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  • The Hidden Costs of Affordable Care

    With the advent of the Affordable Care Act (ACA) rapidly approaching, healthcare reform is a hot topic. Most companies are aware of whether they need to provide insurance to their employees, increased costs and penalties they might face for failing to do so and other major changes that will go into effect in 2014.

    There are also a number of changes to consider that have not been as thoroughly discussed. Most importantly, from your company’s perspective, these include the tax hikes and fees that are intended to cover the costs of the ACA. For example, we discussed in a previous post that you might be responsible for paying a fee, on a per-employee basis, for failing to provide coverage. But did you know that even if you provide healthcare, you may still have to pay a fee for any required waiting period before coverage begins?

    The most significant increase, though, is going to be from the Medicare tax on employer payrolls, which will go from 1.45% (the current rate) to 2.35% after the first $200,000 of wages have been paid. Combined with the fact that expanding your staff may cause you to lose potential tax credits for any insurance that you do provide, the changes that will accompany healthcare reform make the outsourcing services provided by FRS more valuable than ever.

    As you learn more about how the hidden costs of Obamacare will affect your company, don’t choose between keeping down your payroll and healthcare costs and taking on new business. With FRS, you can do both.

  • Can Your Company Afford Affordable Care?

    January 2014. The clock is ticking. Healthcare reform is quickly becoming a reality. Has your company properly prepared for Obamacare?

    Feeling alarmed? It can be a stressful topic. And there are some gloomy predictions out there, as far as what it’s going to cost businesses to implement the new plan. Increased costs, supplementary taxes, more paperwork…but there is some good news. FRS can help you reduce your exposure to the impending insurance transition.

    While it can be frustrating to imagine tackling an entirely new insurance code, the cost of healthcare is often an inevitable part of doing business. The key aspect is to limit your healthcare costs, the same as you would any expenditure. And that’s where FRS fits in.

    Whether you offer an insurance plan to your employees or not, if you have fewer than 50 full-time employees, you are not subject to the same fees and taxes under the new legislation. For example, a business with more 50 employees that does not provide an insurance plan may have to pay a fee of up to $3,000 per employee. (And this fee is not tax-deductible.) Furthermore, healthcare costs for all companies are expected to rise 5.3% in the next year.

    What this means, essentially, is that now is the perfect time to form a strategic partnership with a company that specializes in labor-force solutions. Outsourcing to FRS will allow you to increase your overall production without the associated costs of additional full-time staff. Whether it’s adding to an existing insurance plan, paying a fee for not providing an insurance plan or expanding your HR staff to handle the extra paperwork, you’ll be free from extra overhead even as you’re taking on new work.

    Call or email us today! Let us help you grow your business efficiently and find a smart way to work within the guidelines of the new legislation. FRS can make implementing the Affordable Care Act actually affordable.

  • Obamacare

    Obamacare

    Obamacare has been in the headlines constantly over the last couple of years. Now that Supreme Court has approved the legislation, it’s time to start thinking about what the new law means for your business — and how a partnership with FRS can save you money.

    Health insurance has always been a major consideration when it comes to expanding your staff. As you factor in the cost of hiring a new employee, it’s imperative that you include not just the potential salary you’ll be paying that employee, but also the associated costs, including benefits. Obviously, each employee is going to increase your benefits overhead. Just these additional costs are often enough of a reason for companies to seek the outsourcing solutions that FRS provides by supplying a dynamic laborforce without the associated expenses.

    With the advent of Obamacare, however, there are now even more reasons to let FRS be your go-to source for on-demand labor. If your company does not currently offer health insurance, you may have some anxiety about the onset of Obamacare, which will require small businesses to provide their employees with health insurance. Additionally, companies who do not offer insurance may face steep penalties — as much as $2,000 per worker per year.

    But it’s actually a little more complicated than that. Did you know, for example, that a company with fewer than 50 full-time employees will not face penalties for not offering insurance? That means that if you’re right under the limit, and have a sudden opportunity to expand your business, you might find yourself hesitating in a way you would not have previously, as you don’t want to cross that magic number of 50 employees.

    And that’s where FRS comes in. We’re here so you never have to choose between expanding your business and keeping your fixed costs steady. As your strategic outsourcing partner, we provide the additional laborforce without ever adding to your ongoing overhead, meaning you increase productivity without making any changes to your payroll. Contact us today and find out more about starting a strategic outsourcing partnership.