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One distinct advantage of the BASE® Group HRA is the flexibility it offers in plan design. The BASE® Group HRA can still benefit small business owners whether or not they currently offer group health insurance. This plan can also be layered with other health benefit plans.
For employers with a group health insurance plan already in place, the “Linked” BASE® Group HRA greatly benefits both the employer and his/her employees. In many instances, employers are able to significantly lower costs on their insurance premiums with high deductible health plans. Employers can apply these savings to fund the HRA to pay for eligible employee premiums and qualified out-of-pocket expenses. The additional benefits ease the financial burden associated with higher deductible plans that the employees will be subject to. This strategy is saving employers all over the nation thousands of tax dollars while providing their employees with benefits that they normally wouldn’t have been able to take advantage of.
Even if an employer does not offer group health insurance, both employers and employees still benefit from enrollment into the “Non-Linked” BASE® Group HRA. Employers are able to set aside money to reimburse employees for qualified out-of-pocket expenses. The “Non-Linked” option is another way that both employer and employees benefit from the BASE® Group HRA.
To inquire about the different BASE® Group HRA plan design options, please contact one of our Benefit Specialists today.
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