Services

How much value do your receive from your broker? Is the value you receive commensurate with the money that you pay? Further, is your broker providing you and your employees with the depth of uncompromising employer/employee loyalties, expertise, guidance, leadership, resources, representation and advocacy services that you will receive from Simco Human Resource Services?

If you desire to maximize the value you receive from your insurance broker, contact us. We'll schedule a time to meet so that we can review with you (and/or other members of your management team) how we will make a positive difference for your organization and your highly valued employees.

NOTE: Hiring Simco Human Resource Services as your independent broker will not increase your current premium levels and can be accomplished anytime throughout the year [i.e., you are not limited to doing this only on your Plan Anniversary (renewal) date]. A simple letter from you to your insurer that outlines your desire to designate us as your Broker-of-Record is all that is necessary for us to begin working on your behalf.

Employee Benefits Administration

Benefits Services

Our range of value-added services includes delivering you custom solutions for all of your health care management needs, including benefit plan analysis, contribution strategies, health and wellness education and training, claims analysis, and developing employee policies and consumer-driven programs.

Managing Healthcare Costs

We all know that health care costs continue to be a serious problem; Simco can help. If you have or plan to implement an HSA or HRA plan, we have the resources to support you every step of the way, from design to implementation to employee education. Plus, we offer materials to help employees become smarter health care consumers and to help promote consumerism strategies that can drive costs down.

Employee Benefit Communications

Many employees don’t take full advantage of their benefits because they don’t understand them. We can help you educate employees about your benefits and how to best use their plan with a range of materials provided from Simco. Plus, our communications can help employees understand how various laws impact them and their families, such as health care reform.

HR Education, Tools, and Forms

We offer the support that your HR department needs, including educational articles on important HR issues, plus tools such as surveys, checklists, letters and forms. In addition, we can provide a comprehensive employee handbook and help you develop policies unique to your company.

Workplace Wellness

Simco is committed to helping you implement workplace wellness initiatives that will reduce health care costs and increase employee productivity and satisfaction. We can build and customize a wellness campaign specific to your company and employee needs. Through our online services, we can provide payroll stuffers, posters, employee newsletters and educational flyers on health and wellness, designed to help you drive consumerism in your workplace.

Enrollment Tools

Open enrollment is an overwhelming time for HR departments and employees alike. Our educational materials, tools and communications can help streamline and simplify the process for your company and employees.

Compliance

Compliance Resources

Do you find it difficult to keep up with insurance legislation affecting your industry and business?

Simco can provide Legislative Brief educational articles to help you understand important regulations and stay in compliance. Our materials cover health care reform, COBRA, HIPAA, FMLA, Medicare Part D, ADA, and state-specific legislation that is custom to the client.

Human Resources Education, Tools and Forms

We offer the support that your HR department needs, including educational articles on important HR issues, plus tools such as surveys, checklists, letters and forms. In addition, we can provide a comprehensive employee handbook and help you develop policies unique to your company.

Health Care Reform

Confused about health care reform? You’re not alone.

The Affordable Care Act is full of new benefits, rules, penalties and projects, spread out over several years. To help you understand what the health care law means for you and your family, Simco will assist you in answering all of your questions.

NYS Exchange Certified - SHOP

Your employees and their family have many new low cost, quality health insurance options available through the Individual Marketplace.

Employees can quickly compare health plan options and apply for assistance that could lower the cost of their health coverage. Individuals may also qualify for health care coverage from Medicaid or Child Health Plus through the Marketplace. Anyone can apply and we can guide them through the process.

Section 125 Assistance; HSA/HRA/FSA

Section 125 Plans are a tax savings employee benefit plan that allows participating employees to direct a portion of their pre-tax salary to be used to pay for approved premiums, health, dental and vision care expenses and dependent care expenses. The taxes saved by the participating employee are federal income tax, state income tax, and FICA (Social Security and Medicare) tax. This generally results in a total tax savings of approximately 28.65% or more and a savings for the employer of 7.65% (FICA) for each employee enrolled in the plan. There are three types of plans under the 125 shell established by the employer:

Premium-Only Plans (POP)

POP Plans are the most basic Section 125 Plan option. Employees can pay for their share of insurance premium using pre-tax dollars, thereby lowering their taxable income and saving them money.

Flexible Spending Accounts (FSA)

FSA’s allow participating employees to pay for a variety of qualified out-of-pocket health, Prescription, Dental, Vision care and over the counter medication costs on a pre-tax basis. FSA’s are an excellent vehicle to pay for expenses not covered by your health, dental or vision plans such as copays or deductibles along with over the counter products at your pharmacy or grocery store.

Health Savings Account (HSA)

An HSA integrates a “qualified” high deductible HMO or PPO plan with a tax-free savings and distribution account to make up this increasingly popular consumer directed plan. MDSIS works with the nation’s best HSA administrator to assist in facilitating these plans. HSA accounts can be funded by the employee (Tax free if not an owner), employer or a combination of both. The HSA account is controlled by the employee and unlike the FSA accounts; it is use it or keep it. Therefore, the HSA account acts like a medical 401K plan. Moving to a high deductible plan saves premiums and reduces further plan increases while furthering the consumer directed initiatives.

Dependent Reimbursement Accounts (DRA)

A DRA is established in a similar fashion to that of a FSA. Employees have the opportunity to decide how much money they want in their DRA account via pre-tax salary deductions. When the employee incurs approved dependent care expenses they are able to withdraw money from their DRA to cover the expenses. The benefit of these accounts is that funds are not taxed when withdrawn, thus giving the employee tax-free money to pay for approved expenses. This type of account has an annual maximum reimbursement of $5,000 per each employee.

Healthcare Reimbursement Account (HRA)

Similar to that of a FSA, but funded with only employer funds, HRA’s are established to offset deductibles and copays. With a HRA, the employer can direct how the funds will be used and the amount allocated for each employee. When the employee incurs approved expenses, they are able to withdraw money from their HRA to cover the expenses. All unused HRA monies are returned to the employer at the end of the year unless otherwise outlined. More and more employers are utilizing HRA’s in conjunction with high deductible plans as the premiums of health insurance plans continue to rise. By moving to a high deductible health plan, they see premium reductions and utilize the HRA’s to fund a portion or all of the deductible.

Insurance Partners

Excellus BCBS
ADP
Sure Payroll
Guardian
Delta Dental