The ERISA Wrap is key to anyone who owns or operates a business. No matter the size of the business, whether one employee or one hundred employees, employers who offer or sponsor health and welfare benefits must provide an ERISA Wrap. The BASE® ERISA Wrap fulfills the ERISA requirement for a SPD and Plan Documents outlined by the DOL and requires little work from the employer. If they fail to provide this, they could be subject to a $100 per-day, per-employee fine.
BASE® offers full compliance assistance and makes it affordable to fill in compliance gaps. Not only does the ERISA Wrap protect employers from the risk of penalties, but BASE® clients benefit from the simple set up and continued customer support. Lisa P., a BASE® ERISA Wrap client, shares her experience. “My experience in setting up a BASE® ERISA Wrap has been incredible. BASE® is courteous and thorough, and their follow up is unlike any other company.”
BASE® believes time is valuable and wants this process to be quick and easy. After talking to a BASE® Sales Representative the following process usually takes place:
Step 1: Employer provides plan information to BASE® for all ERISA employee benefit plans.
Step 2: BASE® produces all required documentation as established by ERISA in the form of a Summary Plan Description and Plan Document.
Step 3: BASE® provides all documentation to employer for distribution to all eligible employees.
Step 4: BASE® continually monitors legislative and regulatory changes to ensure plans remain in compliance and client information is up-to-date.
Simplify ERISA compliance with an easy and affordable solution provided by BASE®. Call 1-888-386-9680 to learn more about the BASE® ERISA Wrap.
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.