My Benefit Advisor and Individual Coverage Health Reimbursement Accounts Is an Individual Coverage Health Reimbursement Account (ICHRA) Right for Your Company? An ICHRA enables employers to allocate a fixed dollar amount to employees on a tax-free basis, which employees can use to purchase individual health insurance through the marketplace or private insurance providers. This arrangement provides a high degree of flexibility, allowing employees to choose the specific coverage that aligns with their unique health needs and family situations. For employers, this flexibility offers a valuable opportunity to design personalized benefit solutions that cater to a diverse workforce. By implementing an ICHRA, employers can offer a benefits strategy that provides value to employees while aligning with the company’s own financial and operational goals. The first objective for a business owner is to assess whether an ICHRA is an appropriate fit for their organization. Unlike traditional group health plans, ICHRAs are often most advantageous for small to mid-sized businesses, or companies with a widely dispersed or diverse workforce. For example, in industries with high levels of seasonal or part-time workers, traditional group plans may be financially burdensome, especially if the employees have varying insurance needs. By evaluating the organization’s workforce composition, turnover rate, and budgetary considerations, decision makers can determine if an ICHRA makes sense. One word of caution, there are complexities concerning ICHRAs that need to be fully understood before considering them as a part of any employee benefit package. It’s best to consult with a professional for advice and direction. The Greater Scranton Chamber of Commerce offers its members access to My Benefit Advisor as a solution for employee benefits, including voluntary offerings. For more information about My Benefit Advisor, visit our website at gscc.mybenefitadvisor.com or contact Rob Higginbotham at (800) 377-3536. This e-mail is intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient or have received this e-mail in error, please notify the sender by replying to the sender. After notifying the sender of the error, you should immediately delete this e-mail from your system. Please be aware that any unauthorized disclosure, dissemination, distribution, duplication or use of the e-mail contents or any attachments therein is strictly prohibited.
My Benefit Advisor: Creating Value in Employee Benefits In recent years, it has become apparent that the traditional principles pertaining to “value” in workplace benefits have changed. The reality that many employers have begun to embrace is twofold: Employees are not just workers, but real people, and A person’s job is a component of their life, not separate and distinct from it. As a result, employers have realized the need to deliver both value and purpose in their benefit portfolios. To do this, in face of the economic and business uncertainties facing them, organizations are strategically redirecting their benefit expenditures on things that matter most to their employees. They are seeking to understand what employees prefer and value, eliminating underutilized and less relevant benefits, while focusing on improving wellbeing outcomes in a cost-effective manner. Behind salary, most employees rate benefits, empathy and flexibility in their position responsibilities as most important when evaluating either their current job or future employment opportunities. As a result, employers are evaluating their benefit programs to assure they are properly designed to help keep employees feeling safe, protected and prepared for any health concerns that may arise. Additionally, business leaders continue to embrace flexibility both in the workplace and in the benefit programs offered to accommodate the needs of their staff. The Greater Scranton Chamber of Commerce offers its members access to My Benefit Advisor as a solution for employee benefits, including voluntary offerings. For more information about My Benefit Advisor, visit our website at gscc.mybenefitadvisor.com or contact Rob Higginbotham at (800) 377-3536. This e-mail is intended solely for the use of the individual or entity to whom it is addressed. If you are not the intended recipient or have received this e-mail in error, please notify the sender by replying to the sender. After notifying the sender of the error, you should immediately delete this e-mail from your system. Please be aware that any unauthorized disclosure, dissemination, distribution, duplication or use of the e-mail contents or any attachments therein is strictly prohibited.
My Benefit Advisor Offers Insight into GAP Plans My Benefit Advisor knows in the complex landscape that exists within healthcare; individuals often encounter unforeseen expenses that can put a substantial strain on their financial well-being. To help their workers better prepare for these situations, employers can install GAP health insurance options as a valuable component of their employee benefit package. As its name implies, GAP plans can help fill the gaps left by traditional health insurance plans. While traditional plans typically cover a portion of medical expenses, individuals are often responsible for deductibles, copayments, and other out-of-pocket costs. GAP insurance steps in to alleviate this financial burden by providing additional coverage for expenses not fully covered by primary health insurance. Typically purchased alongside high deductible health plans (HDHPs), GAP policies allow individuals to receive coverage on medical expenses before their deductible has been met. For many individuals with these high deductible plans, paying a small monthly premium for GAP insurance can potentially lead to significantly lower medical expenses. To understand how GAP health insurance operates, it may be helpful to consider a scenario where an individual has been hospitalized due to a medical emergency. Their primary insurance covers a majority of eligible expenses, but leaves roughly 20% of total costs, which includes deductibles and copayments, as out-of-pocket expenses. By having GAP insurance plans in place, some if not all of the out-of-pocket costs could be covered, reducing the individual’s financial liability. As healthcare costs continue to rise, an investment in GAP health insurance can provide invaluable security and peace of mind, ensuring that individuals are adequately protected against unforeseen medical expenses. However, although very beneficial to supplement an existing comprehensive medical program, it is important to realize that GAP plans do not meet the requirements of the Affordable Care Act (ACA) and as such should not be used as the sole source of medical coverage for an individual. The Greater Scranton Chamber of Commerce offers its members access to My Benefit Advisor as a solution for employee benefits, including voluntary offerings. For more information about My Benefit Advisor, visit our website at gscc.mybenefitadvisor.com or contact Rob Higginbotham at (800) 377-3536.
