Employee Benefits
How An ICHRA Help Employers Provide Their Employees With Affordable Health Insurance
What is an ICHRA and why do Florida employers use it? An Individual Coverage HRA (ICHRA) lets Florida employers reimburse employees tax-free for their own individual health insurance, including plans purchased on the federally run Marketplace (HealthCare.gov). Instead of picking one group plan for everyone, you set budgets, employees choose what fits their families, and reimbursements are excluded from payroll and income taxes when the offer is “affordable.” For many small and mid-sized firms on the Treasure Coast, in Tampa Bay, Orlando, and Miami–Dade, ICHRA can stabilize costs and expand plan choice without the administrative load of traditional group coverage—while [...]
Can A QSEHRA Work For Your Business
QSEHRA for Florida Businesses Empowering Small Employers with Tailored Health Reimbursement Benefits Florida Health Insurance Advisors is proud to offer QSEHRA—a Qualified Small Employer Health Reimbursement Arrangement—designed specifically for small businesses in Florida. Whether you’re in Tallahassee, Miami, Jacksonville, Tampa, Fort Myers, or anywhere in between, our QSEHRA solution helps you provide valuable health benefits to your team while controlling costs. What is QSEHRA? A QSEHRA is a tax-advantaged benefit that allows small employers (typically with fewer than 50 full-time employees) to reimburse employees for individual health insurance premiums and eligible medical expenses. This arrangement offers: Cost Efficiency: A flexible [...]
How An HRA Can Help Employees On Medicare
As we approach Medicare's Annual Enrollment Period, it’s the perfect time to review benefit options for clients with older employees who may be moving onto Medicare. One great strategy we see this time of year is employers using a Health Reimbursement Arrangement (HRA) to reimburse Medicare premiums. Whether the client has under or over 20 employees, there’s an HRA solution that can work—and both options have no contribution limits. Here’s a quick snapshot: Groups with fewer than 20 employees: IF Medicare is primary Employers can offer an HRA to cover Medicare premiums and qualified expenses Groups [...]
Individual Coverage Health Reimbursement Arrangement
Employers and employees are struggling with the raising costs of group health insurance plans, a solution may be an Individual Health Reimbursement Arrangement (ICHRA). An ICHRA allows employers to pay all or part of an employee's individual health insurance with non-taxed dollars. The way it works, is that employees purchase a health insurance plan on the Federal marketplace, submits prove of coverage to their employer, and the employer reimburses the employee the agreed upon amount. There are several advantages to an ICHRA vs a group health insurance plan, 1. an ICHRA can satisfies the large employer (over 50 employees) requirement [...]
QSEHRA Health Reimbursement Arrangement
A QSEHRA allows small employers to reimburse their employee's individual health insurance with tax free dollars. Employees purchase their own health insurance on healthcare.gov and then they submit the premium statement to the employer and the employer reimburses the employee for part or all of the cost. The advantage is that each employee can choose the plan that meets their own specific situation and the employer can offer their employees tax free benefits .
Level Funded Health Plans
Level funded health plans are partially self funded plans where the monthly premiums are used to pay claims. If the claims exceed the premium, the insurance will kick in and pay the rest of the claims. These plans work just like fully insured plans but they can save a business up to 35% . And, at the end of the year if there are premium dollars left in the account, half of the leftover amount is refunded to the business in the form of a credit. although these plans do not work for every group, it is worth exploring as [...]