Illinois Small Business Health Insurance Options
This is HSA for America’s Complete Guide To Illinois Small Business Health Insurance! This guide is designed for companies with no more than 30 employees, located anywhere in Illinois.
This document was written to guide small business, freelancers and independent professionals in providing their staff with health care benefits that are cost effective. To remain competitive you must offer benefits that are attractive to the talent you want and the package of compensation necessary to retain them.
Illinois Small Business Health Insurance Benefits
Illinois’s small business owners have a variety of options to choose from when providing benefits for their employees.
One of the most cost-effective, yet most commonly used, options is to use a standard group health insurance policy.
According to information from the Kaiser Family Foundation and based on age-related differences, in 2021, the cost for employer-sponsored health insurance that covers a family of four would be an average $20,878.
Out of that, Illinois employees typically contribute more than $5,728, on average, toward their health insurance costs.
Fortunately, Illinois businesses also have a variety of other options at their disposal that may reduce their costs substantially. These include:
- health savings accounts (HSAs)
- health reimbursement arrangements (HRAs)
- direct primary care (DPC) memberships
- health sharing programs
This depends on many factors including the size of your organization, budget available and age of employees, their children and any dependents.
Read on the go, download our Complete Guide To Small Business Healthcare Plans.
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Illinois Small Business Health Insurance Geographic Considerations
Illinois has a unique healthcare system that includes busy urban areas like Peoria and Springfield, and more rural places around Fisher and Raymond.
Illinois’ business owners must therefore carefully plan how to spread their staff across the entire state. If the company’s headquarters is located in Chicago, it does no good to pick an HMO plan that only allows workers to see doctors within its network. However, many employees live and/or work in Watseka.
Illinois Small Business Group Health Insurance
Most Illinois employers choose traditional group health insurance.
Also, it’s rather costly.
What’s the process?
The employer will contract with an insurance company to cover the health care of their employees, and in some cases also for their dependents.
Under the Affordable Care Act, all employers with 50 or more employees must offer an ACA-qualified health insurance to all employees who work more than 30 hours per week, or pay a penalty.
The health insurance must offer the ten minimum essential coverages (MEC) required under the Affordable Care Act. These are:
- Ambulatory Patient Services (Outpatient Care you receive without having to be admitted into a hospital).
- Emergency services
- Hospitalization is a term used to describe a hospitalization that includes surgery, overnight stay and other types of care.
- Care of the newborn, both before and after delivery, as well as pregnancy, maternity and newborn care
- Services for mental health disorders and addictions, such as counseling and psychotherapy.
- Services related to mental health, substance abuse disorder and behavioral health (such as psychotherapy and counseling)
- Prescription drugs
- Services and Devices for Rehabilitation and Habilitative (Services and Devices to Help People with Injuries, Disabilities, and Chronic Conditions Gain or Recover Mental and Physical Skills)
- Laboratory services
- Services for prevention and wellness and management of chronic diseases
- Children’s services including dental and eye care are covered (adult dental and visual coverage is not essential).
The ACA also requires that health insurance cover birth control and breast-feeding.
Although traditional health insurance may be the most expensive choice for your business, you will have guaranteed enrollment.
Just as long as the worker enrolls during his or her initial enrollment period when they first qualify for coverage, during a special enrollment period triggered by a qualifying life event, or during the general open enrollment period beginning November 1st of each year, the insurance company cannot turn them down or charge a higher premium because of their medical history.
Illinois Small Businesses Are Not Required To Provide Health Insurance
In accordance with the Affordable Care Act employers employing fewer 50 people are exempted from providing any form of health insurance.
Illinois’ state law also does not require health insurance. There is no requirement to offer insurance for employees under 50.
There is no penalty.
It’s important for all employers to provide health benefits, even small ones. This is because quality workers are harder to find and keep if they don’t have a health plan that offers a good value.
Illinois in particular is an area where there are few unemployed people and the competition between employers to find talent is intense.
Illinois employers are able to save considerable money on medical costs by offering employees a cost-sharing health plan. (See below for details) They can also pay a portion or the entire amount of these expenses.
Illinois Small Business Health Insurance HRA Alternative
You could also help your employees to purchase individual health coverage on an ad-free basis by offering a QSEHRA, which is a small employer qualified health reimbursement arrangement.
QSEHRAs provide employers with the following benefits:
1.) No minimum contributions limits
With a QSEHRA, you aren’t committed to a minimum contribution every year, like a pension plan. As an employer, you are free to set your own budget for HRA benefits, and change it as needed each year, based on the available cash flow in your business.
With a QSEHRA, you are in control of your health benefits budget.
2.) Flexibility
You can offer employees a different amount based on their marital or family status. So you can discriminate by providing a greater benefit to employees with families than to employees who are single with no dependents – reflecting their actual cost to buy health insurance for their families.
3.) Tax-free treatment for both employers and employees
Your employer contributions are fully tax deductible as a compensation expense. But unlike cash compensation, your employees will pay no tax on their QSEHRA benefit — provided they maintain a health insurance plan that includes the 10 minimum essential coverages specified in the Affordable Care Act.
It is for this reason that a QSEHRA will be more beneficial than merely offering an insurance subsidy to employees, which they can then use towards health insurance and other costs.
4.) QSEHRAs Promote Employee Choice
There are too many group health plans that limit employees to just a few options.
TThe HR department and the company’s management select these items, which are overpriced or unsuitable to workers.
A QSEHRA offers workers and families a wide range of options and gives them the power to select a health plan which is right for them.
Taxation of Employer Health Coverage in Illinois
According to federal and Illinois laws, health insurance premiums are fully tax deductible by the employer. Additionally, the premiums paid by employers are tax-free for employees.
Health sharing plans feature lower overall costs. Their monthly costs are also tax-deductible to the employee. However, employer assistance for paying health sharing costs are taxable to the employee.
Disadvantages of Illinois Small Business Group Health Insurance
Traditional employer group health insurance has some important disadvantages for employers and their workers.
- The Cost
As we mention above, the sheer monthly cost of providing health insurance can be crippling: Especially for labor-intensive industries where labor costs are high in relation to revenue.
Part of the reason traditional health insurance costs so much is overkill: Government regulators in Washington and Springfield have loaded up health insurance policies with mandatory coverages and requirements that make little sense for many workers.
As an example, the traditional approach to health insurance includes coverage for drug and/or alcohol addictions and mental illness, along with maternity benefits. Many workers simply don’t want or need these types of coverage.
It makes them less efficient and more expensive than they should be.
- Inflexibility
The majority of group health plans are one-size fit all strategies that do not always meet employee needs or budgets. The nature of employer-sponsored health plans tends to limit them to one or two choices that might not suit all employees.
It may make sense for workers to buy their own plans on the market. They could take advantage of subsidies provided by the Affordable Care Act.
Below are some alternatives to health insurance that may be less costly. They can also be an excellent solution for those who have no health conditions and are otherwise in good health.
Below, we discuss health sharing plans in greater detail.
- Administrative burden
Administrative costs are high when managing a comprehensive health plan. It involves managing documents and compliance, auditing the plans to make sure employees are not enrolling non-qualified individuals into the plan and answering questions from staff. This is essential for a health insurance plan to run smoothly within an organization.
They are a burden for very small companies who do not have enough employees to support a full time HR team to manage the plan.
Owners of small businesses may use other strategies to reduce health costs, including Health Reimbursement Arrangements.
They encourage them to take out their own policies through Affordable Health Care Act. Allowing workers to benefit from subsidies is a good way for them to do so. This removes your employer completely from the equation, saving you money on overhead and administration.
Health Sharing Plans in Illinois
Illinois’ small businesses can find health sharing plans to be a cost-effective and affordable alternative to the expensive coverage of traditional insurance.
Illinois companies are increasingly using medical cost-sharing programs as a cheaper alternative to the traditional group health plans. Switching from group health insurance plans to medical cost sharing can often save companies up to half on the premium.
Illinois Small Businesses could save as much as $10,000 per annum per employee, for family coverage and over $3,500 annually for single coverage.
These innovative programs allow employers to offer employees high-quality health care, while still controlling costs. These programs are based on the idea of sharing resources with a large group of individuals or organisations.
As an alternative to traditional health insurance which requires paying premiums, Health Sharing Programs allow participants to make an amount of cash per year.
Health Sharing Plans vs. Health Insurance
It is important to note that health share plans and insurance are two different things.
Health sharing ministries are not insurance companies, but voluntary groups of individuals who have agreed to pay for the medical bills of others. As opposed to for-profit health insurers, health sharing organizations are nonprofits.
Mandatory Coverages
Health insurance plans are not required to meet these requirements. The health sharing organization is not covered by the ten minimum essential coverage requirements.
The cost of treatment for drug addiction is not covered by medical cost sharing plans for those who do never take drugs. The plans do not have to cover injuries that result from drunk driving.
Pre-existing conditions
Health sharing plans are different from traditional insurance policies in that they may require waiting periods to share costs for pre-existing condition treatment.
Many also require waiting times for surgery, except in the case of accidents and injury that couldn’t have been predicted prior to enrolling.
Health sharing organizations can offer a wide range of great benefits, at a fraction of cost of a standard group insurance policy that meets the requirements of ACA.
Note that plans that offer health sharing do not qualify as subsidies under the Affordable Healthcare Act. Even if you qualify for an Affordable Care Act subsidy and switch to health sharing plans, many people will still save money.
Illinois employers often find that switching from small-group health insurance to health sharing makes more sense because they don’t receive a premium subsidy.
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Health Sharing and Network Restriction Illinois
Contrary to traditional managed-care plans such as PPOs and HMOs which are far more common, Health Sharing Plans often give you a greater range of choices when selecting healthcare providers.
Health sharing organizations in Illinois don’t restrict their patients to providers in the network in most cases. Health sharing plan participants can choose any doctor they want. Choosing the doctor of your choice is a right that people should have.
Are you a business that can benefit from health sharing?
Every business has its own unique characteristics. The best plan to use, be it a group health plan with a traditional approach, or health sharing, requires careful evaluation.
The good news is, it’s easy for business owners in Illinois to get a full case analysis and recommendation specific to your organization and workforce.
Just click here to make an appointment with one of our experienced Personal Benefits Managers licensed in Illinois, and we’ll start the process.
You can help yourself by preparing a staff census.
Most of the time, switching from health insurance to a group plan will result in thousands of savings per employee. Health sharing is not recommended if your employees have pre-existing medical conditions.
Consultation and analysis are always provided free of charge.
HRAs for Illinois Small Business Health Insurance
Employer-funded Health Reimbursement Arrangements (HRAs), which reimburse employees tax-free for personal healthcare costs, are a type of HRA.
Illinois small businesses often simply do not offer group health coverage. Instead, small business owners in Illinois establish a HRA. With the HRA they provide their workers with the funds to purchase health insurance for themselves on the private market using dollars that are pre-taxed.
Workers can then take advantage of the subsidies available, which further reduces the cost to the company.
The HRA can be used to cover any out of pocket expenses, including prescriptions, deductibles, copays and durable equipment. HRAs are also tax-free.
By offering an HRA instead of a group insurance plan that is formal, you give your employees the freedom to select health plans that meet their preferences and needs.
Click here for further information on HRAs and small businesses.
HRAs for Small Businesses (QSEHRAs)
QSEHRA or Qualified Small Employee Health Reimbursement Agreement (pronounced “Cue Sarah”) is the special HRA type that small businesses can utilize.
It is available to companies that have fewer than fifty full-time workers or an equivalent number, but do not provide a group health insurance program.
The QSEHRA allows businesses to choose their maximum QSEHRA contribution, subject to certain restrictions. Illinois employers may contribute $5,850 to individual employees up to $487.50 a month and $11,800 to employees with families up to $983.33 a month as of 2023.
These employees can then use their money to pay for insurance themselves, either through an online insurance exchange site, or through a Personal Benefits Manager. In this way, employees can keep their subsidy eligibility.
The employer can decide to pay the employee’s premiums for health insurance only, or also reimburse them for any extra medical expenses.
QSEHRAs (Qualified Special Enrollment Health Savings Accounts) and Special Periods of Enrollment
Your employees are eligible for Special Enrollment Periods when you replace your existing health plan with HRA. It is a window of 60 days during which employees can buy their own ACA qualified insurance plans with guaranteed issue without having to go through medical underwriting.
This helps ensure your employees don’t face a break in coverage when you drop your group health insurance plan altogether and replace it with a QSEHRA.
HRA Advantages
There are many advantages to Health Reimbursement Arrangements (HRAs).
Money you spend on HRA benefits for your employees is fully tax deductible to you, as well as tax-free to your workers.
You retain control of HRA money until it’s actually disbursed to workers. It remains available to you as operating capital. You don’t have to deposit it with any third party.
HRA is a flexible benefit that allows employers to design their benefits. This includes what expenses are reimbursed.
When workers change status from employee to contractor, their coverage of health insurance isn’t affected. The QSEHRA system allows workers to own and manage their own insurance. Employer is not responsible.
HRA Disadvantages
Workers may not be interested in the responsibility to select and compare their health insurance. Workers may require extra support to help them navigate through the process.
You can get help from your HSA for America Benefits Manager if this happens. This ensures that no worker gets left behind.
Just have your workers click this link to make an appointment for personalized, individual service, or call 800-913-0172.
Click Here To Learn More About Alternatives to Employer-sponsored Health Insurance for Illinois Small Businesses
The Direct Primary Care Advantage
Direct Primary Care plans (DPC) present an alternative healthcare model that’s undergoing an explosion of popularity in Illinois and across the country.
It’s a membership-based model: In return for a flat, affordable monthly fee, like a gym membership, your employees receive as many visits as they need, either in person or via telehealth.
DPC’s monthly membership fees start at just $80 and are a viable option for people to take care of their health, without having to pay copays.
DPC offers members access to all routine, primary, preventive and chronic care services.
The following are some examples of direct primary healthcare services:
Some of the most common medical services offered by doctors who practice Direct Primary care include:
These are the services that Direct Primary Care physicians provide:
- Preventive care. DPC doctors stress preventive medicine. Services include routine checkups, vaccines, screenings for conditions, and regular immunizations.
- DPC doctors offer acute care to patients with minor injuries or illnesses such as infection, colds, influenza, minor cuts, and skin disorders.
- Manage chronic disease. DPC helps patients with chronic conditions such as arthritis, diabetes and hypertension. They offer continuous monitoring and make adjustments to treatment plans if necessary.
- Comprehensive physical exams. DPC offers comprehensive physical examinations by DPC doctors to identify and assess risks as well as provide personalized advice on health.
- Urgent care. DPC Doctors are usually available the same or next day for urgent care.
-
To ensure that patients receive timely attention, they can make appointments for issues other than emergencies.
- Laboratory and diagnostic services. DPCs may perform or arrange a range of lab tests including blood analysis, urine testing, imaging (X rays, ultra-sounds) and electrocardiograms.
- Medication management. DPC doctors can prescribe medications, monitor their effectiveness, and make adjustments as needed. They also provide education and counseling on medication usage.
- Mental health services. Many DPC practices include mental health services as part of their comprehensive care. DPC doctors may provide counseling, therapy, and referrals to mental health specialists when necessary.
- Minor procedures. Some DPC doctors are trained to perform minor procedures in their office, such as suturing lacerations, removing moles or skin lesions, joint injections, and others.
- Referrals and care coordination. DPC physicians act as advocates for patients and coordinate with other health care providers, specialists, hospitals and hospitals when necessary.
Since there is no insurance provider involved, you don’t have to worry about copays, coinsurance or deductibles. Everything is covered by the monthly subscription. The monthly subscription covers everything. This allows cash-strapped employees to get the immediate care they require. The workers will never have to delay seeing a doctor due to the cost of the co-pay or deductible.
For services not covered by DPC, patients can purchase supplementary plans. These include high deductible health insurance plans, accident coverage or health sharing plans. DPC covers routine medical care. Therefore, members are free to opt for more cost-effective options such as health sharing or traditional health coverage.
Health Savings Accounts (HSAs)
HSAs (Health Savings Accounts) can be very powerful tools to help workers manage their medical costs, as well as to help keep premiums lower for workplace health insurance plans.
Illinois businesses and residents need all the tax breaks they can get. It’s good to know that employer contributions made by employees into their Health Savings Accounts are fully deductible from Illinois corporate income taxes as compensation expenses.
HSAs allow individuals to set money aside before taxes in order to pay for medical expenses down the road. HSAs are open to both employees and employers, subject to a limit set by Congress to reflect the rising cost of living.
Money in an HSA enjoys tax-deferred growth, and withdrawals to pay for qualified healthcare expenses is tax free.
How to Qualify for HAS Eligibility?
To be eligible to receive employer contributions before tax to an HSA as well as to make a contribution to one, the employee must have a qualified high deductible plan.
IRS definition of a High Deductible Health Plan for 2023 is any plan having a deductible at least $3,000 for family plans and $1,500 for individuals.
Total annual HDHP out-of-pocket costs (including deductibles copayments coinsurance and other expenses) cannot be higher than $7500 for an individual. The limit is not applicable to outside-network providers. ).
What if I want to combine HSAs or health shares?
At present, there is only one plan that allows employees to contribute pre-tax money into a Health Savings Account: the HSA Secure Plan. It’s available via HSA For America.
HSA SECURE Plan offers a great way to combine tax advantages and savings on healthcare with health sharing.
To be eligible for this plan, employees must have some form of self-employment or business ownership.
HSA SECURE does not apply to W-2 employees. HSA SECURE is a good option for employees or spouses who have a small business or freelance job, as well as side jobs, but are otherwise healthy and do not need to be treated regularly.
The HSA SECURE plan is also a good option to save money for both you and your business partners.
You would need to have your employees enroll themselves in HSA SECURE. Once they have enrolled in an HSA and set it up, you may make contributions pre-tax on their behalf.
HSA Secure: Click Here to Learn More.
How Do Illinois Small Business Health Insurance Benefits Get Taxed?
This table explains the taxation of each alternative strategy available to small companies in addition traditional health insurance.
Plan Type Employer Workers
Traditional health insurance premiums Tax deductible. May qualify for a tax credit (see below) Non-taxable
HSA contributions Tax deductible
Pre-tax, up to certain limits. No income limitations.
Health sharing costs Tax deductible as a compensation expense Taxable as ordinary W-2 income
Health reimbursement arrangements Tax deductible Benefits are non-taxable to the employee
HSA withdrawals N/A
Withdrawals for qualified medical expenses are tax-free. Otherwise taxable as ordinary income.
A 20% penalty for non-qualified withdrawals applies up until age 65.
Direct primary care costs
Tax deductible as a compensation expense Taxable to the employee
Illinois Small Business Health Insurance Pyramid
As shown in the below diagram, a good package of employee benefits should cover all of the levels of the Employee Healthcare Pyramid, from preventive health care to primary care for early detection and maintenance of health issues, up until catastrophic events.
Listed on the left are common, traditional insurance-based care solutions.
To the right we provide a range of affordable and alternative ways of providing protection that is meaningful for each employee level.
Employees can find affordable solutions for each level of the plan with a well-designed plan. It is important that there are no employees who have to go without or delay treatment because they cannot afford the premiums, coinsurance, and copay.
The Personal Benefits Coordinator can create for you a unique plan which provides benefits at all levels of Care Pyramid. Often, the plan costs a fraction of what a typical group plan would.
Illinois Small Business Health Insurance Tax Credit
Small Business Health Care Tax Credit was passed alongside the ACA and allows small business to claim a tax credit for up to 50 percent of employee health care costs.
The program was designed for businesses that have 25 employees or fewer, and hire employees at lower salaries.
Both for-profits and non-profits can generally claim this credit.
* Less than 25 employees with an average annual salary around $53,000, excluding salaries for all the owners. The average number of employees is calculated without including the owners. Also, employees are counted as “full time equivalents” or FTEs. This means that two employees working half time would equal one employee who works full time.
* You must pay at least half the premium cost for each employee;
The Illinois Department of Insurance is the exchange that offers Affordable Care Act coverage.
If an employer employs 25 people or has a wage of $53,000, the tax credit will be eliminated.
What is the process for claiming credit?
This tax credit can be claimed on your income tax returns with IRS Form 8941 attached (tax-exempt businesses are required to submit a Form990-T to make a claim even though they do not have to).
Contributions to health insurance for your employees do not attract tax.
My business has not paid any taxes for this year. Can I claim my tax credit even though I don’t owe any taxes this year?
Yes. This tax credit can be carried back and used to offset income tax liability incurred the previous year or carried forward to offset liability incurred over the next 20 years.
If you’re a tax-exempt business, the credit is refundable.
Consult your tax advisor for full information about the Small Business Health Care Tax Credit.
Combine Illinois Small Business Health Insurance Strategies
When it comes to maximising your coverage, combining different programs is a wise move.
Combining a variety of health care packages allows employers to reduce healthcare costs and provide complete coverage for their employees.
Consider combining a Direct Primary Care (DPC) plan for normal primary care with a low-cost health sharing plan that covers catastrophic occurrences as one possible cost-effective solution.
Comparing it to the traditional health plan for group members, you may find that this is a more affordable option for either your employer or employees.
Offering employees the choice between signing up for a health sharing plan or purchasing an individual health insurance plan, as well as giving them the chance to fund a Health Savings Account (HSA) for those who choose an HSA-qualified HDHP plan, can give them more flexibility and possibly lower costs.
What Should You Do Now?
For the best results, you should conduct an employee survey and call us and receive our complimentary analysis of your business’ health plan.
A Personal Benefits manager from HSA for America will be assigned to you. This persona benefits manager will talk to you about your staff and their families, discuss your needs and budget, assess your employees’ contributions and take into account any preexisting medical conditions.
Many of PBMs were successful entrepreneurs or business owners themselves. These PBMs are business owners themselves and have a deep understanding of your requirements as an entrepreneur.
Do I have to offer health insurance AND health sharing together?
It is possible to offer the two options together, giving employees a choice of which option best meets their needs.
You may fall short of the required minimum rate of participation if you have too few employees participating in a health plan. HRAs can be used to reimburse employees for their individual health coverage, which is close to that cost.
Illinois Small Business Health Insurance: Frequently Asked Questions
How do health sharing plans and insurance for small business differ?
The traditional health insurance plan is offered by the insurance company, whereas healthsharing involves its members pooling their funds together to pay for each other’s healthcare expenses.
Can employer contributions towards HSAs be deducted from state income tax in Illinois?
Yes. Employer contributions towards employee HSAs are fully deductible from state income tax as a compensation expense in Illinois.
Do small businesses have a business case for offering Direct Primary Care plans alongside other insurance options in Illinois?
By combining DPC plans with lower-cost health coverage, like Health Share Plans, provides comprehensive and affordable healthcare solutions for both small businesses and their staff.
How can I get the Small Business Health Care Tax Credit (SBHCTC)?
Tax credit claims can be made on Form 8941 of the IRS for businesses that make a profit, whereas tax-exempt businesses are required to file Form 990-T.
HSA for America doesn’t provide tax advice. To get the full details on how to claim this credit, employers are advised to consult with their tax advisor.
What is a Health Reimbursement Agreement (HRA)?
HRAs, or Health Reimbursement Accounts (HRAs), are funded by employers and reimburse employees who have qualified medical expenditures that their insurance does not cover. Employers contribute to the account based on what expenses they determine are eligible.
Does Illinois have a limit on the size of a small business eligible to receive these programs?
Only employers with fewer than fifty employees are eligible for the Qualified Small Employee Health Reimbursement Arrangement. If you employ more than fifty employees or your business grows, you may be eligible for other HRAs.
You’ll also be required by the ACA to either provide a plan of qualified health insurance for your employees or pay a fine. Talk to your personal benefits manager about your future plans if you’re planning on or are close to hiring 50 full-time workers or an equivalent number.
Can you tell me about the waiting period for health plans that cover pre-existing conditions?
It is possible that some plans require a certain waiting period before beginning coverage for conditions already present. If you want more information about a specific plan, review the guidelines of that plan or contact a Personal benefits manager.
Health Savings Accounts (HSAs) can help employees manage their medical expenses in Illinois.
HSAs enable individuals to pre-tax save money for future medical bills. Employers and employees both can contribute. This provides tax advantages as well as potential savings in healthcare costs.
Employers in Illinois can contribute to HSAs for their employees.
The annual contribution limits set forth by Congress apply to employers who wish to contribute to HSAs for their employees.
If a company does not owe Illinois taxes, can they still claim the Small Business Health Care Tax Credit?
The Small Business Health Care Tax Credit may be used to reduce income taxes owed in the prior year. It can also be carried forward up to a maximum of 20 years.
What health plans offer maternity coverage in Illinois?
Illinois offers a wide range of health insurance coverage and health sharing plans, many of which include benefits for prenatal, labor and postnatal services. Some healthsharing plans, however, may limit the benefits available to children born outside of marriage.
Is HRAs can be combined with other options for coverage, such as health sharing plans and individual health insurance policies?
Yes, HRAs are compatible with other insurance options. HRAs can be used to reimburse employee premiums on individual policies. HRA funds cannot be used directly to reimburse employees for the costs of health sharing plans.
Which combination of health care insurance and cost sharing options would be best for my Illinois-based small business?
It’s not a solo trip, take a team with you. Contact a Personal Benefits manager! The consultant will provide you with a no-obligation analysis of your situation, considering the needs and budgets, employees, preexisting conditions, and other factors. These professionals can assist in designing an optimal plan for you that optimizes your employee’s experience while controlling costs. They will also help keep you competitive.
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