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Added for You - How to Trim Healthcare Costs with HSAs and HRAs
When it comes to marketing and targeting customers, you have two basic methods to get potential buyers when advertising. There is the Shotgun Method and the Sniper Method. Both work extremely well and I will show you how each work and how to apply each method. You compare the weapons and use the one you think will benefit you the most.The Sniper targets a specific target market and tries to shift out possible buyers. The possible buyers will most likely be interested and ready to purchase what you are selling. A Shotgun grabs everybody’s attention with the same intention to shift out possible buyers, only it is more broad and goes for anyone, even if they are not interes
Flexible medical plans: The IRS requires that HSAs accompany specific types of health benefit plans. Currently, that means the plan must have a $1,050 per person and $2,100 per family deductible and those deductibles must be satisfied before any medical benefits outside of preventative
You have complete control. Unlike public relations efforts, you have final word in determining where, when and how often your message will appear, how it will look and what it will say. You can target your audience more readily (working mothers, new home purchasers, small truck owners) and aim at very specific geographic areas. You can be consistent through advertising that presents your company's image and sales message over time to build awareness and trust. Similar to McDonald's golden arches, a distinctive identity can eventually become clearly associated with your company. People will recognize you quickly and easily - whether in ads, mailers,
The HSA, created in Medicare legislation and signed into law in December 2003, allows employers and employees to fund a tax-sheltered account that is used to pay for current and future medical expenses. The account is fully owned by the employee and must be coupled with a High Deductible Health Plan (HDHP) to meet IRS requirements. However, the less discussed Health Reimbursement Arrangement, or HRA, may be a better option for small and medium-sized businesses to consider.
The HRA, which has been around since the 1970s but was adopted in its current form in June 2002, allows employers to pay for employee health care expenses similar to the way they would with an HSA. But HRAs give employers much more flexibility. Under these plans, the employer pledges to set aside a certain amount to cover employee health care expenses. Unlike an HSA, the employer maintains control of the funds until a claim is made. These plans also differ from HSAs in that they do not need to be set up in conjunction with an HDHP and can have a prescription drug rider. Employers that are interested in encouraging employees to take more responsibility for their health care spending would be wise to consider establishing a Health Reimbursement Arrangement. We’re finding that 15 percent to 20 percent of our clients are using HRAs and that number is increasing.
These plans are increasing in popularity because they are simple for the employer to implement and manage – and because the employer can control the funds. In fact, some employers that had set up HSAs are converting to HRAs. Let’s consider why:
No free money: Unlike an HSA, which requires an employer to put money into an employee owned account, an HRA isn’t funded until the employee actually makes a claim. With an HSA, if the employer agrees to contribute to each employee, the money goes into a portable account that is there for the employee to spend or keep – even after he or she leaves the company. With an HRA, an employer commits to fund unreimbursed health care expenses, but won’t actually have to pay until the employee makes a claim. The money stays with the employer until it is spent and doesn’t automatically go with employees when they leave the company (unless the employer sets it up that way).
Employer control: With an HSA, any money in the account belongs to the employee. The money rolls over from year to year and the employee can essentially use the account as a savings account. Once they leave the company, the money is theirs to keep – and to spend in any way that they choose. (There is a 10 percent penalty for non-qualified use of the funds). With an HRA, the employer determines how much of the money carries over from year to year and whether employees can spend down the balance when they leave the company. Some companies, for example, choose to let the employee spend the money when they retire – and use it to cover medical costs. But that is not required. Other employers offer varied vesting schedules that dictate how much money employees can use when they leave.
Flexible medical plans: The IRS requires that HSAs accompany specific types of health benefit plans. Currently, that means the plan must have a $1,050 per person and $2,100 per family deductible and those deductibles must be satisfied before any medical benefits outside of preventative
As the old saying goes, “you never get a second chance to make a first impression.” In today’s business world, of course, that first impression usually does not come from a face-to-face conversation, but from whatever you can tell your future boss about yourself on paper: your resume.But knowing what information to put on your resume is a challenge. You want to tell your future boss about every noteworthy thing you’ve ever done, but your future boss only has a precious few seconds to look at your resume and the countless others that pass their way. How do you create a resume that makes a first impression that counts?Of course, there are the basic things that any employe
These plans are increasing in popularity because they are simple for the employer to implement and manage – and because the employer can control the funds. In fact, some employers that had set up HSAs are converting to HRAs. Let’s consider why:
No free money: Unlike an HSA, which requires an employer to put money into an employee owned account, an HRA isn’t funded until the employee actually makes a claim. With an HSA, if the employer agrees to contribute to each employee, the money goes into a portable account that is there for the employee to spend or keep – even after he or she leaves the company. With an HRA, an employer commits to fund unreimbursed health care expenses, but won’t actually have to pay until the employee makes a claim. The money stays with the employer until it is spent and doesn’t automatically go with employees when they leave the company (unless the employer sets it up that way).
Employer control: With an HSA, any money in the account belongs to the employee. The money rolls over from year to year and the employee can essentially use the account as a savings account. Once they leave the company, the money is theirs to keep – and to spend in any way that they choose. (There is a 10 percent penalty for non-qualified use of the funds). With an HRA, the employer determines how much of the money carries over from year to year and whether employees can spend down the balance when they leave the company. Some companies, for example, choose to let the employee spend the money when they retire – and use it to cover medical costs. But that is not required. Other employers offer varied vesting schedules that dictate how much money employees can use when they leave.
Flexible medical plans: The IRS requires that HSAs accompany specific types of health benefit plans. Currently, that means the plan must have a $1,050 per person and $2,100 per family deductible and those deductibles must be satisfied before any medical benefits outside of preventative
Not to long ago I finally decided to check out what all those little orange buttons that said “RSS” or “XML” were about. It seemed to me that either my vision was permanently impaired or every web-site I visited suddenly spouted an RSS tag, and that proudly. I wanted to know just what those ubiquitous orange buttons meant and how they operated.Well, in a few days I was an RSS freak. Obsessed. Totally grounded in RSS mania and those little news items coming across my reader. Of course, I had a reader for my desktop, and a reader that conveniently placed itself within my Firefox Browser. I was RSS ready for anything! And you know what. BEST OF ALL its almost ALL FREE. (If it isn
These plans are increasing in popularity because they are simple for the employer to implement and manage – and because the employer can control the funds. In fact, some employers that had set up HSAs are converting to HRAs. Let’s consider why:
No free money: Unlike an HSA, which requires an employer to put money into an employee owned account, an HRA isn’t funded until the employee actually makes a claim. With an HSA, if the employer agrees to contribute to each employee, the money goes into a portable account that is there for the employee to spend or keep – even after he or she leaves the company. With an HRA, an employer commits to fund unreimbursed health care expenses, but won’t actually have to pay until the employee makes a claim. The money stays with the employer until it is spent and doesn’t automatically go with employees when they leave the company (unless the employer sets it up that way).
Employer control: With an HSA, any money in the account belongs to the employee. The money rolls over from year to year and the employee can essentially use the account as a savings account. Once they leave the company, the money is theirs to keep – and to spend in any way that they choose. (There is a 10 percent penalty for non-qualified use of the funds). With an HRA, the employer determines how much of the money carries over from year to year and whether employees can spend down the balance when they leave the company. Some companies, for example, choose to let the employee spend the money when they retire – and use it to cover medical costs. But that is not required. Other employers offer varied vesting schedules that dictate how much money employees can use when they leave.
Flexible medical plans: The IRS requires that HSAs accompany specific types of health benefit plans. Currently, that means the plan must have a $1,050 per person and $2,100 per family deductible and those deductibles must be satisfied before any medical benefits outside of preventative
If you already have a large extended family in RuneScape, then you may not need this Runescape tip. However, this Runescape secret will help you find a fun social network while playing Runescape. Having good Runescape friends also means making millions much easier.When you first play RuneScape, you might find yourself not being taken seriously in the beginning. For example you might ask someone to be your Runescape friend, but they might think you’re a moocher and only after their Runescape items.But having a network of friends in RuneScape is an important part of the game. Having friends makes training less boring, fighting Runescape dragons less scary and PKing is ten
Employer control: With an HSA, any money in the account belongs to the employee. The money rolls over from year to year and the employee can essentially use the account as a savings account. Once they leave the company, the money is theirs to keep – and to spend in any way that they choose. (There is a 10 percent penalty for non-qualified use of the funds). With an HRA, the employer determines how much of the money carries over from year to year and whether employees can spend down the balance when they leave the company. Some companies, for example, choose to let the employee spend the money when they retire – and use it to cover medical costs. But that is not required. Other employers offer varied vesting schedules that dictate how much money employees can use when they leave.
Flexible medical plans: The IRS requires that HSAs accompany specific types of health benefit plans. Currently, that means the plan must have a $1,050 per person and $2,100 per family deductible and those deductibles must be satisfied before any medical benefits outside of preventative
Promoting your website in forums is a highly underused way of getting traffic to your website. Although many people have great traffic results from participating in online forums, the majority of internet marketers are still neglecting the unique power that forums have.Most internet forums allow you to have a signature file which is a small box that appears at the end of every comment that you make. This is the key to gaining traffic through forums because this resource box is usually allowed one or two links with a small description beside them. If your comments and posts are useful, answer questions and are generally a positive influence on that forum then it is likely th
Flexible medical plans: The IRS requires that HSAs accompany specific types of health benefit plans. Currently, that means the plan must have a $1,050 per person and $2,100 per family deductible and those deductibles must be satisfied before any medical benefits outside of preventative care may be paid by the medical plan. This includes prescription drug benefits.
The IRS does not require that HRAs accompany any specific type of health benefit plan. It’s totally up to the employer to decide. HRAs work with both Preferred Provider Organization (PPO) and managed care plans. The employer can choose to set up a higher-deductible plan that includes an HRA. This encourages employees to take more responsibility for their own health care dollars. For example, under this arrangement, employees may be more inclined to research the most cost effective alternative for a type of test if they have a limited amount of money to spend. In addition, the employer can determine which services - within IRS guidelines - an employee can use the dedicated funds for. An HRA can also be set up to work in conjunction with a Flexible Spending Account - an account funded by employees with their own pre-tax dollars to cover additional medical expenses.
Do HRAs save the company money? It depends on the health plan. In the long term, such plans should save employers money as employees take more responsibility for their own health care decisions. This encourages employees to make smart financial decisions about their health care. Giving employees more control over how their money is spent is a way to change behavior and improve accountability within the workforce.
In the short term, HRAs should save employers money by allowing the use of higher deductible health insurance choices. But it all depends on how much employers pledge into an HRA and how much of that money is spent by employees. Employers should review such plans cautiously to assess the health care needs of employees and be aware of significant, ongoing health conditions that could increase costs.
Both HRAs and HSAs allow consumers to take more control over health care costs. Employers would be wise to consider the ways to help them.
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