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Benefits Administration & Enrollment Software SureCo
WebAn Individual Coverage Health Reimbursement Arrangement (ICHRA) is a type of employer-sponsored health benefit arrangement that allows employers to make pre-tax contributions toward their workers' premiums on the individual market. Employees choose the plan that best meets their unique needs, and employers contain costs by eliminating the risk
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Leveraging The ACA And ICHRA To Improve Healthcare In America …
WebIn 2016, they officially launched SureCo. Two years later, SureCo identified a massive opportunity for employers to leverage the individual health insurance market and provide quality, affordable care to working Americans. They bet big on the individual market and acquired technology and key officers from Hixme, an established leader in the space.
2024 State of Health Benefits Report SureCo
WebDownload the full report now to access key insights, including: • 36% of companies with 150+ employees will need to change their coverage options next year. • Benefits consultants say 1/3 of their clients need an alternative to fully insured plans. • 42% of employers are considering an Individual Coverage Health Reimbursement Arrangement
Resources That Elevate ICHRA Health Insurance Solutions SureCo
WebCompanies large or small can now reimburse employees pre-tax for the individual health plans of their choice—and remain ACA-compliant. Learn more in our guide. “ SureCo’s innovative benefits platform is a game-changer for growing organizations looking to compete for great talent by offering best-in-class health benefits.
Enrollment Platform For ICHRA Health Insurance Administration
WebBenefits Administration, Simplified and Streamlined. SureCo’s Enrollment Platform allows companies to save money by leveraging the individual market and reimbursing employees tax-free (a regulatory change we helped pass!) through payroll. Employees love that they can choose any quality plan that fits their needs from major carriers in their area.
On-Exchange vs. Off-Exchange Health Insurance: What’s the
WebSubsidies are perhaps the biggest point of differentiation between on-exchange and off-exchange health plans. Often called premium tax credits (PTCs), these cost-sharing reductions are provided by the federal government and are only available in the on-exchange Marketplace. In keeping with the spirit of the ACA, the government gives …
Leveraging An ICHRA To Empower Human Resources …
WebAn Individual Coverage Health Reimbursement Arrangement (ICHRA) is a type of employer-sponsored health benefit arrangement that allows employers to reimburse their employees for qualified medical expenses, including individual health insurance premiums. Unlike traditional group health insurance plans, ICHRA allows employers to define a budget
Embracing Benefits Self-Service Portals for Employee Health
WebTo leverage health coverage for recruitment and retention, a growing number of employers are embracing an emerging model in health insurance delivery: employee self-service (ESS) portals. ESS portals allow employees to access, manage and update employment information and functions online, using any device with internet access, …
Six Tips for Choosing the Best Healthcare Plan During Open …
WebHere are six tips your HR team can give to your employees to empower them to select the right health plans for their needs. 1. Review Your Plan Options, Even If You're Happy With Your Current Plan. It's easy for employees to run on autopilot during open enrollment, especially if they have no issues with their current healthcare plan. If they
Small Business Health Insurance Costs: A Look at the Stats
WebResearchers found that the health insurance market for small businesses remained relatively stable throughout the pandemic, and that there was no large-scale shift toward individual health insurance. However, the long-term outlook is more negative. Fewer small businesses are offering comprehensive coverage, and small-group insurance costs
The 2024 ACA Affordability Percentage Has Changed — Here’s …
WebAugust 29, 2023. 4 Minute Read. Last year, the IRS announced a big change to the Patient Protection and Affordable Care Act (ACA) affordability percentage for 2024. This year’s percentage is 8.39%, a decrease from 9.12% for 2023. …
SureCo Health Benefiary Glossary
WebWhile not required, employers typically offer ancillary benefits to supplement group health insurance and cover these extra costs. This supplemental coverage is usually set up as voluntary or employer-contributory. In an employer-contributory setup, the employee pays 50% to 100% of the costs. Under a voluntary system, the employer pays 0 to 49%
How to Choose an Individual Health Plan for Chronic Conditions
WebCopay: A copay is a fixed amount you’ll pay for seeing your doctor, filling a prescription, or other health services. Depending on your health plan, you may need to meet a deductible first. Formulary: A formulary is a list of prescription drugs covered by a health insurance plan. If a drug isn’t on your health plan’s formulary, you’d
What Is an ICHRA, or Individual Coverage Health Reimbursement
WebEnter, Individual Coverage Health Reimbursement Arrangements (ICHRAs). Freedom of Choice, Lower Costs. An ICHRA is an employer-provided health benefit model that allows employees to choose their health insurance coverage from all plans available in their area and get reimbursed from their employer tax-free for a portion of the premiums.
Employee Health Benefits Blog and ICHRA Resources
WebICHRAs (Individual Coverage Health Reimbursement Arrangements) are a flexible and cost-effective alternative to group health benefits. But ACA compliance is a big question mark for many people who Stay up-to-date on the latest employee health benefits trends and ICHRA news from the experts at SureCo.
How Health Insurance Brokers Help Simplify Employee Coverage
WebHealth insurance brokers guide employers through the enrollment process and serve as a resource for employees, providing assistance and support when questions or issues arise. This ongoing support ensures a smooth transition, especially if opting for ICHRA coverage for employees. A broker can use the latest tools and technology to help …
What Are the Best Individual Health Plans for Young, Healthy People
WebDear HIH, Not to sound like your parents or any other older person in your life, but here we go: Yes, you need health insurance! In a country where 100 million people are saddled with medical debt, it’s just not worth the risk to go without coverage. That being said, we also understand why you don’t want a significant chunk of your hard-earned …
3 Pain Points Employers Face with Health Benefits Coverage
WebPain point #1: Rising costs and shrinking value of health benefits can impact employee retention. As costs are rising for most everything, employers are also paying higher prices for employee healthcare plans. The bigger problem is that these higher prices are being passed through to employees, oftentimes forcing families to bear over 40% of
Can I Offer a Traditional Group Health Plan and an ICHRA to My …
WebWhen looking for a group health plan, the options are limited and far from ideal for many organizations. What works for one employee might not necessarily be the right fit for another, and the ideal benefits package—from both the employee’s and the employer’s perspective—likely differs vastly based on age, geographic location, family …
How Cannabis Employers Can Strengthen Their Healthcare …
WebMost cannabis companies are cash rich, literally under-banked and considered high risk by insurance providers across the spectrum. Beyond that, the laws are complicated around whether these companies can reap the tax benefits that typically come with offering employer-sponsored health insurance. The good news for employees, however, is that …
Keep Your Team Happy: 3 Ways to Prevent Employee Burnout
WebOffering your employees health benefits they can understand encourages them to stay on top of their well-being, which helps them maintain a balanced lifestyle and supports a healthy workforce. Show them that you care by offering more sick days to focus on healing and getting better. Prioritize their mental and physical health by providing
IRS Increases Employer Mandate Penalties for 2023
WebFor 2023, the above amounts will increase to $2,880 (used to determine the penalty if the employer doesn’t offer coverage) and $4,320 (used to determine the penalty if the employer offers coverage that isn’t affordable and/or doesn’t provide minimum value, using the same formulas described above).
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