Small Businesses and Viable Employee Benefits

According to the U.S. Small Business Administration, 99.9% of American businesses are considered small in terms of employment, with fewer than 500 workers on the payroll. While all companies struggle at times with hiring, retaining, and engaging talent, the challenge for small businesses can be greater due to having a comparatively leaner benefits program. However, as more creative benefits enter the marketplace, small businesses may find more viable employee benefit options. Small Businesses Employment Challenges Recent

Home » ICHRA

5 Ways to Control Rising Benefit Costs

Healthcare costs in America have risen significantly since the 1970s, leading many employers to expect modest yearly cost increases in the benefits they offer. However, the combination of current economic conditions, increased costs related to managing chronic conditions, and an aging population are leading to less manageable increases for many employers. Here are five ways TPAs can help employers continue offering high-value benefits while working to control rising benefits costs. #1 Ask Participants What They Need

Home » ICHRA

What is an HRA?

HRA BasicsWhat is an HRA? Health Reimbursement Arrangements (HRAs) are tax-advantaged arrangements that reimburse individuals for qualified healthcare costs. HRAs were first acknowledged by the IRS in 2002 as benefits that employers could offer current and former employees, including retirees.  Legislative and regulatory activity has since modified some of the rules about HRAs and created new types, including Group Benefit HRAs, Individual Coverage HRAs (ICHRAs), Qualified Small Employer HRAs (QSEHRAs), and Excepted Benefit HRAs (EBHRAs).FundingEmployers fund HRAs to reimburse

Home » ICHRA

Brochure: Health Reimbursement Arrangement (HRA) Solutions

Summit empowers TPAs with the ability to build nearly unlimited Health Reimbursement Arrangement (HRA) plans, including group HRAs, Individual Coverage HRAs, Excepted Benefits HRAs, and Qualified Small Employer HRAs. Our cloud-based HRA solution empowers administrators with the ultimate in plan design flexibility. TPAs can customize plan details at the tier level, including deductibles and reimbursements. They can also set up other plans including dental, vision, and student loan reimbursement benefits. Summit card behaviors can be

Home » ICHRA

HRA Plan Types: A Breakdown (Infographic)

Breaking Down HRA Plan Types A Health Reimbursement Arrangement (HRA) is a tax-advantaged health benefit funded and owned by employers. Depending on the type of HRA, employees can use money from the account to pay for IRS-approved healthcare expenses and health insurance premiums and it does not count toward their taxable income. Learn more about HRA plan types: HRA Plan Types Standard HRA Individual Coverage HRA (ICHRA) Excepted Benefits HRA (EBHRA) Qualified Small Employer HRA

Home » ICHRA