HRAs and employee coverage

By Carl Lishing, HealthMarkets Insurance Agency

Depending on the competitive nature of the industry, group benefits might be best for some companies while for others a Health Reimbursement Arrangement (HRA) is the right fit. And with hundreds of thousands of dollars spent each year on health benefits, it pays to carve out a little time to determine which is right for your business and employees.

Some employees want to decide for themselves which health insurance coverage they have, instead of having their employer determine coverage for them. It can be a terrific recruiting tool to allow your employees to choose under the umbrella of an HRA. A new government ruling now makes it possible for employees to be reimbursed for their health benefits costs, making HRAs more flexible.

The new government rule also allows employers to provide tax-exempt dollars to employees for the purchase of Affordable Care Act coverage, instead of offering a group health plan.

The bottom line is, employers may want to take this opportunity to look at what makes the most sense for their business, and what option serves to attract and retain employees.

I can help you determine which option is best for your business, and, if you elect to offer coverage through an HRA, I’ll sit down with your employees to help them make their decisions as well.

As always, there is no cost for my guidance.

Call licensed insurance agent Carl Lishing at 216-228-0765. HealthMarkets Insurance Agency is located at 16506 Detroit Avenue, in Lakewood. Office hours are Monday-Friday, 9:30 a.m.-5:30 p.m.; evenings and weekends by appointment. Find out more at ClevelandInsurance.info.

HealthMarkets Insurance Agency, Inc. is licensed as an insurance agency in all 50 states and the District of Columbia. Not all agents are licensed to sell all products. Service and product availability varies by state. Agents may be compensated based on enrollment. Agent cannot provide tax or legal advice. Contact your tax or legal professional to discuss details regarding your individual business circumstances. Source Federal Register/Vol. 84, No. 119/Thursday, June 20, 2019/Rules and Regulations. HMIA007122