Prior to 2014, employers had the ability to reimburse employees for Individual Health Insurance that the employee purchased. Not so today. The IRS has released ruling baring much of that from happening in 2014 and moving forward. The rulings have come about so employers would not dump employees into the CA Health Exchange. There are a variety of ways to strategize the offering of Health Insurance to employees. A section 105 plan, although controversial, may be a viable way to make that happen. Setting up an HRA (Health Reimbursement Arrangement) is another way. Brauer Insurance brokers are experts at the strategies surrounding the Affordable Care Act and offering Health Insurance to businesses.
Offering Health Benefits can be a big savings for employers
Having a traditional Health Insurance plan for your employees allows them to pay for their portion on a pre taxed basis, and saves the employer money because it lowers the taxable income of the employee and the workers comp rates at the same time. With Group Health Plans, there are much more choices for the employees. There are many more plans in the Group Market vs. the Individual-Family plans. The benefits are usually much richer as well. When the employer and employee share the cost of the Business Health Plan, the employee is afforded the opportunity to purchase a quality plan and pay for it with pre-taxed money. Better benefits and more of a selection are added benefits. There are other ancillary benefits available with a Group Health Plan as well.
Other benefits of choosing a Group Health Plan for a company looking to help employees with their Group Health coverage
Ancillary benefits are many times associated with the Health Insurance company that insures workers at a company. The ancillary benefits include, Hospital Indemnity coverage, Accident coverage, Life Insurance, Cancer policies, etc. They are super affordable and many times only available in a Group Health setting. At Brauer Insurance, we have a unique approach to Group Health Plans that include many times ancillary benefits that enhance the Group Health coverage with any insurance company.