There are many things to consider when offering your employees health insurance, from unpredictable costs to administrative complexity, to participation rates throughout the office. With a wide variety of plans to choose from, and a variety of individual needs from your employees, the whole selection process can seem daunting. With BenefitBuilder™, we help you manage these barriers, ensuring both you and your employees a stress-free selection process through health reimbursement arrangement (HRA) plan funds. Here are a few more reasons to consider BenefitBuilder and a defined contribution model for your business.
Budget Control and Predictability
With BenefitBuilder, employer contributions aren’t tied to group health insurance premiums which can increase year over year. Instead, you choose a fixed contribution amount, and your employees select the health insurance plan and premium that is right for them. If your employees don’t use the full contribution, you retain the funds.
Employer Ease
No stressing over trying to choose the medical benefits and networks your employees want. No worries over participation rates. No surprises from annual premium increases. With BenefitBuilder, you simply choose a monthly contribution amount and get back to running your business. Much in the same way employer-managed pensions gave way to the employee-managed 401(k), your employees become more responsible for managing their own health insurance benefits.
Tax Advantaged
By using BenefitBuilder, the contributions you make toward employee health benefits are not subject to payroll taxes. In addition, employee contributions toward their health insurance premiums may also be tax advantaged.
Health Benefit Customization and Flexibility
With BenefitBuilder, your employees can choose their own best-case scenario from the marketplace of health insurance plans and carriers. Our advisors help your employees find the best plans, premiums, and HRA solutions for them and their families, whether they be fully active or ready to retire.
No Minimum Participation Requirements
There are no participation requirements/minimums. If certain employees decide to waive the HRA, there is no cost to you and no eligibility concerns for the rest of the group.
Attract and Retain Employees
HRAs open the door for small businesses that struggle to afford or meet eligibility requirements for traditional health benefits. This game-changing offering is more important than ever considering today’s labor pool shortages and the increased competition to attract and retain qualified employees.