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West Side Endevors > FWP_FC > Flashcards

FWP_FC Flashcards

To learn about the program

1
Q

Who pays for FICA taxes?

A

Both employers and employees pay these taxes.

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2
Q

What do FICA taxes cover?

A

Social Security and Medicare contributions.

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3
Q

How does the program save companies money on FICA taxes?

A

By reducing taxable payroll, which leads to significant savings.

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4
Q

What percentage can a company save on workers’ compensation insurance with the program?

A

Up to 18% savings.

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5
Q

Can companies keep their current workers’ comp insurance provider while using this program?

A

Yes, they can keep their current provider.

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6
Q

How does the program help companies with ACA compliance?

A

It ensures compliance, especially for employees who are not covered under existing health insurance.

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7
Q

What does the ACA require from employers with 50 or more full-time employees?

A

To provide health insurance or face penalties.

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8
Q

What are the consequences for companies that do not comply with ACA requirements?

A

Potential penalties for non-compliance.

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9
Q

What kind of insurers back the Essentials Health Plan (EHP)?

A

Top-rated insurers.

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10
Q

In how many states is the Essentials Health Plan (EHP) approved?

A

All 50 states.

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11
Q

Does the program require companies to change their current health insurance plans?

A

No, it can be implemented without changing current plans.

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12
Q

What is the main benefit of the Amaze Wellness Program for employees?

A

Access to a broad range of wellness services, including doctors, mental health experts, nutritionists, and patient advocacy tools.

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13
Q

How does the Amaze Wellness Program benefit employees’ families?

A

It extends wellness services to employees’ families as well.

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14
Q

What types of supplemental benefits can employees choose from with the program?

A

Dental, vision, critical illness insurance, life insurance, etc.

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15
Q

Do employees have to reduce their current pay to access supplemental benefits?

A

No, they can use tax-free funds without reducing their pay.

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16
Q

What are FICA taxes?

A

Federal payroll taxes that fund Social Security and Medicare.

17
Q

How does the program help companies reduce their FICA tax burden?

A

By reducing taxable payroll, resulting in savings like the $9,599 figure.

18
Q

What is Workers’ Compensation Insurance?

A

Insurance providing wage replacement and medical benefits to employees injured on the job.

19
Q

How does the program impact workers’ compensation premiums?

A

It can reduce premiums by up to 18% while keeping the same provider.

20
Q

What is the Affordable Care Act (ACA)?

A

A law requiring employers with 50 or more full-time employees to provide health insurance.

21
Q

What is a Minimum Essential Coverage (MEC) Plan?

A

A health plan that meets ACA requirements for preventive health services like immunizations and check-ups.

22
Q

How does the program ensure ACA compliance for employees without health insurance?

A

By providing an MEC plan for employees who lack other health insurance options.

23
Q

What are supplemental benefits?

A

Additional insurance options such as dental, vision, critical illness, accident insurance, or life insurance.

24
Q

How do supplemental benefits work with tax-free funds?

A

Employees can use pre-tax dollars to choose supplemental benefits, reducing taxable income.

25
Q

What is the Amaze Wellness Program?

A

A wellness program offering access to doctors, mental health resources, nutritionists, and patient advocacy tools.

26
Q

Why are wellness programs like Amaze beneficial to companies?

A

They help reduce absenteeism, increase productivity, and improve employee health and satisfaction.

27
Q

What is the advantage of offering employer-sponsored health programs?

A

They help reduce employer costs (e.g., FICA taxes and workers’ comp) while providing essential healthcare benefits.

28
Q

Why do companies adopt programs like EHP in relation to ACA penalties?

A

To avoid penalties by ensuring all employees have access to an MEC plan.

29
Q

What is the advantage of pre-tax benefits for employees and employers?

A

It reduces taxable income for both, resulting in tax savings.

30
Q

What is the “Preventative Care Program”?

A

A white-label name for working with health care providers, part of West Side Services’ offerings.

West Side Endevors (1 decks)

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