A New Solution

If you are able to afford healthcare coverage for your employees you still face the tough decision deciding what benefits you'll provide. Just ask 50 employees what they want for healthcare and you will get 50 different answers. With FranHealth/LyfeBank each employee can choose what they want, from affordable choices, and we guarantee you no increase in healthcare costs.

The benefit to your employees is that they don't lose their healthcare insurance if they are downsized or are seasonal workers. They own it! Plus, contributions are pre-tax to employees, tax deductible to you.

These days, healthcare management has become a real drain on your business in cost and time. Many employers are being forced out of providing healthcare because current options are limited to inflexible plans that are increasingly expensive and limit your ability to cover valuable part-time and seasonal employees.

How does it work?

You sign an agreement with FranHealth/LyfeBank to establish an account.
You agree to an amount of money to be paid to employees. Contribution amounts will normally be based on hours worked and can vary depending on employee classes
Every pay period you submit a report to FranHealth/LyfeBank that shows the amount of contribution earned for each employee.
We electronically transfer benefit contributions from your main account or a separate zero balance account (ZBA) we help you establish and allocate the funds to each employee's healthcare account (held in trust at a federally-chartered bank).
That's it! You are done until the next pay period.

Funds received by a worker and then spent on qualified healthcare expenses as defined by IRS 213(D) regulations are pre-tax money to an employee.

COST: FranHealth/LyfeBank reduces employer and employee costs for healthcare by a simple move: we use "individual" policies, not "group" policies.

Urban Myth: Group policies are cheaper than individual policies. FALSE

Individual policies almost always cost less than group policies for equivalent coverage, with savings often of 20% to 50%. For the same amount of money you are paying now, your employee can buy similar coverage for less money and save the rest to use for other healthcare expenses.

Note 1: The FranHealth/LyfeBank method is similar to an HSA but is much more flexible. For example, an HSA can't be used to pay insurance premiums.

Note 2: FranHealth/LyfeBank funds can only be spent on healthcare. No exceptions. Our program assures employers their contributions will only be spent on healthcare to assure healthy employees.

IRS Tax Note: Under the FranHealth/LyfeBank system, funds contributed by an employer to a person's FranHealth/LyfeBank account are fully tax deductible to the employer.

Your Freedom!

Provide quality healthcare for your employees and be rid of healthcare management hassles forever.

No setting up benefit plans with insurance brokers.
No policy selection.
No insurance policy enrollment.
No insurance-related COBRA.
No health benefit tripwire between part-time and full-time employees.
You fix your healthcare costs.

Take Control!

Set what you can afford for health insurance contributions and you are done. The amount is not tied to premium costs.
Predict your health benefit cost year after year.
Works if you have one location or 500.
Works across state lines and outside the U.S.
If your staff hours decline so can your health contribution costs.
Manage your part-time and full-time staff more efficiently.
No group plan premium obligations.
No hassle management -- just send a single payment each pay period.

Example: See Frank's Tires