BASE^® Blog

Whether a business is looking to offer a more comprehensive health care benefits package to their employees, or find other ways to save valuable tax dollars through health care savings, where do they start?  One could turn to Google and find out they need a Third-Party Benefits Administrator, but how do they know which one would be the best for their business?

A Third-Party Benefits Administrator provides and manages a business’ benefits package to help employers attract and maintain key and valuable employees, helps a business save thousands a year in tax savings, keeps a business in compliance, and assists a business with claims reimbursements and substantiation.

Some Key Things to Look for in a Third-Party Administrator (TPA):

Customer Service.  Here at BASE®, we pride ourselves on the service provided to each and every client.  Every business can count on our Sales Representatives to be knowledgeable, patient, and attentive to their needs.

Plan Design.  BASE® offers a variety of plans designed for all types of businesses.  BASE® can help provide an excellent benefits package that is customized to help maximize the potential tax savings.

Compliance.  BASE® offers a compliance solution to close compliance gaps and meet federal regulations of the ACA, IRS, DOL, ERISA, as well as insurance rules and regulations, keeping a business from the harsh DOL penalty of $110 per day, per employee.

Education.  BASE® has an outlet for continuing education courses, webinars, and much more.

Adjudication and Substantiation.  The IRS requires reimbursements and claims of all medical expenses to be substantiated through an independent third party.  BASE® adjudicates the medical expenses submitted by each participating employee and provides the proper documentation to verify the adjudication of each qualifying medical expense.

BASE® can save self-employed businesses an average of $5,000 in health care tax savings each year, provide employers with multiple employees a proven means of reducing their health insurance premiums by 10-50%, stay in compliance and away from DOL penalties, and more.

BASE® will help a business save time, save money, and stay in compliance with mandated federal regulations.   For more information on BASE®, call 1-888-386-9680 or visit our website. 

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Each year the cost of health care is on the rise and each year a business looks for better ways to manage these costs while still providing the best benefits to their employees.  According to the Society for Human Resource Management (SHRM), employer health care costs in 2019 are expected to experience about a 6% hike from 2018.  A great way to offset this increase is by implementing a Health Reimbursement Arrangement from BASE®!  Tax-advantaged benefit plans, like the HRA, are an easy and inexpensive way to provide better benefits.

There are a variety of HRAs to meet the needs of today’s business owners.  Whichever HRA a business chooses will depend on what type of business structure, how many full-time employees, and whether or not group insurance is provided.  BASE® recognizes that each business has different needs and has fully customizable plans that help employers save money.  Employers can pass that savings onto their employees to save on out-of-pocket health care expenses.

BASE® Offers a Variety of HRA Plans: 

The 105 HRA allows small businesses, such as the owner who can legitimately hire their spouse, the opportunity to deduct up-to 100% of health care costs as a business deduction, including individual insurance premiums and other qualified out-of-pocket medical expenses.  The average client saves over $5,000 in tax savings.  It can be administered to a wide variety of businesses such as any business classified as a sole proprietor, partnership, C Corp, or S Corp.

The Integrated HRA is available to employers with a group health insurance plan in place looking to reduce the overall cost of insurance coverage and enhance their current benefit package.  Employers are able to suppress the yearly increase associated with health care, and help employee pay for medical expenses not covered by health insurance.  The employer raises the deductible on their current health insurance plan, while self-insuring a portion of that deductible with the HRA to keep the employees’ responsibility of the deductible maintainable.  This plan has been known to reduce the client’s health insurance premium increases by 10-50%.

The QSE HRA allows employers to offer an attractive benefits package without offering health insurance.  The employees have the ability to secure their own medical insurance either on or off the marketplace, and use the QSE HRA funds to pay for insurance premiums, co-pays, deductibles, eye and dental care, or other qualified health care expenses.  This plan requires an employer to have less than 50 full-time employees, not offer a group health plan to any employees, and employees must provide proof of Minimum Essential Coverage (MEC).

Not every single plan works with every business, but BASE® can work with employers to get the custom plan needed to save the most tax dollars.  For more information, please call BASE® at 1-888-386-9680 or visit www.BASEonline.com. 

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Coming off of Valentine’s Day, we should all be inspired to share the LOVE!  What better way to spread the LOVE than by implementing a Health Reimbursement Arrangement from BASE® to save valuable tax dollars and provide an enhanced benefits package employees will LOVE too!

A Health Reimbursement Arrangement (HRA) is the perfect solution to saving both the employer and employee money with an employer-sponsored reimbursement program.  This tax-advantaged health benefit helps provide employees the health care flexibility they need.  An HRA is an IRS-approved benefit used to reimburse employees for their qualified medical expenses.

There are so many things to LOVE about implementing an HRA into a business.  Check out a few below! 

• COST CONTROL. The employer establishes the benefit limit, thus, making it easy to stick to the yearly budget and keep the business profitable. 
• The employer has the ability to design the plan that will best suit the needs of the business. 
• VALUABLE TAX SAVINGS. Employer’s contributions are 100% tax.

Who doesn’t LOVE to save money?  Whether a business owner is self-employed or has multiple employees, BASE® has an HRA to fit various business situations.  Check out what Colleen E., a BASE® HRA Client, said about her BASE® HRA!

“The Section 105 BASE® HRA is the most affordable health reimbursement plan that we have found. The staff has been very friendly and helpful from the very beginning. From the guidance offered the very minute we enrolled in the plan to the necessary documentation, we have felt everything has been very easy to understand. My husband and I feel that the staff is very knowledgeable with answers to any questions, and always keeps us informed of compliance issues that might arise in the age of healthcare reform. The best part would be the thousands in additional tax savings each year that wouldn’t be possible without the BASE® HRA in place."

If you are a self-employed farmer, business owner, or own a small company looking for ways to save on the cost of out-of-pocket medical expenses and health insurance premiums, BASE® has many HRA options available for you to inquire about.  They have the knowledge to help you get started with the proper option for you.  As a self-employed farming team, we highly recommend the Section 105 BASE®HRA to create a means to save on your taxes each year. “

BASE® continues to help clients, just like Colleen, to LOVE their benefits!  Call 1-888-386-9680 to learn more about the tax-advantaged benefit plans BASE® has to offer and the health care savings they provide!

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