FWP_FC Flashcards
To learn about the program (30 cards)
Who pays for FICA taxes?
Both employers and employees pay these taxes.
What do FICA taxes cover?
Social Security and Medicare contributions.
How does the program save companies money on FICA taxes?
By reducing taxable payroll, which leads to significant savings.
What percentage can a company save on workers’ compensation insurance with the program?
Up to 18% savings.
Can companies keep their current workers’ comp insurance provider while using this program?
Yes, they can keep their current provider.
How does the program help companies with ACA compliance?
It ensures compliance, especially for employees who are not covered under existing health insurance.
What does the ACA require from employers with 50 or more full-time employees?
To provide health insurance or face penalties.
What are the consequences for companies that do not comply with ACA requirements?
Potential penalties for non-compliance.
What kind of insurers back the Essentials Health Plan (EHP)?
Top-rated insurers.
In how many states is the Essentials Health Plan (EHP) approved?
All 50 states.
Does the program require companies to change their current health insurance plans?
No, it can be implemented without changing current plans.
What is the main benefit of the Amaze Wellness Program for employees?
Access to a broad range of wellness services, including doctors, mental health experts, nutritionists, and patient advocacy tools.
How does the Amaze Wellness Program benefit employees’ families?
It extends wellness services to employees’ families as well.
What types of supplemental benefits can employees choose from with the program?
Dental, vision, critical illness insurance, life insurance, etc.
Do employees have to reduce their current pay to access supplemental benefits?
No, they can use tax-free funds without reducing their pay.
What are FICA taxes?
Federal payroll taxes that fund Social Security and Medicare.
How does the program help companies reduce their FICA tax burden?
By reducing taxable payroll, resulting in savings like the $9,599 figure.
What is Workers’ Compensation Insurance?
Insurance providing wage replacement and medical benefits to employees injured on the job.
How does the program impact workers’ compensation premiums?
It can reduce premiums by up to 18% while keeping the same provider.
What is the Affordable Care Act (ACA)?
A law requiring employers with 50 or more full-time employees to provide health insurance.
What is a Minimum Essential Coverage (MEC) Plan?
A health plan that meets ACA requirements for preventive health services like immunizations and check-ups.
How does the program ensure ACA compliance for employees without health insurance?
By providing an MEC plan for employees who lack other health insurance options.
What are supplemental benefits?
Additional insurance options such as dental, vision, critical illness, accident insurance, or life insurance.
How do supplemental benefits work with tax-free funds?
Employees can use pre-tax dollars to choose supplemental benefits, reducing taxable income.
