We Help Employers Create Exceptional Benefit Offerings to Attract and Retain Great Employees
HRA's allow employers to set aside money tax-free for individual workers to spend on health insurance. They effectively transform health insurance from a defined benefit the employer controls to a defined contribution the worker controls.
HRA's can be win-win for employers and employees.
They can insulate employers from the ceaseless rise in the cost of health insurance. Firms can decide how much they have to spend on health benefits and then empower their employees to do with those funds as they please.
Employees, meanwhile, can purchase coverage that suits their needs, not their employers'. Because they purchase their benefits directly, individuals can take their coverage with them if they leave their job.
The White House expects more than 11.4 million Americans will be enrolled in HRAs by 2029, including 800,000 people who were previously uninsured. That could unleash a wave of price-lowering, quality-enhancing competition in the individual insurance market.'
Depending on the company, these benefits may include health insurance (required to be offered by larger companies), dental insurance, vision care, life insurance, paid vacation leave, personal leave, sick leave, child care, fitness, a retirement plan, and other optional benefits offered to employees and their families.
Businesses need solutions to help streamline administration. Our employee self serve portal for enrollment saves time and helps communicate plan information to employees.
After salary, benefits are the top influencer for where people work. Yet, fewer and fewer small businesses are offering traditional group benefits (the old way) due to cost, complexity, or the one-size-doesn't-fit-all approach.
Introducing the NEW QSEHRA. A simpler and less costly way to offer employees relief to the rising cost of health care expenses.
Choice is key to having benefits that really add value. Health care costs continue to increase year over year. Employees struggle with affordability of their insurance premiums.
More and more smaller employers are looking at the QSEHRA as a solution. An QSEHRA can provide tax free dollars to employees for qualified expenses and provide a tax deduction for the employer. Giving employees the freedom to choose what plan is best for them.
Smart Choices Healthcare (SCH) does all the work for you to ensure your employees have a great experience! SCH now offers a new way to attract employees and to retain them without the pains of open enrollment, COBRA, participation requirements and high cost renewals. We ensure all the pieces are in place for a smooth offering and follow up directly with employees to answer any questions they may have on how their HRA works.
QSEHRA—A result of the 2017 bipartisan 21st Century Cures Act
ICHRA—A option for tax-free health reimbursement available 2020
While QSEHRA and ICHRA are similar in many ways, they have differences as well.
Other types of stand-alone HRAs that still linger around include:
A CLOSER LOOK