SIMRP (Self-Insured Medical Reimbursement Program) is an IRS-qualified workplace program that allows businesses to provide additional health and wellness benefits to employees at no net cost with no reduction in the employees’ take-home pay. Employees will be able to utilize a monthly tax allotment for their own health and wellness benefits.
Employers will save approximately $630 a year per employee on payroll taxes. In addition, employers may see an overall 30% reduction in their workers’ compensation costs by reducing the gross wages footprint of their employees’ gross wages.
Employers benefit from this program in multiple ways:
For Employers: Think of SIMRP as a key to unlock savings on taxes and reduce costs related to workers’ compensation. It’s like giving your business a financial health check-up and finding ways to keep more money in your pocket, up to 30% savings on Workers Comp and an average of $630 annually per employee in payroll taxes.
For Employees: Employees can have access to a suite of insurance benefits without having to answer any health questions—everything from life insurance, disability insurance and critical illness coverage. The best part? They do all this without affecting their take-home pay.
Contact S.J. Edwards, Inc. at (516) 208-9988 to schedule a free consultation. We’ll walk you through the process, assess your team’s needs, and prepare a customized rollout plan to bring SIMRP to your organization quickly and effectively.
