Can a business pay for employees' individual health insurance?

Employers need to consider several factors before deciding to pay for individual health insurance plans. From costs and tax implications to legal requirements and employee preferences, navigating this benefit option can be complex.
Learn more in our blog: www.peoplekeep.com/blog/can-a...
CHAPTERS:
0:00 - Introduction
0:30 - How business owners can pay for individual health insurance plans
1:34 - How an HRA works
2:08 - Common types of HRAs
3:11 - How HRAs benefit employers
3:40 - Conclusion
Federal law allows employers to reimburse employees for their monthly premiums for individual health insurance policies, as long as it's done through a compliant health reimbursement arrangement (HRA).
There are two types of HRAs that businesses can offer to reimburse employees for their individual health plans: the qualified small employer HRA (QSEHRA) and the individual coverage HRA (ICHRA).
With an HRA, employers can take care of their employees while staying within their budgets. By offering a QSEHRA or an ICHRA, employers can reimburse employees for their individual health insurance coverage on a pre-tax basis.
If you're an employer looking to provide employee benefits through HRAs, PeopleKeep can help! Our personalized benefits administration platform makes managing your benefits easy.
Learn more here: www.peoplekeep.com/
Since starting in 2006 as Zane Benefits, we've helped thousands of organizations offer affordable benefits to their employees.
#healthinsurance #healthcare #healthbenefits #employeebenefits #smallbusiness #smallbusinesstips

[@AllisonMurphy77]

Thank you! This is very helpful and informative!

[@PeopleKeep]

Glad it was helpful!