employee-benefits

What is QSEHRA

Employee Benefits, Health Care, HR, Human Resources, Insurance, Health Care Cost

With the anticipation of the January 2020 launch of the new Health Reimbursement Arrangement (HRA) option, called the Individual Coverage Health Reimbursement Arrangement (ICHRA), it is important to take a look at its precursor — the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA).

In February 2019, the Society for Human Resource Management (SHRM) shared data from 2018, which disclosed information from the National Business Group on Health. Statistics showed the average annual health plan premium for employer-based family coverage had risen 5% to $19,616 and 3% for single coverage, for a total amount of $6,896.

Such dramatic increases in healthcare costs make it challenging for employers and employees to manage, but it is vital that both do so to maintain good health for each individual and for the business itself.

Since the challenge has become so great over the past few decades, HRA plans offer dutiful employers new ways to provide health insurance benefits to their employees.

by Chris Freitas

A Guide to HRA Rules with a Focus on the HRA Final Rule and ICHRA

Employee Benefits, Health Care, HR, Human Resources, Insurance, Health Care Cost

Providing quality health insurance at an affordable price remains a vital concern for employers, employees, and providers. Leaders continue to search for options to fit the broad variety of needs and specific circumstances of involved parties.

Health Reimbursement Arrangement (HRA) options have become increasingly popular over the past decade. Perhaps one reason why business leaders appreciate this flexible option is that it helps save money while offering an increasing number of expansions.

These expansions address the issues challenging modern employers who want to help employees maintain good health and well-being while still maintaining their own budget and making sure it’s affordable for all employees. With varied HRA rules and extensions, it isn’t too surprising that HRAs are set to increase more than 50% from 2017 to 2020.

With new HRA options come new HRA account rules. The new HRA rules, coming in 2020, have created the Individual Coverage Health Reimbursement Arrangement (ICHRA) and the Excepted Benefit HRA.

Let’s take a closer look at the Final Rule, ICHRA, and some HRA essentials.

by Chris Freitas

What Is ICHRA and What Does This HRA Expansion Plan Mean?

Employee Benefits, Health Care, HR, Human Resources, Insurance, Health Care Cost

Employers continue facing challenges in providing quality healthcare options for valued employees. Between out-of-control health insurance costs, reduced employee retention, and ACA non-compliance, employers need meaningful alternative options in healthcare.

Dutiful employers have sought solutions in traditional and non-traditional healthcare options with varying degrees of success, but a potential game-changer lies on the horizon.

The Individual Coverage Health Reimbursement Arrangement (ICHRA) becomes available in January 2020 to businesses of all types and sizes, offering new hope to employers in providing high-quality, affordable healthcare to employees.

by Chris Freitas

What is a Captive?

Employee Benefits, Health Care, HR, Human Resources, Insurance, Health Care Cost

Has your organization brought up the possibility of joining a captive insurance company? Perhaps your executive team wants to hear about options from you and your HR staff, but you need more information. Read below to get your most pertinent questions answered.

by Chris Freitas

What is a MERP?

Employee Benefits, Health Care, HR, Human Resources, Insurance, Health Care Cost

Smart business leaders and diligent human resource teams stay alert to alternative health plans to better serve their employees’ healthcare interests and their own organizations’ budgets. Employers continue to search for comprehensive yet affordable ways to provide health insurance for their valued employees.  

Employers are increasingly considering options, such as a medical expense reimbursement plan (MERP), which offers businesses a tax-free benefit, rather than the traditional benefits route, such as group health insurance. 

by Chris Freitas

When is a Good Time to Self Fund My Plan?

Employee Benefits, Health Care, HR, Human Resources, Insurance, Health Care Cost

The ongoing state of health insurance plans has organizational executive teams and their HR program leaders searching for new solutions. They want to see end results that promise financial savings for everyone while also offering better healthcare value for employees.

by Chris Freitas

When and How Should I Exit My PEO?

Employee Benefits, Health Care, HR, Human Resources, Insurance, Health Care Cost

Engaging a professional employer organization (PEO) — sometimes known as an employee leasing service — has become an important strategy for small and mid-sized businesses (SMBs) across the United States over the past three decades. With 907 PEOs in the U.S. employing 3.7 million people, PEOs have become a reliable staple in the business world, helping more than 175,000 SMBs enjoy impressive rates of growth in brief time frames.  

by Chris Freitas

Volunteering Time Off, Part Two

Custom Content, Employee Benefits, Volunteer, KBI Blog

Right now our national unemployment rate is 3.7%--edging towards a 50-year low. With this low rate, companies are actually finding it increasingly harder to hire and retain great talent. One way to combat this issue is by increasing employee engagement through volunteering.

by Mike Radakovich

Volunteering Time Off, Part 1

Custom Content, Employee Benefits, Volunteer

Volunteering Time Off, or VTO, has become a buzz topic for many companies as of late. It involves encouraging employees to take time off from their job to plug in to their community and the nonprofits that support it. Let’s delve in deeper to understand what VTO looks like.

by Mike Radakovich

4 Things Life Insurance Is Not | CA Employee Benefits Agency

Employee Benefits, Employees, Insurance, Life Insurance

Are you confused about life insurance? I don’t blame you. When I first started writing about finances more than a decade ago, my understanding of life insurance was limited.

by Mike Radakovich