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FAQS
What is SIMERP?
SIMERP stands for Self-Insured Medical Expense Reimbursement Program. It's a tax-qualified program designed to save employers money on payroll taxes while offering enhanced benefits to employees, all without reducing their pay.
How does SIMERP save my company money?
SIMERP allows your employees to allocate a portion of their paycheck pre-tax for medical expenses and get reimbursed the same amount after tax. This reduces their overall tax burden and, in turn, lowers your payroll tax obligations. Companies can save an average of $500 per participating employee per year.
Is SIMERP compliant with tax and healthcare regulations?
Yes, SIMERP is compliant with IRS, ERISA, HIPAA, and ACA regulations, ensuring that you can confidently implement the program without legal concerns.
How quickly can SIMERP be implemented?
SIMERP can be operational within 30-45 days, making it a quick and effective solution for enhancing your employee benefits package.
Do employees have to take a pay cut to benefit from SIMERP?
No, one of the key advantages of SIMERP is that employees do not experience a reduction in pay. They can allocate funds pre-tax and get reimbursed the same amount after tax, effectively increasing their take-home pay.
Can the savings be used for other types of benefits?
Absolutely. The payroll tax savings generated through SIMERP can be redirected to offer additional benefits like life insurance, dental and vision coverage, and other ancillary benefits.
How do I get started with SIMERP?
Contact us today for a personalized consultation and a no-obligation demo to see exactly how much your business could save with SIMERP.
