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).

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.

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.

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. Are you asking questions like “what is a captive insurance company” or “why do businesses opt for captive insurance?” Read on below to get your most pertinent questions answered.

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.

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

Health savings accounts are used in conjunction with High Deductible Health Plans (HDHP) and allow savers to use their pre-tax dollars to pay for qualified health care expenses.  There are three major types of medical savings accounts as defined by the IRS.  The Health Savings Account (HSA) is funded through an employer and is usually part of a salary reduction agreement.  The employer establishes this account and contributes toward it through payroll deductions.  The employee uses the balance to pay for qualified health care costs.  Money in HSA is not forfeited at the end of the year if the employee does not use it. The Health Flexible Savings Account (FSA) can be funded by the employer, employee, or any other contributor.  These pre-tax dollars are not part of a salary reduction plan and can be used for approved health care expenses.  Money in this account can be rolled over by one of two ways: 1) balance used in first 2.5 months of new year or 2) up to $500 rolled over to new year.  The third type of savings account is the Health Reimbursement Arrangement (HRA).  This account may only be contributed to by the employer and is not included in the employee's income.  The employee then uses these contributions to pay for qualified medical expenses and the unused funds can be rolled over year to year.

Did you know that you can save time and money on your prescription drugs by simply signing up for a discount card online? With savings of as much as 80% off, these discount cards keep your health care costs down even when the prices of prescriptions are sharply rising.  At no cost to the patient, discount drug programs negotiate the price of medicines with pharmacies and then pass the savings on to the consumer.  These programs give subscribers a personalized discount card to be used at any pharmacy. While the discount card cannot be used in conjunction with health insurance, the consumer may see that the cost of their medicine is actually LESS with the card than it is with their insurance.

As the costs of health care soar, many consumers are looking for ways to control their medical spending. Also, with the rise of enrollment in high deductible health plans, consumers are paying for more health care out-of-pocket. From medical savings accounts to discount plans for prescriptions, patients are growing increasingly conscious of prices for their healthcare needs. Price shopping procedures and providers allows you to compare prices so that you are getting the best value for your care.