Our Dollar Bank program is a flexible accounting system that enables your company to pay and account for its health plan premiums on an hourly basis, rather than the traditional way of paying for benefits on a monthly basis. Contractors performing any amount of Davis Bacon or State Prevailing Wage work can benefit from the simplification of their health plan administration, a ready-made audit trail and compliance support.
The Key Benefits of the Dollar Bank Include:
Enables health plan premiums to be paid and accounted for on an hourly basis.
Excess hours worked can be used in future months to prevent employees and their families from experiencing a lapse in coverage.
Health plan premiums are paid only for hours worked eliminating the potential for overpayment.
It’s flexible and can work with any health insurance carrier and self-funded arrangements.
Provides an airtight audit trail for the payment of fringe benefit requirements on Davis Bacon and prevailing wage projects.
Terminated employees can use Dollar Bank balances to pay for coverage after termination.
Dollar Bank thresholds can be adapted to seasonal changes and work stoppages in your business.
Dollar Bank facilitates completion of certified payroll reports.
“The ABC Dollar Bank program has given us the opportunity to provide quality health care coverage to our field team members at very affordable rates. We’ve saved thousands of dollars and it’s helped make us more competitive on our project bids.”
“We have worked with the ABC Dollar Bank program for over 10 years. We get health insurance with a local carrier and get to pick the plan designs we want. The customer service and accounting are outstanding. Our employees like the program because they get to bank excess fringes and they always know how much they have in their accounts.
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