Employers now have two problems: they need to find and keep competent workers while keeping benefit expenses from going up. A lot of small and medium-sized firms want to give a comprehensive employee benefits package, but typical group plans are too costly, too inflexible, and frequently not available. The Lumara Plan is a wiser way to do things.

The Lumara Plan is more than simply a list of benefits. It's a smart, compliance structure that lets firms provide good coverage, raise employees' take-home pay, and lower their payroll tax bills. The Lumara Plan is a great alternative to standard insurance for companies since it is based on IRS-approved structures like the Section 125 health care plan.

What does a full employee benefits package include?

A full benefits package for employees involves more than simply health insurance. It usually has:

• Health care choices before taxes
  
  
• Getting money back for medical costs you pay out of your own pocket
  
  
• Payroll arrangements that are good for taxes
  
  
• Tools that help employees manage their money better
  
  
• Help with following IRS and DOL requirements
  
  

But in the past, making such a bundle has been too expensive or complicated for many small enterprises. That's why the Lumara Plan was made: to provide companies an easy, cheap, and completely legal option to offer benefits that really help.

The Lumara Plan: A Better Way to Offer Benefits

The Lumara Plan is basically a single, simplified solution that combines three tried-and-true programs:

• Health Care Plan for Section 125
  
  
• Program for Managing Costs Before Taxes (PCMP)
  
  
• Self-Insured Medical Reimbursement Plan (SIMRP)
  
  

This arrangement lets firms save payroll taxes by a lot and improve employee benefits at the same time, without having to switch carriers or completely restructure their plans.

How the Section 125 Health Care Plan Helps You Save on Taxes

Also called a cafeteria plan, the Section 125 health care plan lets workers use pre-tax money to pay for certain eligible services. This lowers their taxable income, which means they get to keep more of their money.

At the same time, companies save money on taxes since their payroll base is smaller. Lower payroll equals lower FICA, FUTA, and other employment tax payments. This may save each participating employee between $500 and $1,200 a year.

This Section 125 structure is a significant part of the Lumara Plan that helps save money by:

• Lower taxes on payroll for employers
  
  
• More money in employees' pockets
  
  
• Works perfectly with existing payroll systems
  
  
• Full accordance with the law
  
  

Adding Depth with the SIMRP

With a Self-Insured Medical Reimbursement Plan (SIMRP), companies may pay back workers for acceptable medical costs without having to depend on an outside insurance company.

With the Lumara Plan, this payment is meant to be:

• Paid for by the employer
  
  
• Can be changed to fit the size of the company
  
  
• Completely following IRS regulations
  
  
• A perk that helps both sides with taxes
  
  

The company may use the money they put away to pay for things like deductibles, copays, medications, and more. Because the plan is self-insured, any money that isn't spent may go back to the employer. This makes the benefit model sustainable and easy to monitor.

The SIMRP makes the Lumara Plan better by filling in the gaps that traditional group insurance leaves behind, without raising the cost of benefits.

The PCMP is the Pre-Tax Cost Management Program

Another important part of the Lumara framework is the Pre-Tax Cost Management Program (PCMP). It operates by making sure that all qualifying benefit deductions are used to their fullest potential to lower everyone's taxable income.

This is good for both individuals and companies. Companies may lower their payroll taxes a lot while still following federal rules. The Lumara Plan's PCMP is customized for each company to make sure that every tax-saving opportunity is used.

Results Employers Can Measure

Employers that use the Lumara Plan often say that they:

• Save a lot of money on payroll taxes
  
  
• Experience better staff satisfaction and retention
  
  
• See higher rates of participation in benefits
  
  
• Make no changes to current coverage
  
  

In real life, this looks like:

• A company with 50 workers may save up to $60,000 a year on taxes.
  
  
• Employees get $100 to $150 extra each month without their gross salaries going up.
  
  
• Thanks to easier onboarding and individualized help, participation rates are typically above 80%.
  
  

The employer is still in charge of benefit design, participation regulations, and financing amounts, however.

Help, Compliance, and Simplicity

Compliance is one of the most important things for businesses to think about when they are thinking about new benefit plans. The Lumara Plan follows all IRS and DOL rules and includes:

• A personalized Section 125 Plan Document
  
  
• Summary Plan Descriptions (SPD)
  
  
• Ongoing monitoring of compliance
  
  
• Safe handling of claims
  
  
• Tools for enrolling and training employees
  
  

The Lumara Plan is taken care of by a specialized staff from setup to administration. This means that employers don't have to worry about maintaining paperwork and can concentrate on operating their company.

For Businesses of All Sizes

The Lumara Plan was designed especially for small to medium-sized organizations who want a benefits solution that can grow with them. The plan changes to match the company's budget, demands, and goals, no matter how many people it has.

• Startups can get the best employees by offering good perks.
  
  
• As companies grow, they can keep healthcare expenditures down.
  
  
• Businesses that are already established may save more on taxes without changing their present coverage.
  
  

You don't have to cancel your present policies or make big changes to your business since the Lumara Plan works with your current insurance.

Employees Also Benefit

The Lumara Plan gives employees actual, observable benefit from their point of view:

• More money in your pocket
  
  
• Paying back real-life medical costs
  
  
• Getting tailored help and clear plan education
  
  
• Less money spent on healthcare out of pocket
  
  

These are the types of perks that people want in today's job market. And since the plan is legal and simple to use, workers can trust it and know that it was made with their best interests in mind.

Why Employers Pick Lumara

Employers pick the Lumara Plan not merely to save money, but also because it:

• ROI that is immediate and easy to measure
  
  
• Higher morale and loyalty among employees
  
  
• Full conformity with the rules
  
  
• Works perfectly with payroll systems
  
  
• A better way to get a full benefits package for your employees
  
  

The Lumara Plan is not like typical benefit plans, which need a lot of money and long-term commitments. Instead, it is flexible, expandable, and intended to provide you the most value with the least amount of trouble.

Last Thoughts: Use Lumara to Build Smarter

A full benefits package for employees shouldn't only be for big companies with a lot of money. The Lumara Plan lets small and medium-sized businesses give strategic, legal, and high-value benefits while lowering payroll expenses and making employees happier.

The Lumara Plan helps firms grow smarter, not spend more, by putting a Section 125 health care plan, SIMRP, and PCMP into one easy-to-use system.

Find out how the Lumara Plan may help your company. Go to Lumara-Health.com to set up an appointment or learn more.