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The Health Care Premium Reimbursement option, or HCPR, is available to
employees if they carry an
individually owned health insurance policy.
With an HCPR plan in place, employees can have their individually owned
healthcare premiums deducted from their paycheck on a pre-tax basis through
salary deduction.
The employee retains the responsibility for paying their insurance premiums, but
much like the DCAP program, they will be reimbursed by their employer for their
expenses.
To qualify for HCPR, employees must participate in an approved individual accident and health insurance policy.
The policy that is owned by the employee must meet the following requirements:
- The policy must be an individual or family plan and cannot be part of an employer-sponsored or group insurance plan.
- It is recommended that the employee participating in the HCPR plan be named as the policyholder.
- The policy must be paid for by direct payments from the employee who owns the policy.
If HCPR applies to your employees' circumstances, they will be able to
gain financially by paying their premiums on a pre-tax basis.*
NOTE: Insurance regulations may prohibit the reimbursement of health insurance premiums in your state. For additional details, please contact a BASE® Benefit Specialist. |
