ICHRA QSEHRA and GICHRA 2022 Group HRA Health Plan Options Case Study Shows Employers Are Able to Offer More Affordable Health Plans Through the BenaVest's HRA Division

GlobeNewswire

HOLLYWOOD, Fla., April 05, 2022 (GLOBE NEWSWIRE) -- BenaVest is partnering with HRA Options in 2022 to help bring forth new and improved ICHRA and QSEHRA small business options combined with strategic health planning service options to the market to help employers maximize all health planning benefits.

The Partnership

This new partnership will help small, medium, and large businesses sign up and implement the most beneficial HRA option. Whether it is QSEHRA plans, ICHRA plans, or GCHRA health plans, companies can save money and offer more customizable health benefits for their employees, potentially saving both companies and the employees on health care costs. ICHRA has become the top choice HRA because it is the most customizable, with more benefits for both employees and employers.

The Different HRAs

The Group ICHRA option is an Individual Coverage Health Reimbursement Arrangement that helps employers take control of their employee benefits. It is a budget-friendly solution that will cover the employer's mandate to offer health coverage. Great for small and medium-sized companies, BenaVest has seen the best ICHRA savings with companies within the range of two to 25 employees. ICHRA helps avoid certain drawbacks that standard group health plans have, such as annual rate hikes, contribution, and participation requirements. QSEHRA plans are best for small businesses with under 50 employees.

HRAs allow employers to save money on their health benefits plan compared to traditional group health insurance. Some of these HRAs have tax benefits for employers and employees. While HRA Options help companies determine which HRA is best for their infrastructure, BenaVest helps implement the programs and helps employers find all group health plan saving options (including quoting a wide selection of group health plan options) and even enrolls the employees compliantly. A company working with BenaVest that had 16 employees was ready to implement employee benefits into their business. Their first instinct was to try a traditional group health plan, but they decided to take it entirely off the table after seeing how expensive it would be. The company then came across HSAs as their next option, but they decided it was not a complete health benefit option for their company. Once they came across ICHRA, it made the most sense to implement. BenaVest helped them set up their ICHRA and rolled it out to the employees. It was a success, and they ended up saving $7,573.80 in annual taxes, which was a massive gain for the company. BenaVesst has saved companies anywhere from $5,000 to over $100,000, depending on the number of employees. To learn more about these HRA opportunities, see case studies, and get answers within minutes, please visit HRA Options.