We can’t help but CHEER when an employer saves valuable tax dollars, provides an expanded benefits package, and helps their employees pay for their health care expenses with BASE® HRAs!
HIP, HIP, Hooray for HRAs!
Health Reimbursement Arrangements are an IRS-approved tax savings plan that allows employers to reimburse employees for certain health care costs, are non-taxable to the employee, and are 100% deductible to the employer as a business deduction.
The BASE® Section 105 HRA allows small business owners, classified as Sole Proprietor, Partnership, or C or S Corp, to deduct up-to 100% of health care costs, including individual insurance premiums and qualified out-of-pocket (OOP) health care expenses. This plan is applicable to small business owners that can legitimately hire their spouse.
HOORAY…with the Section 105 HRA, employers can save up to $5,900 annually and reduce the high costs of health insurance premiums and OOP health care expenses.
The BASE® Integrated HRA allows employers, who sponsors a high-deductible group health plan, to lower the cost of premiums while keeping the employees’ coverage the same, and supplement deductible costs.
HOORAY…with the Integrated HRA, employers can reduce group health plan premiums by 10-50% and the overall cost of the insured plan.
The BASE® Qualified Small Employer HRA (QSEHRA) allows employers, with less than 50 full-time employees who maintain minimum essential coverage (MEC), to reimburse qualified health insurance premiums or qualified health care expenses within the annual limit set by the IRS.
HOORAY…with the QSEHRA, employers can control health care costs with set allowance caps and save money by not providing a traditional group health plan.
The BASE® Individual Coverage HRA (ICHRA) allows employers to reimburse employees for qualified insurance premiums and/or non-insured health care expenses. Employers can offer all employees, or to a specific class, with no contribution caps.
HOORAY…with the ICHRA, employers can streamline benefit options and cut costs without reducing the value of the benefits plan and save money by not providing a traditional group health plan to any or all employees.
The BASE® Excepted Benefit HRA (EBHRA) allows employers, who offer a group health plan, to reimburse employees an additional $1,800 for premiums paid towards excepted benefits.
HOORAY…with the EBHRA, employers have another way to maximize savings and tax benefits.
So, “HIP, HIP, HRA” and cheer for what HRAs can do for businesses of all sizes and structures! For more information, call BASE® at 888.386.9680 or visit www.BASEonline.com.