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PayCom, in collaboration with the Red Wing Area
Chamber of Commerce, is proud to offer the Chamber Plan to
Red Wing Area Chamber members.
Come learn about a new program offered exclusively to members of the Red Wing Area Chamber of Commerce.
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1. What is the CHAMBER PLAN?
The Red Wing Area CHAMBER PLAN is actually a "smorgasbord" of employee
benefit products and services. This includes various insurance, consulting
and administrative programs. These programs may be selected in their entirety
or "ala carte". As part of the plan, employers can choose to receive consulting
services leading to health and/or dental plans that have proven to reduce
costs without reducing coverage for participants. Another part of the plan
includes administrative services that assist employer members to implement
Section 125 Cafeteria Plans with Flexible Spending Accounts (FSAs).
Additional parts of the program provide COBRA and HIPAA compliance support.
2. Why should I want to learn more about the CHAMBER PLAN?
Over the last couple of years there has been a substantial amount of legislation
and regulatory activity pertaining to employee benefits, particularly health benefit
plans. This activity has led to a number of new compliance requirements. New IRS
rulings have helped provide better direction for allowable health plan benefit
designs that have helped group health plans around the country reduce and control costs.
3. Why is the Red Wing Area Chamber of Commerce offering this program?
Many Chamber of Commerce organizations are offering various services to their membership.
The number one goal is to provide products and services that give exceptional value
to the membership. An added benefit to the Chamber organization itself is increased
revenue through improved membership recruitment, retention and fee sharing. PayCom
Business Services approached the Red Wing Area Chamber of Commerce with the concept
of the CHAMBER PLAN. After reviewing the proposal, the board voted to endorse the program.
The relationship is simple and straightforward. PayCom will provide the material for the
informational meetings and educate the Chamber members. The Chamber will help to promote
the program. PayCom will offer services to Chamber members at discounted fees. The Red
Wing Area Chamber receives a portion of the fees.
4. Do I have to give up my current insurance agent or benefit consultant to participate in the CHAMBER PLAN?
No, PayCom and the Chamber want to avoid disturbing your relationships with current
advisors. The CHAMBER PLAN is intended to enhance your benefit program. If you are
interested in the program, you may ask your current agent or advisor to contact PayCom
Business Services to explore how they may participate in the CHAMBER PLAN.
5. What else should I know about the CHAMBER PLAN?
The Red Wing Area Chamber has endorsed the program; however, the Chamber cannot
guarantee PayCom’s performance for services offered to our members. PayCom Business
Services has been providing Benefit Services for over 15 years in the Red Wing Area.
Contact PayCom to learn about an approach sweeping the employee benefit industry.
It is called Consumer Driven Health Plans (CDHPs). This approach to help control the
skyrocketing costs of health plans is not particularly new, but it is finally gaining
wide spread acceptance and becoming more prevalent throughout the country.
CDHPs have become more popular in the health insurance business because of IRS Rev.
Ruling 2002-41, issued June 26, 2002. This ruling formally allows programs you may
have heard about called Healthcare Reimbursement Arrangements (HRAs).
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PayCom Business Services has been a pioneer in this area for many years. They have documented
success in the reduction of health plan costs, without reducing benefits available to plan
participants, an approach referred to as Managed Incentive Plans. Utilizing a higher deductible
health plan PayCom would design an employer reimbursement program with a portion of the premium
savings to be budgeted for claims applied to the deductible.
PayCom can also assist employers with COBRA and HIPAA compliance. It is imperative that
employers be aware of new and existing regulatory requirements, since penalties for failure
to comply can be very costly. PayCom has the tools to help alleviate the compliance burden.
Contact PayCom if you have any questions
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