Spiralight Group https://spiralightgroup.com Benefits, HR Solutions & Business Protection Fri, 05 Mar 2021 16:49:40 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.1 https://secureservercdn.net/45.40.148.147/73k.c42.myftpupload.com/wp-content/uploads/2019/12/cropped-Employee-Benefits-32x32.png Spiralight Group https://spiralightgroup.com 32 32 Spiralight Joins Forces With OneDigital https://spiralightgroup.com/spiralight-joins-forces-with-onedigital/ Fri, 05 Mar 2021 16:44:35 +0000 https://spiralightgroup.com/?p=1674 Spiralight is very pleased to announce that, in our continuing effort to enhance our employee benefits capabilities and resources, we are partnering with OneDigital, the nation’s leading strategic advisory firm. Aligning with OneDigital allows us to offer enhanced HR consulting, compliance, technology and benefits tools to help you support your people. Matthew Byrne, founder of […]

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Spiralight is very pleased to announce that, in our continuing effort to enhance our employee benefits capabilities and resources, we are partnering with OneDigital, the nation’s leading strategic advisory firm. Aligning with OneDigital allows us to offer enhanced HR consulting, compliance, technology and benefits tools to help you support your people.

Matthew Byrne, founder of Spiralight Group Benefits, commented, “the decision to align with OneDigital was an obvious win-win for our team, our clients and the employees we are committed to serving. Not only is OneDigital an industry leader with a broad national footprint, but this presents an opportunity for Spiralight clients to access new amenities, better technology and a comprehensive strategic solution to meet the unique needs of their organization.”

READ THE FULL ANNOUNCEMENT https://www.onedigital.com/blog/onedigital-acquires-spiralight-group-benefits/

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“Touchless” Technology Saves Money…Not Just Lives. https://spiralightgroup.com/touchless-technology-saves-money-not-just-lives/ Tue, 28 Jul 2020 19:44:38 +0000 https://spiralightgroup.com/?p=1627 An integrated, touchless, technology-based on-boarding, underwriting and benefits management system lowers costs, improves the employee experience and unifies all systems under a single secure solution.

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But you knew this already, didn’t you?

At Spiralight, we sure did.

Long before worldwide events drove everyone to do everything “touchless,” at Spiralight, contactless benefits enrollment and virtual onboarding were our specialties. As one of the largest producers in Ohio of group health benefits cases for many major carriers, we streamlined the process years ago not due to a pandemic, but because it made the best sense for our small and medium-sized employers, who make up the bulk of our client base.

For example, our proprietary process and automated on-boarding and benefits administration is comprehensive:

  • It provides a better employee experience (which also builds goodwill and loyalty).
  • Benefits, payroll, and all other HR processes are accessed and managed on one single platform by your employees, and HR staff (making everything simple, seamless, and less time consuming).
  • It’s more secure and more accurate (which leads to fewer costly mistakes).
  • Best of all, an automated system for underwriting, on-boarding and integration to your payroll provider of choice leads to reduced insurance costs and lowers the employer’s administrative burden.

At Spiralight, paperless is NOT a case of adaptation, but evolution.

For years, we’ve provided all of our clients, and their employees, these solutions at no additional cost. It is our way of providing value to our clients by helping everyone work smarter, not harder.

So what’s the takeaway here?

It’s that an integrated, touchless, technology-based on-boarding, underwriting, and benefits management system lowers costs, improves the employee experience, and unifies all systems under a single secure solution.

What, Spiralight has technology just like that? What a coincidence!

OASIS (Onboarding & Administration Software Integration Solution) is a technology package that makes your life easier!  It houses everything you need – Employee Onboarding, Recruitment, and Benefits Administration – and connects it to your payroll, all in one location.  And you and your employees go to the same place to make it all work. It’s simple, seamless, and puts all your HR Technology Solutions right in your pocket. Learn More Here!

We’re happy to review your paperless HR strategy before renewal stress begins to kick in. In fact, we prefer to start conversations about January renewals before Q4, not later in the year when time is short, and resources are thin.

Schedule a call today

Give yourself the time you need to make a fully educated decision, regardless of what options you choose or who you work with. Schedule a Call Today!

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Employers Guide to COVID-19 https://spiralightgroup.com/employers-guide-to-covid-19/ Thu, 09 Apr 2020 15:15:41 +0000 https://spiralightgroup.com/?p=807 The post Employers Guide to COVID-19 appeared first on Spiralight Group.

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Spiralight Group understands there is a lot of information regarding federal loans to help your business manage the COVID Crisis.  This information provided below is not legal or tax advice but is provided as a good faith understanding of the programs available. 

We created this quick self-service Prezi Presentation which provides details, guidance, and links to resources all in one place. It should take you 10-15 minutes to view.  https://prezi.com/view/h1g3Ar5fw2XiQUdwrXGr/

Summary of the Payroll Protection Program

You can take a Payroll Protection Program loan (PPP) equal to 2.5x the average monthly payroll over the prior 12 months.  They will forgive some of the PPP loan, and the amount of forgiveness will be equal to the amount of money you spend in the 8 weeks after the loan is issued. The balance (unforgiven) will be part of the payable loan with 0.5% interest, amortized over 2 years.  Forgiveness is also reduced by any loss of FTE headcount when measured on June 30, 2020.

So let’s say you request a loan for $200,000 (based on 2.5x monthly payroll).  In the 8 weeks following the loan, you spend 80,000 per month (160K total) for payroll, 401k, health insurance, and business lease/mortgage (all are eligible), you would get $160,000 forgiven. The balance of $40,000 would not be forgiven but would be a low-interest loan (0.5%), amortized for up to 2 years (with no prepayment penalty). Forgiveness may be eroded if your average number of employees falls or if you fail to spend it on qualified items in the initial 8 weeks (see Prezi Presentation for forgiveness details).

Please note, as stated above, that this is not legal, financial or tax advise. Please consult your tax advisor, bank representative and attorney before making any decisions. 

I’m considering these options for my business:

  1. Get the EIDL Grant of $10,000. This is not a loan; it’s a grant. No payback is required.  Funding happens in 3-5 days. Here is the link, https://covid19relief.sba.gov/#/ These are obtained direct from the SBA (not your bank)
  2. Get the maximum amount of loan dollars available for the Payroll Protection Program (PPP Loans) as quickly as possible because when the money runs out, it’s gone. This is done through your Bank (then from your bank to the SBA). No collateral required.
  3. Use the PPP Loan money to make payroll, 401k, health insurance, pay leases and mortgages – nearly all of this money spent in the 1st 8 weeks is forgivable.  The balance turns into a 0.5% loan.  Principal and Interest can be deferred for 6-12 months.  Start this process with your local bank or SBA approved lender. No collateral needed, no prepayment penalty.
  4. Simultaneous with the PPP loans, apply for an Economic Injury Disaster Loan (EIDL).  The amount available is not to exceed $2M, in most cases, is up to 50% of your prior years’ gross receipts. These monies are NOT forgivable and carry a 3.75% interest rate and can be spread out over up to 30 years.  These are obtained direct from the SBA (not your bank).  These may require collateral.   The application for this appears to be the same as the one for the EDIL grant link above, https://covid19relief.sba.gov/#/
  5. Use ONLY what you need to make it past this crisis which could impact your business for up to a year.  Even if you think this will be done in 2-3 months, prepare like it could last much longer.

Once your business is back to normal, you’ll have a choice – keep the low interest loan or return it with no prepayment penalty.

I hope you find this useful.  We are always here to help.  If you’d like to schedule a phone call to discuss specifics, use this link www.calendly.com/mbyrne

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Savings Tips for Group Benefits https://spiralightgroup.com/savings-tips-for-group-benefits/ Thu, 09 Apr 2020 14:14:46 +0000 https://spiralightgroup.com/?p=805 Lowering the cost of your group health benefits is not as daunting as you might think.  You just need to know where to look and what questions to ask.  Underwrite If you are trying to avoid having your team complete medical applications, you are making, as Julia Roberts put it, a BIG mistake.  Your greatest […]

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Lowering the cost of your group health benefits is not as daunting as you might think.  You just need to know where to look and what questions to ask.

  1.  Underwrite

If you are trying to avoid having your team complete medical applications, you are making, as Julia Roberts put it, a BIG mistake.  Your greatest opportunity for savings is to test your renewal increase against the market. Quotes based on your census yield the least savings.  Digital tools to safely collect and warehouse underwriting data will allow one application to be used for multiple carriers, year after year.

  1. Get A Second Opinion

Worst kept secret alert.  Your current broker gets a raise when you get a big rate hike. If you accept a 12% rate increase without a fight, your broker gets a 12% raise.  Your incentives and your current broker’s incentives are misaligned. Invite another broker to shop the group. Make your current broker do it too.  Spreadsheet rates and census quotes are for the lazy. Complete medical applications. See #1.

  1.  Show Me the Money

Having amazing benefits will certainly help you win the war for talent.  Your employees need to understand how much the company pays for their coverage.  Ironically, most employees don’t find out how expensive their health insurance is until they are gone and get their COBRA offer, which equals 100%of the cost of the coverage without the employer’s help.  Consider preparing annual TOTAL COMPENSATION STATEMENTS which show the true value of benefits (medical, dental, life, workers’ comp, unemployment, Medicare, FICA, etc.).

  1.  Demand Rate Relief 

Most top brokers can petition the insurance carrier for rate relief, meaning they can get a reduction in the renewal just by asking.  Brokers represent dozens of clients with hundreds of employees. Carriers will often make rate concessions for top brokers. Side bar: Avoid brokers who are nearing retirement, as these brokers lack the leverage to get things done.

  1.  Beware of the “Tiger Team”

Many  Big Box providers of benefits often send in a talented team to “sell” you on the benefits and all the “amazing” things they will do for you.  Once the deal is closed, you are relegated to working with an unlicensed underling or, worse yet, an out-of-state call center. Work with a broker who is a business owner, like you.

  1.  Avoid Payroll Companies

See #5 above.  Payroll companies fall into the classic trap of jack of all trades, master of none (except perhaps payroll). Aggressive, silver-toungued payroll sales people get their foot in the door, and then other non-local, non-experts cross sell benefits, 401k, and HR services which are not remotely in their wheel house. Focus on local subject matter experts.

  1.  Consider Level Funding

Level funding is a recent innovation that allows employers to enjoy the economies of self funding without the downside financial risk.  Companies with a 5-100 employees are eligible for level funding and would enjoy a “level” monthly premium. Best part, if your actual claims are lower than expected, you get a refund. (If they are higher, you pay nothing extra, until your renewal.)

  1.  Visit spiralightgroup.com

Better benefits for less is within reach. Get local help from a benefits expert by contacting us.

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Chamber of Commerce Memberships Offer Health Options and Savings https://spiralightgroup.com/chamber-of-commerce-memberships-offer-health-options-and-savings/ https://spiralightgroup.com/chamber-of-commerce-memberships-offer-health-options-and-savings/#comments Thu, 09 Apr 2020 13:02:38 +0000 https://spiralightgroup.com/?p=1 What does this mean for your company?  To start, companies with 1 to 50 employees currently can obtain an Association Health Plan (AHP) which could save your group between 10 to 30 percent. The proposed rule would further expand how AHPs are formed, creating new opportunities for these savings to more companies. ALL of the […]

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What does this mean for your company? 

To start, companies with 1 to 50 employees currently can obtain an Association Health Plan (AHP) which could save your group between 10 to 30 percent. The proposed rule would further expand how AHPs are formed, creating new opportunities for these savings to more companies.

ALL of the employer-sponsored group plans that Spiralight offers are:

  • Full Major Medical Group Medical Plans,
  • Contain robust PPO Networks which include 99% of all physicians and hospitals including Children’s Hospital, The OSU James Cancer Center, OhioHealth Grant, Riverside & Dublin Methodist Hospitals, among others
  • Cover all preexisting conditions,
  • Are tax deductible to the business,
  • An important step in attracting and retaining top talent

But for members of Southern Ohio Chamber Alliance, Ohio Farm Bureau, Associated Builders and Contractors, Inc., or Council of Smaller Enterprises, there are additional benefits. Members also receive these additional benefits:

  • Can be started on the 1st of any month.
  • Additional savings from 10-30 percent
  • Your plan will be administered by a fellow small business owner, Matthew Byrne of Spiralight Group

We at Spiralight Group have specific expertise and extensive experience setting up and administering these “Chamber” plans. We love Association Health Plans, because they permit small businesses and other groups (like professional associations like chambers of commerce) to join together, offering two major advantages:

  1. They give members buying power to a level similar to larger nationwide employers, and
  2. Alleviate many of the burdens brought on by ACA.

At Spiralight Group, our brokers will perform a Situational, Strategic and Technical assessment to understand where you’ve been, where you are now, and what is the best solution for you going forward. To learn more or schedule your complimentary assessment, send us an email or call us at (614) 300-1316.

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