Did you know that very soon employers with 50 or less employees will be terminating their current traditional group health insurance for other options like the Health Reimbursement Arrangement (HRA) and the Premium Only Plan (POP).
Why?
IF the average monthly premium for a family is in excess of $600 per month (a conservative estimate); and the cost (fine) for not providing a health care benefit is less about $170 per month per employee; then, why would the employer maintain the traditional health care plans?
Some have said that employers will maintain group plans in order to attract and keep quality employees. Well that is very altruistic.
However, suppose I told you "employers can continue to provide a vehicle for employees to have employee-owned health insurance and still vacate the traditional group plans thus saving lots of money in the process."
It is possible under at least two different plans: The Health Reimbursement Arrangement and the Premium Only Plan. In each of these two plans a method of funding for employee owned health insurance creates a win-win situation for all.
For a consultation to review your business' group health situation contact me via email or phone. tom.markley@paonline.com or 717.574.6009
Saturday, May 15, 2010
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