HUDDLE UP! It is the best time of the year – the season of football and Open Enrollment! With Open Enrollment, BASE® offers our current clients a TIME OUT to look at their business package and see what more can be done to save money. It is also a great time for new clients to assess their current benefits and add new money saving benefits to their current benefits package.
Our HOME TEAM of Sales Representatives at BASE® will keep a business going with FORWARD PROGRESS, saving the business time, thousands of dollars in tax savings, and keep them in compliance. They will provide the GAME PLAN on the business’ specific plan and keep employers from getting an UNSPORTSMANLIKE CONDUCT penalty! Football may only be a 15 yard penalty on the field, but not being in compliance with the IRS or DOL could put employers at risk of penalties starting at $110 per-day per-employee or more depending on the severity of the infraction!
Dealing with employee benefits doesn’t need to be rough. So whether a current client or brand new, BASE® has a great LINE-UP of Sales Representatives that can help clients reach their GOAL and find what products will be the best (PLAY) OPTION for the business.
Employer’s health care costs are expected to rise 6.5% this year according to PwC Health Research Institute, but with a Health Reimbursement Arrangement (HRA) or 125 Cafeteria Plan in place, employers can help PASS on savings to their employees, that will in turn save the employer and employees thousands of dollars in health care costs.
So whether a business is self-employed, has a group health plan, or is looking to enhance their current benefits package, there is a custom option available to TACKLE a business’ benefit needs. Don’t FUMBLE in the RED ZONE or get a DELAY OF GAME – or, in this case, lose out on valuable tax savings! Call BASE® at 1-888-386-9680 and let’s KICK OFF Open Enrollment together!
With the escalating cost of health care, employers are exploring different ways to manage those costs in providing health care benefits whether they are self-employed or a business owner with multiple employees. Instead of cutting costs elsewhere, implementing a BASE® Health Reimbursement Arrangement (HRA) could save business owners thousands a year in tax savings. BASE® offers a complete line of benefits that offer money saving and compliance solutions for businesses of all sizes.
A Health Reimbursement Arrangement is an IRS-approved, employer-funded, tax-advantaged employer health benefit plan that reimburses employees for their out-of-pocket medical expenses. By implementing an HRA into a business, it will help cut costs and make health care affordable, while giving the employees more freedom in their personal health care decisions. An HRA not only saves the employee money, but the employer as well!
BASE® offers 3 types of HRAs to help businesses save money: Section 105 HRA, Integrated HRA, and QSE HRA.
BASE® Section 105 HRA
- 1 employee participant
- On average, $4,700 in tax savings
- Reduces the financial impact of health care expenses
BASE® Integrated HRA
- Any number of employees
- Available for employers with a group health insurance plan looking to reduce the overall costs of insurance coverage
- Coupled with group health insurance plan, employees pay for medical expenses not covered by the health insurance
BASE® QSE HRA
- 2-49 employees
- Helps employers offer a more attractive benefits package when group health insurance is no longer an option
- Employees have the ability to secure their own medical insurance and pay for insurance premiums, copays, deductibles, eye and dental care, and other qualified health care expenses
These plans are made to benefit different types of business structures, but share the same end-goal – to save the employers and their employees money. It allows employers to deduct up-to 100% of the reimbursements as a business expense and keep the plan in full compliance with all current laws and insurance regulations with the necessary plan documents. HRAs give employers more control of the overall cost of their benefits plan, and help to reduce the financial impact for employees when paying for out-of-pocket medical expenses.
Every cent a business and employee spends, COUNTS. Whether self-employed, a company with a group health plan or a business without insurance, BASE® can help implement a custom HRA plan to help save on health care costs.
For more in-depth information about each type of HRA, please call BASE® at 1-888-386-9680 or visit www.BASEonline.com.