HSA & HRA PLANS
Health Savings Accounts are personal individual savings accounts funded by the employer or funded by the employee or both. They are coupled with a HDHP (High Deductible Health Plan) so the employee and the employer save money on premium costs paid to an insurance company and they keep the savings to pay for the smaller claims under the HDHP. This is a very effective way to cut Insurance premium costs and help the employees to establish a retirement account. There are so many advantages for the employer and employees they are too numerous to point out here. We taught seminars for UNLV, Nevada Society of CPA’s and LORMAN NATIONAL SEMINARS on the correct use and function of Health Savings Accounts to HR Managers and business owners over the last 10 years.
There is an education process that must take place to help the employer and the employees overcome the initial differences in there traditional thinking. Once this is accomplished the plan will run smoothly and the employees will wonder why they ever purchased insurance the old way. (Deductibles and Co-Pays)
Health Reimbursement Arraignments are also relatively new to the insurance market but they are gaining in popularity. They can be very similar in design to Health Savings Accounts however the premium savings revert to the employer saving them typically 30% per year. We are able to not only explain the benefits of the HRA plan we also administer it all in house. HR managers now have a one point source to call for all they need. Education and technical assistance and administration all with one.
