Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on law firms adopting individual health insurance.
According to Zane Benefits’ website, law firms are quick to see the value of individual health insurance and have been early adopters of "pure" defined contribution healthcare.
Law firms are focused on controlling costs. With defined contribution healthcare, the law firm fixes their costs because they decide how much to contribute. The firm is not tied to minimum contribution requirements, which can rise unpredictably year to year.
According to Zane Benefits’ website, defined contribution healthcare also allows law firms to provide a health benefits program in less than 5 minute per month. Administering the health benefits program becomes a payroll function and requires minimal involvement from the firm. There are no annual renewals, and employees maintain the direct relationship with the insurance company. Many small law firms are operationally lean, focused on spending the most time with clients. Defined contribution aligns with these lean goals.
Law firms have been quick to adopt defined contribution healthcare because they understand the compliance reasons for using a formal defined contribution plan (such as a Section 105 plan) and the importance of complying with ACA, ERISA, HIPAA, and IRS.
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com.