Employee Benefits FAQs

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We offer small business owners the same advantages that large company CEO’s have at their disposal. We provide you with a full benefits department. You no longer have to be solely responsible for any decision that you make. We save you time by putting all of your options in front of you and making a recommendation based on our experience. We are up to date on all the ACA (Affordable Care Act) requirements and work to customize a plan just for you.

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If that is what you want. We offer small employers the opportunity to receive large company employee benefits like health insurance, dental and vision care, life insurance and retirement saving plans.

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We can’t answer that until we review your unique situation. However, with our business model, we can bring more options that provide ways to reduce costs, have more flexibility, and have more control of your plan. We can look at your healthcare if you ever want us to provide those options.

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We can quote different small group platforms that allow a small group to have more control, greater flexibility, and access to healthcare data to better control costs.

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You don’t have to, but remember that GMS can provide more options to help reduce costs and give you even more control over your health plans.

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We can quote many of the major carriers. We also have access to some options that typically smaller employers do not. We have been very successful moving businesses to self-funded options to control claims costs and take control of their health insurance.

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No. Your premiums are a separate cost just like they are for you currently. However, with our business model, we can bring more options that provide ways to reduce costs, have more flexibility, and have more control of your plan.

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Yes. We have a full benefits administration department. We can offer individual plans and also have access to some employee paid programs that smaller companies typically cannot get on their own. This could be a benefit to some of your regular staff that might need help regarding their own insurance options.

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Yes, your GMS health benefit specialist will work together with your employees to teach them about the health benefits your company provides. The specialist will also work to educate employees about more proactive health choices to help keep healthcare cost low, for both the employee and employer.

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We will need HC apps, either paper or electronic. FormFire is often used. Then we will need your current benefits, plan design and an invoice. There will be some other things along the way, but this information gets us started.

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Once we receive the COMPLETED applications through FormFire or paper applications, it will take about 2 weeks.

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No, each of our clients goes through an individual underwriting process so health issues affecting other groups will not impact your group.

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An MEP 401(k) is different than a traditional 401(k) plan. MEP stands for multiple employer plan, and it shifts fiduciary responsibility from you to GMS. There are many other benefits of an MEP 401(k), including:

  • Annual and mid-year nondiscrimination testing
  • Employee eligibility tracking
  • Distributing processing
  • Form 5500 filing
  • Contribution limit tracking
  • Participant statements
  • Compliance and legislative supervision
  • Loan Processing
  • Audit costs
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No. That is one of the greatest benefits of take advantage of our 401(k) plan. We take complete fiduciary responsibility.

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No, and that is just one of the reasons our 401(k) is a great option.

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Yes, they have full control of where they invest and we can even have our financial advisors meet with them to help with these decisions.

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Yes. You will be responsible for making the payments and any testing requirements on your own 401(k) and IRA account. With GMS’ multiple-employer 401(k), we are responsible for these duties.

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Dental and Vision, ST and LT Disability, and many more.

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We have a Wellness Coordinator on staff that can meet and consult with you on an individual basis. We can tailor a wellness program specific to your needs. We can also help companies take advantage of certain tax credits that are offered to employers that have wellness plans.

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It is up to the individual employer, but we recommend using the PTO model, as opposed to vacation/sick days. We make suggestions and then help guide you on what would work best for your employees.

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Your personal account manager will work with you to design and write vacation, PTO, sick time, and bereavement polices to cover both you and your employees.

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Yes. We generate and then send the necessary COBRA letters to your former employees. There is a fee billed to the employee.

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You will be assigned a dedicated healthcare person. If you have questions, you will know exactly who to contact.

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Yes. We do have an Employee Assistance Program (EAP) that cost $2.35 per employee. It is available 24/7 for the employees of the clients that participate.

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A section 125 allows your employees to pay for their health care with pre-taxed dollars. If you do not have this set up, GMS can handle all of this administration for a nominal fee compared to the time and money you would have to spend elsewhere on this set-up.

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If you are using an HSA you can only have an FSA for childcare reimbursement.

The FSA allows you to put pre-taxed dollars into an account that you can use to spend on childcare needs, and medical needs, like glasses, dentist, prescriptions, doctor visits, etc. You can roll over $500 each year with an FSA. An HSA allows you put pre-taxed dollars into your medical account which is allowed to be used towards your deductible and this money rolls over from year to year.

Give us a call at 330-659-0100 to learn more about how GMS can make your managing your business simpler, safer, and stronger.

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