The Santa Clarita Valley Chamber of Commerce announced Tuesday the launch of its two newest member-benefits in partnership with LBW Insurance and Financial Services & Employer Driven Insurance Services (E.D.I.S), two healthcare plans: A Minimum Essential Coverage (MEC) health plan and a Medical Expense Reimbursement Program (MERP) for employers to offer a solution to a significant component of the Affordable Care Act (ACA).
“What we have found during this challenging year, is that it’s time for the SCV Chamber to bring businesses together to create solutions and opportunities. The Chamber’s newest member-benefit, an affordable healthcare program for businesses and their employees brings our resources together as a community to generate cost savings,” stated Nancy Starczyk, Chair of the SCV Chamber Board. “With uncertainty in the workforce and constant industry reforms, our businesses need solutions for efficiently running their companies and we are proud to launch our MEC healthcare plan alongside our new 401(k) retirement program to help businesses cut costs.”
LBW Insurance and Financial Services, as designated local agent, will be available to assist businesses enroll in the plan, which reduces overhead expenses and helps meet state requirements.
All Chamber-member insurance agents can participate in providing this program to member clients.
The MEC provides a solution for Chamber-member employers by providing minimum coverage built upon the ACA defined preventive benefits. In doing so, the employer meets the required provision of offering the minimum essential benefits to its employees, but at a significantly reduced cost.
It is of critical importance for large employers (those with 50 or more full time equivalent employees) to have options available in creating a strategy that best meets the needs and finances of their company in the context of the ACA. In order to avoid the harshest tax penalties, a large employer must offer a health plan to all full-time employees that include 100% coverage for preventive benefits.
“The SCV Chamber is continuously working to bring our business community together to have all the necessary tools and resources needed for them to successfully operate and follow state guidelines,” stated Ivan Volschenk, Managing Partner at Evolve Business Strategies, which manages the SCV Chamber. “With the launch of our 401(k) program last month and bringing our healthcare plan online this month, we are gearing up to create opportunities for our members to have a successful 2021 and encourage all business throughout the Santa Clarita Valley to reach out to the Chamber for any assistance they may need.”
The ACA outlines penalties for employers with 51+ employees who do not offer medical plans that include “minimum essential coverage”. For employers with 51+ employees, many of whom have not previously offered any sort of medical coverage in the past, the task of offering this mandated coverage to its employees can be both daunting and costly.
If you have any questions or would like more information on the Minimum Essential Coverage healthcare plan for your business and employees, please contact he…@scvchamber.com. The Chamber will be hosting a workshop for employers to learn more about this benefit on January 12 at 10am. You can register at www.scvchamber.com.
E.D.I.S. has a management team with a combined total of more than 350 years in the industry, a sales team with a combined total of more than 45 years of experience, and a staff that stands behind the service we provide. We are committed to walking out of the office each day knowing that we’ve put forth the best effort to produce the highest quality result possible for each of our clients. E.D.I.S. maintains all the proper licensing required of a TPA in multiple states in which it does business. Additionally, E.D.I.S. holds multiple bonds and policies as required by ERISA for each client’s protection. Each state in which we are licensed requires annual recertifications whereby all audits, licensing, bonds, and policies are updated. We want to be the TPA whose actions make it clear that we are here to serve you, our partner, and our clients.
About LBW Insurance and Financial Services
LBW Insurance and Financial Services was founded in 1922. It is a family owned, full-service independent insurance and financial services agency based in Valencia. Expert staff provide Property & Casualty, Employee Benefits, Life, Long Term Care and Disability Insurance as well as a complete range of Financial Services for both businesses and individuals. They advise over 50 local companies on their retirement plan benefits. Licensed in all 50 states, LBW represents in excess of 100 carriers and has specialized expertise and programs for entertainment, manufacturing and distributing, professional services, restaurants, cyber risk and tech-sector, construction, commercial real estate, and nonprofits.
About the Santa Clarita Valley Chamber of Commerce
The SCV Chamber is the largest business membership organization in the Santa Clarita Valley representing more than a 65,000-member workforce. The Chamber serves as “The Voice of Business” working as the SCV’s leading business advocacy organization in the third largest city in the County of Los Angeles. Founded in 1923, the Chamber works to advocate for, educate and connect the business community.
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