Offering a traditional group health plan can be difficult to manage with the yearly increases in health care and premium costs. By coupling the group health plan with an Integrated HRA, it can help bridge the gap between offering a group health plan and minimizing premium costs while helping to suppress the yearly increases associated with traditional forms of health care. The Integrated HRA does not replace, it enhances a company’s group health plan.
The BASE® Integrated Health Reimbursement Arrangement is available to employers with a group health plan in place and who are looking to reduce the overall cost of their health insurance coverage. The Integrated HRA is an employer-paid reimbursement program designed to assist employees with medical expenses. It is a tax-free reimbursement method for employers that want greater control over their health benefit cost, to help employees pay for their health care costs not covered by the group health plan.
Not only does the Integrated HRA reduce an employers group health premium increases by 10-50%, but it also reduces the overall cost of the group health plan for its employees. The employer funds part of the employee’s deductible after the employee’s portion has been met through the HRA. The business selects, and maintains, a group health plan with lower premiums (with a higher deductible) and partially insures a portion of the employees’ costs.
With the BASE® Integrated HRA, employers have control over their benefit costs by setting a reimbursement allowance for each employee to use each month toward out-of-pocket medical expenses, further supplementing the group health plan. The Integrated HRA makes a group health plan more appealing and can help the employer attract and maintain employees. Aside from salary, health benefits are a top consideration a potential employee makes before accepting a job offer. With the BASE® Integrated HRA, employers will have the peace of mind knowing that their plan is in compliance.
Molly V., a BASE® Integrated HRA client, knew that with the 38% increase in their health insurance premiums they needed to make a change to help keep their group health plan affordable for their employees. After researching, they found various insurance options, but most of the plans in their price range had significantly less coverage than they were used to.
“Our company was lucky enough to have an agent who kept looking for better options for us, and he introduced us to the idea of a Health Reimbursement Arrangement (HRA). This is how we learned about BASE® who explained how we could reduce our premiums without reducing coverage.”
By coupling the BASE® Integrated HRA they were able to reduce their premium increases by 50%. “We are very pleased that we have been able to keep our health insurance premiums affordable for our employees and our company by capitalizing on the benefits that the HRA can provide.”
The Integrated HRA does not replace the group health plan but works with it to help cover the medical costs not covered by the group health plan. Let BASE® help bridge the gap between your group health plan and premium costs, saving thousands of valuable tax dollars each year with the Integrated HRA. Call BASE® at 888-386-9680 or visit www.BASEonline.com for more information!