ODA Wellness Trust
Spiraling health care costs represent an enormous challenge to the profitability of dentists and their employees. With the changes in the health care marketplace, employers and staffs are facing increasing costs and less flexible plans with higher and higher deductibles. The ODA Wellness Trust is your solution. Ohio Dental Association member dentists can enroll in the ODA Wellness Trust to receive high quality health benefits for them and their staffs at affordable rates.
The ODA Wellness Trust is a private, dentist owned, self-funded health benefit plan. It was exclusively developed by member dentists for member dentists and their staffs to help battle the increasing cost of providing health care benefits. We offer traditional benefit plans with six different deductible levels and Heath Savings Account plans. To review our plans, click here.
What do I need to know about the ODA Wellness Trust?
The ODA Wellness Trust is an employer plan, which means offices that enroll in the plan will be required to offer insurance to all full-time employees (defined by the ACA as those employees working 25-30 hours or more per week). No employer contribution is required, however if an employer chooses to make a contribution, it must be on a non-discrimination basis. Employees are allowed to decline the coverage by completing a waiver form.
Because the ODA Wellness Trust is a self-insured plan, it has many benefits, including the ability to design plan and deductible options, choose networks and features and keep costs low by avoiding the state insurance premium tax and many of the ACA’s mandated taxes.
The ODA Wellness Trust offers eight different plans with deductible options ranging from $250 to $6,000, including health savings accounts. Medical Mutual of Ohio is the plan carrier, providing the Wellness Trust with its extensive network of providers and hospitals. It includes full prescription coverage including Express Scripts for mail order.
Why should I offer an employer plan?
The IRS no longer permits employers to reimburse employees for individual health insurance premiums. Paying directly for an employee's individual health insurance plans puts the employer out of compliance with IRS regulations and may subject them to a $100/day excise tax per applicable employee (which is $36,500 per year, per employee) under section 4980D of the Internal Revenue Code.
Group health plans – like the ODA Wellness Trust – purchased through a payroll deduction can be paid with pre-tax dollars. The employee gets a tax break on the premiums of a least 15 percent. By paying for health insurance with pre-tax dollars, the employee does not pay federal, state or social security taxes on the cost of their insurance. This is beneficial to employees instead of paying for individual health insurance with after tax dollars even if the employer chooses not to make any contribution to the cost of the plan. The employer saves the social security matching tax too.
How can I learn more and enroll?
ODA Wellness Trust representatives can walk you through the various health care benefit options available through the ODA Wellness Trust. They are licensed insurance agents who are salary-based and do not make a commission on sales, so you can be assured they have your best interest at heart.
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