Benefitting Everyone
Recent Successes
Benefitting
Employers
- Immediate Reduction in Payroll Costs through FICA Savings
- Average FICA Savings of $700 per Employee
- No Out Of Pocket Costs
- Become the Employer of Choice for providing benefits and increased take-home pay
- Extremely effective recruiting and retention tool
- Decrease claim costs in current major medical plan
Benefitting
Employees
- Immediate increase in take-home pay (2-4%)
- 24/7 Unlimited Virtual Care (primary, urgent, dermatology and behavioral) for employees and their family
- Free Rx program for over 2000 Prescriptions (No Copays)
- Robust Medical Procedure Savings Network
$54,853
in FICA tax savings across 2 states
Locations
1800+
Employee Count
33000+
Employee now with benefits
23000+
FICA Savings per pay cycle
$630,264
We’ve seen multimillion dollar savings as claims for a significant portion of prescription meds were absorbed by the free prescription program under iM4 Health. Others see a large drop in claims to primary care and urgent care doctors as there is a telehealth and tele urgent care options also absorbed by iM4 Health.
Client Success Stories
FAQs
Does this replace my current major Medical plan?
No. This is a Fully Insured Fixed Indemnity Plan that acts as an enhancement of your current medical benefits plan. It does not replace, amend, or change your current offering and has no enrollment period to get started.
How long does it take to get started?
There is no open enrollment period requirement for implementing these benefits. The program can be up and running in as little as 3 pay cycles.
Will this affect the amount of my employee gross wages?
No. Gross wages are defined as the amount an employee earns before taxes and other deductions. The fixed indemnity policy is paid for by a pre-tax premium, reducing taxable wages for employer and employee. Claim payments are made back to employees through participation in the program. Reduction in taxable wages added to the claims payment provides an increase in employee take home pay by 2% – 4%.
Auto enrollment?
Employees will be automatically enrolled in one of 6 Fully Insured Fixed Indemnity Plan options based on their wages and tax deductions. Employees can opt out before their first pay roll and at any time while the program is in place by calling or emailing the plan administrator.
How are the benefits paid for and this is no out of pocket cost?
Both the cost of the benefits and administration of this plan are paid through the FICA tax savings generated for the employee and employer, respectively.
How many of my employees will qualify for benefits?
On average 80% of the total employee population will qualify. There are 6 Fully Insured Fixed Indemnity Plan options built to capture full time, part time seasonal employees with a minimum predicted annual income of $17500.
An 8-Step Process for a Winning Strategy
Presentation to client
Client meets with Innovative Team to over the iM4 Health presentation and answers questions.
Preliminary Course
The group fills out the highlighted columns on the Census in order to create Proforma. Once Innovative Team receives data. Takes about 2 days to create Proforma.
Proforma Review
Once the Proforma is created. The Innovative Team will walk the client through their potential savings through the program on an annual basis, and per pay period basis. The Proforma will also show all employee’s paychecks before the program and their paychecks after showing the increase in take-home pay.
Further Q/A
Any additional conversations that need to be had will be taken place. Whether that be more discussions about the program or legal discussions.
Paperwork & Full Census
Once the group is ready to move forward with the program. Innovative Team will send 2 Documents and the client will fill out all the fields on the demographic census to get started.
Payroll Setup + Employee Education
The Innovative Team will set up conversations with the Client’s payroll department and HR to create the automation within payroll and get a marketing game plan in place for employees.
Dry Payroll Test Runs & Finished Education
Once the automation within payroll are complete. The client and Innovative Team will run 2 dry runs to make sure everything is working correctly. Education to employees will be finished.
Go Live
The client will have their first Live payroll run with the deductions and credits on the employee’s paychecks. Employers will see the savings for that pay period. The employee will see increases in take-home pay.
Logan Payne
V.P. Business Development
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