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SOURCE: HSA for America
HSA for America reports that businesses are increasingly moving to Health Reimbursement Arrangements for significant cost reductions on employee health benefits. Even sole proprietors can beat the Dec. 31 deadline to start a 2012 HRA with HSA for America's online tools.
Fort Collins, CO (PRWEB) December 13, 2012
HSA for America reports that business owners, including small companies and certain Schedule C sole proprietors, are rushing to establish a Health Reimbursement Arrangement (HRA) before the Dec. 31 deadline and significantly reduce employee health benefit costs. With the HSA for America online tools and expert advisors, HRA set up and maintenance are streamlined to provide the required paperwork before the end of 2012.
An HRA allows employers to cover the cost of health insurance plans purchased on the individual market, which may only cost roughly half of what premiums for traditional group coverage cost. This is reimbursed to the employee as a tax-free fringe benefit. An HRA also gives employers great flexibility in how they structure employee benefits, allowing them to better control costs.
Reimbursement does not require upfront funding, and unused HRA balances may remain with the company or roll over for employees to use in the coming year. Employers may also specify the number of hours that must be worked per week, or monthly employment requirements for seasonal work, in their HRA eligibility criteria. This flexibility is fully documented in an Employer/Employee Agreement, Plan Document and Summary Plan Description.
Wiley Long, President of HSA for America, notes, "Because we have pooled thousands of business owners and automated the process, the subscription cost for establishing and maintaining your HRA is minimized. And, we streamline the whole process. Within 24 hours of submitting an application, you receive all documents, and a login to where you can track reimbursed expenses."
Long notes that these plans are also popular with sole proprietors who have a spouse that works in the business. "This can allow the business to reimburse for the entire family's medical and health insurance expenses. It counts as a business expenses, and a tax-free fringe benefit, so it can substantially lower someone's tax bill."
HSA for America has simplified and streamlined the process so that HRAs can be set up online in less than 15 minutes. Eligibility questions allow companies to specify how employees qualify for health care benefits to be reimbursed, and specific limits can also be specified.
Complementary resources on Section 105 HRA plans for the self-employed are available at http://www.HSAforAmerica.com/hra-self-employed-special-report.htm. Small business owners can also benefit from 105 HRA plan information at http://www.HSAforAmerica.com/hra-small-group-special-report.htm to help them secure HRA benefits for 2012 before the Dec. 31 deadline. HRA online applications may be found at http://www.HSAforAmerica.com/HRA.htm.
About HSA for America:
As the nation's leading independent Health Savings Account and Health Reimbursement Arrangement expert, HSA for America has earned a reputation for providing superior resources for individuals, families and small businesses.
With the comprehensive website at http://www.HSAforAmerica.com, individuals, families and business owners can evaluate high-deductible health insurance plans that allow them to establish an HSA and an HRA. Individualized assistance is also available by calling 1-866-749-2039 from 9 AM through 11 PM Eastern.
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