Wellness Programs

Employee Wellness Programs

Employee Wellness Programs Are Being Offered to Small Business in 2021

Westfall insurance, is very excited to be affiliated with the Trifecta Benefits Program, that encompasses a gap health and employee wellness program.

With everything that happened in 2020 with Covid and the new normal, the workforce and now more than ever is concerned a lot more about their health and about their income. 2020 was a tough year. And in 2021, we’re still getting over it. the popularity of wellness programs are surging throughout the United States, especially with the younger crowd. There is major focus in the benefits industry on overall wellness: physically and mentally.

The Trifecta program we are implementing here in the northwest is an amazing program for so many reasons. If you are reading this and haven’t watched the video yet, it is a must watch! It does so much for businesses in terms of risk management.

What Are Wellness Programs?

Wellness programs can be designed to incentivize employees to do things like: lose weight, compete to lose weight, get employees to quit smoking, pay employees to track their physical activity, and much more.

Essentially, what they are there to do, are to promote and improve the health and overall wellness amongst the workers in a given workplace.

This can be increasingly challenging, with more and more people being remote but there are ways around that of course, thanks to technology. If you’ve been curious about implementing one and if you’re in Human Resources, or maybe you’re the small business owner and you play the role of Hr. One of your primary goals as a human resources professional is to focus on the overall well being of employees. Human Resource professionals are big fans of these simply because, health insurance is insurance. but, these are programs that are designed to promote physical and mental fitness, healthy lifestyles, and, in turn, the business benefits and everybody wins.

What Are The Benefits To The Business?

If employes are healthier, what will most likely happen? Most likely, things like:

  • Reduced absenteeism,
  • Better morale.
  • Better decision making at the office.
  • Employee attraction and retention

The Wellness side of the Trifecta Program actually pays employees to be on the program and use it almost seems too good to be true. It actually pays employees to use a health coach that’s provided with the program. and then that money can actually be turned around and used to pay for some of those benefits, like life insurance and disability insurance.

Wellness programs have typically only been available for larger companies, but now these benefits are being brought into accounts. as small as 10 employees.

Benefits For Business Owners and Executives

The Trifecta Benefits Program creates huge tax breaks for the business allowing them to save a ton of money on FICA taxes. The program is a zero net cost to all parties. even with the administration fee. It ends up being washed out by these FICA tax savings, that are created through offering this program. The Trifecta program is a health risk management program that provides even more savings than just the typical section 125 and 213 savings. The program saves the businesses additional amounts of money by decreasing health liability insurance costs, and for some, actually creating so much in savings for the businesses utilizing the program.

In a case study of a medium sized company of 31 employees, the company saw a savings of about $50,000 a year on payroll taxes and on health insurance costs just for implementing this wellness program. Then ownership was able to roll those savings into the one our Tax-Advantaged Retirement Programs called, The Omakase Pension Alternative. Normally, these pension programs wouldn’t be available to a business owner of a business that size, but with these tax savings that are coming from just offering and implementing his wellness program, we’re saving businesses a ton of money for them to reinvest, and then also, you know, just helping with the business by having a healthier workforce and a more motivated workforce.

A True Risk Management Program:

The Wellness program combined with Gap coverage creates a domino effect by:

  1. Limiting employees out of pocket exposure with gap insurance
  2. Statistically keeping them healthier by monitoring their progress with a health coach
  3. Providing them additional funds to purchase life and disability insurance that limit their risk of their death or disability creating a financial disaster.
  4. Disability insurance has been proven to reduce worker’s comp claims,
  5. Liability premiums are partially determine by the amount of taxable payroll, which is less than it was
  6. Gap coverage up to $5,000 allows employers to offer higher deductible plans without worrying because the gap plan covers the out of pocket costs for employees.
  7. All the savings created from the program allow the business owner and/or the executives to roll the money into the Omakase Pension Alternative that will never have less than 0% gains in any given year because of its 7702 structure, and it that uses mainly bank capital and then the savings from the Trifecta Program to create another stream of income in retirement using leveraged debt that pays itself off through the gains in the account and market indexes.