|
Actual Savings |
$10,260 |
| |
|
|
|
|
Annual Employer
Insurance Cost |
$46,750 |
|
$36,490 |
|
|
|
|
|
|
Employee Paid
Premium |
$16,687 |
|
$16,687 |
|
Dependant Care
|
$6,000 |
|
$6,000 |
|
Uncovered Medical Expenses |
$11,200 |
|
$11,200 |
|
Total Employee Paid Eligible
Expenses |
$33,887 |
|
$33,887 |
|
Employer Payroll Savings |
-$0- |
|
$2,677.00 |
|
Total Employer Savings |
-$0- |
|
$12,937.00 |
| |
|
|
|
|
Additional
Savings for each
Employee is
$635.00 per year
with the
Flexible
Benefits Plan. |
|
|
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List of Non
Insured Medical Expenses covered
under a Plan.
Acupuncture
Alcoholism
Ambulance hire
Artificial limbs/teeth
Birth control pills
Birth prevention surgery
Braces
Braille - books and
magazines
Care for handicapped
child
Child Care*
Chiropractors
Christian Science fees
Co-Insurance
Communication
equipment/deaf
Contact lenses and
cleaning solution
Crutches
Deductibles
Dental fees
Dentures
Diagnostic fees
Drug and medical
supplies
Elderly Care*
Education for the blind
Eyeglasses, including
exam fee
Healing service fee
Hearing devices and
batteries
Home improvements
motivated by medical
consideration
Hospital
bills/hospitalization
insurance
Insulin
Laboratory fee
Laser eye
surgery
Laetrile by
prescription
|
Lead base paint removal
for children with lead
poisoning
Membership fee in
association with
furnishing medical
services,
hospitalization and
clinical care
Needed medical supplies,
prescribed by doctor
Nurses’ fees
Obstetrical expenses
Operations
Orthodontia
Orthopedic shoes
Osteopaths
Over-the-counter drugs
Oxygen
Prescribed medicines
Psychiatric care
Psychologist fees
Routine physicals and
other non-diagnostic
services
Seeing eye dog and its
upkeep
Sterilization fees
Stop smoking programs
Surgical fees
Therapeutic care for
drug/alcohol addiction
Therapy treatments
Transportation expenses
primarily for rendition
of medical services
Tuition at special
school for handicapped
Wheelchair
Wigs (prescribed by a
physician)
X-rays
*Are examples of
Dependant Care Coverage |
|
 |
Self
Funding Options
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Audit
Guarantee
Savings Guarantee
 |
