Health Insurance Options for Chamber Members

                        

The Broomfield Chamber of Commerce has partnered with Kelmeg and Associates to make it easy for Chamber member companies to offer health insurance options to their employees.

 

Qualified Small Employer Health Reimbursement Accounts (QSEHRA) and Individual Coverage Health Reimbursement Accounts (ICHRA) can help small business owners offer health coverage to their staff members. Review the information below, and then contact Kelmeg and Associates at 303.466.9575 if you’d like to discuss options for your business.

All New Health Insurance Option for Colorado Small Businesses

Two new options have been passed by the past two Administrations for the small businesses to expand coverage to employees. First the QSEHRA, Qualified Small Employer Health Reimbursement Account and the ICHRA, Individual Coverage Health Reimbursement Account. These two HRA plans offer benefits for both employer and employee.

 

Benefits for Employers:

1. 1. • Transfers employer responsibility for health risks

      • Employers leave the health plan choice to employers

      • Cost control, budget control

      • No participation concerns

      • Flexible plan designs, multiple carriers

      • Able to offer benefits to all employees

      • No renewal meetings

      • No COBRA Admin

Benefits for the Employees:

1. 1. • • Personalized health plan choice

        • Pick your carrier, pick your plan

        • Plan portability; take the coverage with you if employment ends

        • Tax free reimbursement from employer

        • Can still utilize tax credit

Traditional group plans rely on “one size fits all”. Many employers offer one plan and one carrier for the entire group. Many times an employee must change Doctors, change Pharmacies and build new relationships. These HRA plans let the employees choose from over 80 plans and 8 carriers. The employer is allowed to help pay for the benefits as a reimbursement. These payments are a business expense for the employer and tax free for the employer.

Both the ICHRA and QSEHRA have their own attributes, the ICHRA is a more ramped up version. Both work for the small business replacing the tradition group plan or putting in benefits in place, for the first time employer that needs flexibility. The HRA works with any size employer, large or small. The reimbursements can be used for medical, dental, life, etc. These plans can be designed for full time, part time, seasonal and all classes of employees. These work well for companies that have employees in multiple states. These plans also work side by side with an ongoing group health plan.