Found Money ? The Golden Goose WIMPER Plan
Imagine being able to provide more employee benefits for free at no cost to either the employer or employee. Sounds too good to be true doesn’t it? Well…………..you might be surprised or…..you might not…………….
Employers are hard pressed these days financing employee benefits due to ever increasing health care costs. Their financial backs are up against the wall. Is there anywhere an employer can turn for financial help towards funding their employee benefits in these particularly tough times?
Uncle Sam, the new Wellness Guru, may have a solution for cash starved employers.
Peter Karl has written an article outlining what we call a Found Money Golden Goose WIMPER Plan few employers seem to be aware of.
Imagine being able to provide more employee benefits for free at no cost to either the employer or employee. How is that possible? Money doesn’t grow on trees and you can’t rob a bank or print money either. This sounds too good to be true, right? Kind of like back in the day when we learned about the Section 125 Cafeteria plan scheme wherein the government willingly gave up tax revenue and our collective disbelieving reaction at the time was “Ya, right buddy, that sounds too good to be true. There has to be a catch somewhere!.”
Insurance brokers and other third party intermediaries are sensing opportunities like never before. Selling ancillary insurance plans that cost nothing has got to be the easiest sale ever.
Some insurance brokers refer to their plans as “tax funded employee benefit plans” which is exactly what it appears to be. Selling tax funded employee benefits with a WIMPER promises new found wealth costing nobody nothing. Competition, to be sure, wishes they would stop whimpering.
After reading the article below the reader should decide for themselves whether there is any merit at all to the Found Money, Golden Goose WIMPER Plan scheme.
20 Questions About The Establishing A Health-Wellness Program
By Peter A. Karl III. JD, CPA, a partner with the law firm of Paravati, Karl, Green & DeBella, LLP and a professor of law and taxation.
