For Utah-based small employers (2-50 employees) Avenue H is available as a viable option! A qualified Utah insurance agent / producer can assist you during this limited launch.
Simplified Benefit Management: Defined contribution plans greatly simplify the planning and management of a companyâ€™s health benefit options. By enrolling in a defined contribution plan via The Exchange, the only decision an employer has to make is how much to contribute towards each employeeâ€™s health benefit. Employers will no longer be responsible to choose between multiple plans, insurance companies, and provider networks.
Predictable Costs: By electing to make a defined contribution rather than choosing a company-wide health plan, employers can predict and contain health benefit costs.
Expand Benefit Offerings: Enrolling in a defined contribution plan via Avenue H also allows employers to offer greatly expanded health plan options to their employees. Employees will use The Exchange to compare plans, providers, and select the option best tailored to their individual needs; no more one-size-fits-all benefits packages.
Offering a tailored health benefit will help businesses attract and retain high-quality employees in a competitive marketplace. It allows employers to offer â€œbig companyâ€ benefit options regardless of their size.
Preserve Tax Benefits: A defined contribution plan also allows employers to continue to offer the tax benefits of an employer-sponsored plan. Employees can pay their portion of their health premium with pre-tax dollars, which reduces the employeeâ€™s taxable income and also reduces the employerâ€™s FICA obligations.
In an effort to provide you with the best possible experience and to ensure the enrollment process is completed without any problems we are requiring that participants work with an insurance agent / producer with Defined Contribution experience.
The employer is also responsible for choosing a default health benefit plan for the group and for notifying each employee that he (the employee) will be enrolled in the default plan and payroll deductions will be initiated for premium payments unless:
Finally, the employer may not offer a major medical health benefit plan that is not part of the defined contribution arrangements available inside Avenue H.
MillerWade is authorized to quote business with Avenue H. For more information please contact us at 800.508.1144