We provide you with a full benefits team. We save you time by consolidating all of your options and making a recommendation based on your company's needs. We can also assist with any areas of compliancy that you may have questions on such as 5500s, 1094/1095s, etc.
Each group is reviewed to identify their unique situation and benefit needs. Our business model allows us to bring more options and provide ways to reduce your annual cost, while still maintaining control and coverage of your plan. It is quick and easy to get a quote and see what options are available.
GMS offers group healthcare plans that were created solely for our GMS partners in which brokers do not have access to these plans. These plans provide more control, greater flexibility, and access to reporting to better understand and maintain costs year after year.
You don't have to, but the convenience and efficiencies that we provide by utilizing our GMS plans and the onboarding process, generally make them the preferred option.
GMS offers robust packages on group and individual levels that a small company typically could not provide. Our plans offered include, but are not limited to, healthcare, dental and vision, life, disability, critical illness/accident, legal, pet, auto, home, and many more.
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.
Yes. 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.
Yes, your designated benefit account team will work together with your employees to educate them about the benefit plans your company is offering. The team will also work to educate employees about more proactive health choices to help keep healthcare costs low for both the employee and employer.
Yes, through true economies of scale, your employees will have access to richer plans and more controlled costs. Continued premiums should be lower than healthcare options available to you if your group was on a stand-alone plan due to our cost containment measures.
An MEP 401(k) is different than a traditional 401(k) plan. MEP stands for multiple employer plan, and it shifts fiduciary responsibilities 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
No. That is one of the greatest benefits of taking advantage of our 401(k) plan. We take complete fiduciary responsibility.
No, and that is just one of the reasons our 401(k) is a great option.
Yes, they have full control of where they invest, and we will have our financial advisors meet with them to help with these decisions.
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.
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.
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.
Yes, we generate and send the necessary COBRA letters to anyone on our group-sponsored health plan. This is administered through GMS at no additional cost to you.
Your company will have access to a dedicated healthcare team. If you have questions, you will know exactly who to contact.
Yes. We do have an Employee Assistance Program (EAP) that cost $3.05 per employee. It is available 24/7 for the employees of the client participants. Our plans also offer inpatient and outpatient rehabilitation for this type of assistance.
Both accounts provide a pre-tax contribution option through payroll to be used for benefit expenses such as deductibles and copays for health, dental and vision.
An HSA is only available with a high deductible health plan. This account has an annual contribution limit, but does not have a lifetime maximum, is a credit-bearing account, and all unused funds roll over each year.
An FSA is available for medical, dental, vision, and dependent care expenses. Annual limits are set and must be used after a certain period of time set by the company.