The passage of the 21st Cures Act in December 2016 created a new health benefit option for small businesses—the Small Business Health Reimbursement Arrangement (HRA). Although this is a win for small businesses, it can also be a source of confusion.
As we’ve discussed before, businesses with fewer than 50 employees have several choices when it comes to health insurance options for small groups. According to an infographic and information from Discovery Benefits, health savings accounts (HSAs) emerge as a clear winner for small business health insurance. As the infographic shows, HSAs offer numerous benefits for both businesses and employees.
A common question among small business owners is whether they can offer employees a stipend to help pay for the cost of individual health insurance. Business owners also wonder if a health insurance stipend is a better choice compared to other options, such as a Health Reimbursement Arrangement (HRA) like the Small Business HRA.
In today’s marketplace, many people get their health insurance coverage from a spouse’s benefits plan; however, a growing number of married couples maintain separate individual health insurance coverage.
According to a recent report by Glassdoor, employees and would-be employees have an edge in today’s job market, with 90 percent of recruiters surveyed saying it’s a candidate-driven market. The report also reveals important points for businesses looking to hire and keep the most qualified workers. In today’s candidate-driven environment, companies need to prioritize employee retention. Employee benefits and employee engagement is a big part of that.
Health savings accounts (HSAs) have been around since 2003; however, many people remain unfamiliar with them. Similar to a personal savings account, an HSA allows an individual to use untaxed savings to pay their own individual health insurance costs—and to receive employer contributions up to a certain amount.
Recent health-care reform initiatives, including the passage of the 21st Century Cures Act in December 2016, have ushered in significant changes that will affect the health insurance industry through 2017 and beyond. One of the new changes includes updates to Health Reimbursement Arrangements (HRAs), one of the best ways for small businesses to offer health benefits to their employees. Here are four things to know about HRAs and changes in health law for 2017.
Many people assume that individual health insurance, which is insurance you purchase on your own, is more expensive than group health insurance, which is a policy an employee gets through their company. So how much does individual health insurance cost? How does it stack up against company-based group health insurance? Data shows that individual health insurance is, on average, more affordable than group coverage. Furthermore, the passage of a new federal law in 2016 created a third health insurance option for small businesses to offer their employees that can help businesses fix their health benefit costs.
Health savings accounts (HSAs) have become a popular option for people who wish to have comprehensive individual health insurance while building up tax-free savings they can roll over from year to year. According to research firm Devenir, more than 16 million people had an HSA in 2015.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.