As healthcare is getting expensive, there has been a change in how health insurance plans function these days. In the 1990s, getting health insurance through the employer wasn’t heard of- it was assumed.
Now, healthcare plans such as HRA (Health Reimbursement Accounts) insurance plans are paid by an employer to reimburse the medical expenses of its employees, their spouses, and dependents.
Also, health insurance can be offered as an employer-paid benefit or on a voluntary basis. The employees who have a need of additional life insurance can opt for the voluntary plans. It allows you to purchase life insurance coverage through the convenience of payroll deductions.
According to the 2017 Employer Health Benefits Survey released by Kaiser Family Foundation, “around 81 percent of covered workers now have a deductible, up from 74 percent in 2012. Of those individuals, 51 percent have a deductible of $1,000 or greater for single coverage, up from just 34 percent in 2012.”
It has been seen that more and more employers are choosing to include an HRA.
The health reimbursement account plans are funded solely by the employer. These insurance plans cannot be funded through employee salary deductions.
Opting for voluntary insurance plans is advantageous for the business owners, especially the start-ups and small-scale businesses. These plans feature lucrative benefits which helps in attracting and retaining top talent while keeping the costs down.
The critical illness insurance, dental insurance, disability insurance, vision insurance, long-term care insurance and more, are all covered under the voluntary insurance plans.
Coming to HRA insurance plans, they are highly beneficial for the employers. The HRAs are 100 percent tax-deductible. It helps in offering low-priced healthcare costs to the employees which is a major benefit.
Getting in touch with an insurance broker like ours- PF Compass will help you choose the right insurance plan for you and your employees.