Employee Benefits
Enhancing Employee Well-being While Reducing Costs
Happy employees are more engaged, loyal, and productive—directly impacting your company's bottom line.
By investing in meaningful employee benefits, firms create a positive, high-performing work environment that drives business success. Prioritizing employee welfare is no longer optional—it's a strategic advantage.
Lower FICA taxes with an Employee Wellness Benefit
With the help of our partners, Sophic Analytics can now offer its clients a “win-win”, cost-neutral service which lowers the firm’s FICA taxes while providing employees additional health care benefits:
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Fully compliant with IRS guidelines.
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Significant savings for employers in FICA taxes.
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Additional savings in worker’s compensation insurance.
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Employees choose to participate in a cost-neutral wellness benefit.
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Wellness benefits include urgent care, prescription drug benefits, mental health and counseling services, just to name a few.
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No disruption to existing benefits or programs.
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Seamless enrollment.
Employee Financial Health Benefit
Financial insecurity is the leading cause of stress in America.
A Harvard Business Review article, “It’s Time to Prioritize Employees’ Financial Health”,
discusses how employers can help alleviate the problem.
Sophic Analytics and its partner are leading the way in real, personal, and measurable financial wellness.
We now offer our clients a legally-backed, results-driven debt resolution service to help employees reclaim their lives.
consumer debt & credit trends
student loan delinquencies are surging
Now that student loan payments have resumed,over 8% of borrowers are 90+ days behind - up from just 0.8% last year, Millions have seen their credit score drop by 100+ points. The return of collections is hitting hard, especially for those already stretched thin.
older borrowers are feeling the heat
Student loan trouble isn't just a young person's issue. Borrowers over 40 now have higher delinquency rates than younger groups,driven in part by the rise of Parents PLUS Loans. Many are juggling loans for both themselves and their kids-with growing financial stress.
credit card debt at all-time high
Credit card baiances have soared to $1.21 trillion, the highest ever recorded. Inflation, interest rates, and everyday expenses are pushing more families to rely on credit-making debt relief and financial education more urgent than ever.
HealthCare Savings:
Employee health benefits is often the second largest expense for employers, just after payroll, and according to surveys, controlling that cost is the number one issue, or problem employers are facing today.
As the cost goes up, employers are often having to take on a larger portion of the cost of coverage; and, while employees are having to pay more for coverage, they’re seeing their out of pocket costs increase as well.
Businesses have settled for what they think is the best value, sacrificing benefits, and increasing employee out-of-pocket costs, just to afford coverage. And while health insurance brokers provide quotes and help employers to manage their premium increases, we focus on reducing the dollars spent on claims to reduce an employers health benefit costs. Brokers do not provide the tailored solutions we can offer.