TRAVIS RAML, CPA & ASSOCIATES, LLC
  • Home
  • Services
    • Accounting & QuickBooks
    • Tax Preparation & Planning
    • CFO & Advisory Services
    • Coaching & Training >
      • Coaching Center
    • DCAA & Government Contracting
    • Financial Consulting Services
    • Tax Representation & Resolution
    • Incorporation & Business Setup
    • Wealth Growth & Planning
    • Payroll Services
  • Contact Us
  • About Us
  • Blog
  • Industries
    • Doctors & Physicians
    • Dentists & Dental Practices
    • Technology & Management Consultants
    • Lawyers and Law Firms
    • DCAA & Government Contracting
    • Real Estate
  • Resources
    • Newsletter Sign Up
  • Schedule Meeting
  • Consultations

Growth Profits and Wealth Blog

Schedule a FREE NO PRESSURE Consultation
Access Octomono Masonry Settings

Can Your Business Benefit From an HRA (Health Reimbursement Arrangement)?

2/8/2022

 

​Can Your Business Benefit From an HRA (Health Reimbursement Arrangement)?

Healthcare coverage is an effective employee recruiting and retention tool.

Link to this post: ramlcpa.link/022822a
Picture
​It is not news that the talent shortage is making employers think about ways to attract and retain exceptional talent. Offering a range of benefits is one such method they are using, and the statistics bear them out: 80 percent of workers would keep a job with benefits rather than take one that offered more pay but no benefits. It should come as no surprise the Society for Human Resource Management found that retention (72 percent) and recruiting (58 percent) were top reasons companies increased their benefits.
​​Competitive Benefits
The different generations in the workplace value benefits differently, but health care is one benefit that appeals to all generations. The 2018 EBRI/Greenwald & Associates Health and Workplace Benefits Survey found that 73 percent of workers listed health insurance as one of the top three most important benefits.

​The cost is high, however, especially if you want to ensure that you have a truly competitive plan. You may need to be prepared to pay a hefty amount of your budget for employee health care. Fortunately, you have choices. For example, the following two alternatives to traditional health care might be less costly and still keep your employees happy.
Picture

Health Reimbursement Arrangement

​With a health reimbursement arrangement (HRA), the employer provides an allowance toward employees’ individually purchased health insurance premiums. HRAs often are more affordable than traditional health care because employers can choose their own contribution amount as long as they stay within federal guidelines. This is especially attractive to smaller employers because it allows them to provide health care without having to deal with participation requirements or minimum contribution percentages.

Individual Coverage Health Reimbursement Accounts

New in 2020, individual coverage health reimbursement accounts (ICHRAs) are a new option for employers. These plans, which are governed by complicated regulations, reimburse employees for individual health insurance premiums as long as the employee satisfies certain conditions, including the following:

  • Being enrolled in qualifying coverage
  • Having the option to opt-out annually
  • Not belonging to an employee group that has the option of traditional health care
  • Meeting age-related requirements (e.g., the maximum dollar amount provided to the oldest participant may not exceed three times the maximum available to the youngest participant)
​Other Considerations
​Companies have many other choices in offering health-care coverage. This makes it wise for companies to engage an employee benefits expert for guidance when evaluating a new or existing health insurance program. Among the many considerations are the following:
​
  • The company’s contribution strategy for health care (i.e., how much will individual employees pitch in for coverage, and what percent will the company pay)
  • The specific benefits that are important to your employees (e.g., a vision plan)
  • Tax considerations
  • Whether the company is available for any subsidies or incentives

If you need additional guidance about employee benefits, contact us today.

ICHRA

health insurance for small business

individual coverage health reimbursement accounts

employee health insurance

HRA

self employed health insurance

​
Tags:

Comments are closed.

    RSS Feed

    View my profile on LinkedIn

    Travis Raml, CPA

    Categories

    All
    Accounting
    Business Development
    Business Entities And Incorporation
    Business Information
    Business Planning
    CARES Act
    Coronavirus
    Covid 19
    Government Contracting
    Income Tax
    Individuals
    Infrastructure Investment And Jobs Act
    Insurance
    IRS
    Pandemic
    Personal Finances
    Personal Protective Equipment
    QuickBooks
    Real Estate
    Resources
    Restructuring
    Retirement
    Risk Manangement
    SBA
    Skills & Qualities
    State Taxes
    Stimulus
    Tax Credits
    Tax Deductions
    Tax Planning
    TCJA
    The American Rescue Plan Act | ARPA

    Archives

    August 2022
    July 2022
    June 2022
    April 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    April 2020
    March 2020
    January 2020
    July 2019

    Follow me on Blogarama
    Blog Directory by Blog Flux
     Blogs - OnToplist.com
    blogville

CPA Firm Services

Accounting Services
​Tax Services
​Tax Representation
​CFO & Advisory
​Financial Consulting
DCAA Compliance
Incorporation

​Payroll Services
Coaching & Training
Growth & Wealth

Industries we Serve

Doctor & Physicians 
Dental Practice
Consulting Firms
​Law Firms
​DCAA & Governments Contractors  
​Real Estate
Pay Invoice

COLUMBIA MD ACCOUNTANT

Travis Raml, CPA & Associates, LLC is an accounting firm in Columbia MD which offers, tax services, outsourced CFO, outsourced controller, businesses advisory, and coaching services to businesses and individuals thorough out the Greater Washington, DC and Baltimore, MD area.

​We also provide service in Ellicott City, Columbia, Annapolis, Severn, Odenton, Crofton, Silver Spring, Rockville, Bethesda, Gaithersburg, Potomac, Reston, Tysons Corner, Fairfax, Alexandria, Arlington. We're also a local CPA firm conveniently located in Columbia Maryland directly across from Columbia Mall.
​
Travis Raml, CPA has been an accountant since 1998 and a certified public accountant (CPA) since 2003 and prides his firm on delivering high quality small business CPA services. He specializes in Columbia Tax Preparation, and Columbia Maryland Accounting Firm.


Support

Phone:
​       
(443) 927-9161

​Fax:            
​        (443) 927-9152
Schedule New Client Consultation

​Schedule Client Meeting

Contact Us
About Us
Blog
Sitemap

Top Accountant in Columbia
Top Accountant in Washington DC
Best Accountants in Columbia
Accountants near me
Best Accountants in Columbia
Accountants near me
Best Accountants in Columbia
Accountants near me
  • Home
  • Services
    • Accounting & QuickBooks
    • Tax Preparation & Planning
    • CFO & Advisory Services
    • Coaching & Training >
      • Coaching Center
    • DCAA & Government Contracting
    • Financial Consulting Services
    • Tax Representation & Resolution
    • Incorporation & Business Setup
    • Wealth Growth & Planning
    • Payroll Services
  • Contact Us
  • About Us
  • Blog
  • Industries
    • Doctors & Physicians
    • Dentists & Dental Practices
    • Technology & Management Consultants
    • Lawyers and Law Firms
    • DCAA & Government Contracting
    • Real Estate
  • Resources
    • Newsletter Sign Up
  • Schedule Meeting
  • Consultations