https://torch.champplan.com/info/generationaltbs
Discover The CHAMP Plan: Your Key to Better Benefits
The CHAMP Plan is a must-have for businesses that want to offer their employees more without the expense. This powerful health management solution is a “best in class” solution to boost employee well-being, cut healthcare costs, and increases take-home pay, with NO NET COST to the employer —enhancing your bottom line while improving retention – employees often seeing an INCREASE IN NET PAY.
Benefits for Employees:
- Virtual Care, Anytime, Anywhere: Provides 24/7/365 access to physicians through virtual appointments.
- Primary Care Office Visits: $0 Deductible/$0 Copay. Services like primary care visits, urgent care visits, and prescriptions, are offered with $0 to $1 copays, making healthcare more accessible.
- Urgent Care Office Visits: $0 Deductible/$0 Copay
- Unlimited Prescriptions: $0/$1 Copay on over 200 of the top generic prescriptions & significant discounts on other formulary prescriptions.
- 100% Preventive Care Services: $0 Deductible/$0 Copay. Checkups, Screenings, Immunizations & Patient counseling for disease prevention, illness management, and other health concerns.
- Mental Health Support and Therapy: Peer-to-peer support, Ai powered chat and virtual therapists for $0 Copay.
- Virtual Pet Care: Get advice on how to treat any conditions or issues you’re experiencing with your pet, including behavioral problems, as well as guidance to manage chronic conditions.
Additional Benefits:
- INCREASED NET PAY: Each employee gets quoted individually and based on their pay structure, most employees get to enjoy these additional benefits for “no net cost”, often with an increase in net pay due to the tax structure of the plan.
Complementary to existing insurance: The CHAMP Plan works alongside an employer’s existing health insurance plan (HMO, PPO, FSA, HSA, etc.). - Focus on preventative and proactive care: It emphasizes preventative care, early detection of health risks, and personalized health improvement plans.
- Personal Health Manager: This program provides employees with tools and resources to manage their health, including a Health Risk Assessment, educational videos, and curated content that usually take less than 5 minutes a month to complete.
Benefits for Employers:
- Reduced healthcare costs: By promoting preventative care and early intervention, the plan aims to lower overall healthcare expenses for employers.
- Improved employee retention: Offering a comprehensive benefits package like the CHAMP Plan can increase employee satisfaction and reduce turnover.
- Enhanced employee productivity: By addressing health issues proactively, the plan can lead to healthier and more productive employees.
- Payroll Tax Reduction: Employer payroll taxes are reduced by the pre-tax employee benefits, saving $528p/yr p/employee for a net gain on your overall payroll costs.
How the Math works
The CHAMP plan works through a deduction of $1200 out of each eligible employee’s paycheck on a pre-tax basis. This amount is then used to pay for the employee’s use of The CHAMP plan. This results in a lower taxable income for the employee, which in turn results in a lower tax bill. The employer also benefits from this arrangement by saving on payroll taxes.
Each month the employer will be sending Champion Health the net withholdings of $190 from the employee’s paycheck and $44.00 from the employer for an administration fee. This results in a total monthly ACH from the employer to Champion Health of $234.00 per employee per month.
The CHAMP plan generates a total payroll tax savings to the employer of $91.80 monthly ($1200 employee pre-tax * 7.65%).
$190/ employee / month
Employee Contribution
*$70 Pre-tax contribution to MEC Claims Fund + $120 post-tax contribution to Health Population Management Claim Fund
+
$44/ employee / month
Employer Administration Fee
=$234/ employee / month
BEFORE & AFTER
a real world example
