Employers can take control of healthcare budget and reduce costs by using historical data to accurately allocate contributions according to usage
Employee Recruitment and Retention Tool
Provide employees pre-tax compensation to manage their healthcare while giving them ability to choose their own coverage
Healthcare coverage shouldn’t be one size fits all; employers allow employees to make a choice in healthcare coverage versus defined benefit plans
Employers no longer have to administer health benefits; billing and benefits administration is consolidated with online tools, designed to make more efficient use of the employer’s time and money
Employees have different coverage needs based on their individual and family needs – put the choice in their hands to offer the most suitable plan available
Ex: HRA’s allow employees to carryover any unspent money in the employee’s account into subsequent years. Therefore, a younger employee may opt to spend less on insurance during his younger years and rollover the unspent money so that he/she will have more to spend in later years on family coverage or costly procedures.
Reimbursements may be tax-free if the employee pays qualified medical expenses
Employees can utilize unused HRA funds for future years or planned expenses, i.e. surgical procedures, etc.