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Listen to Roscoe in an emotional Video for the Wealth Channel where he discusses the moral issues surrounding Persistent Vegetative States. Roscoe Douglas CLU, RHU, is a Partner with UnionServices.com and Presdent of First Benefits, inc.

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Insurance News

  • What is the individual coverage HRA (ICHRA)?

    An individual-coverage health reimbursement arrangement (ICHRA), sometimes called an individual integrated HRA, is a company-funded, tax-advantaged health benefit used to reimburse employees for personal health care expenses.

    The ICHRA was introduced through new regulations from the Departments of the Treasury, Labor, and Health and Human Services in October 2018 and will be available beginning January 1, 2020.

    Unlike other HRAs, the ICHRA is available to businesses of any size. It comes with no allowance caps and permits businesses to vary allowance amounts among different classes of employees.

    With an ICHRA, businesses of any size offer employees a monthly allowance of tax-free money. Employees then buy the health care services they want, including individual health insurance, and the business reimburses them up to their allowance amount.

    In this post, we’ll introduce the ICHRA, explain how it works, go over eligibility requirements, and discuss how it compares with other HRAs (including the qualified small employer HRA, or QSEHRA).

  • PeopleKeep delivers feedback on new HRA rules

    PeopleKeep has exciting news for the beginning of the new year.

    Late last month, we responded to the October 23 request from the Departments of the Treasury, Labor, and Health and Human Services for commentary on their proposed new health reimbursement arrangement (HRA) regulations.

    The proposals, which were designed to increase the availability and usability of HRAs, would create two new HRAs: the individual-coverage HRA (ICHRA) and the excepted-benefit HRA. The ICHRA would provide a new vehicle for all businesses to integrate an HRA with individual coverage, while the excepted-benefit HRA would function as a smaller HRA that works alongside group policies.

    As the leading provider of personalized benefits automation software for small businesses, we at PeopleKeep were eager to represent small business interests in our formal response to the proposed rules and new HRAs.

  • 3 Reasons Employers Should Use HRA Software

    Many employers that self-administer an HRA often overlook important compliance obligations that put them at financial risk. Failure to comply with the minimum HRA administration requirements is common and can be costly.  And, if an employer does take the extra steps to fully comply, the administrative cost will likely outweigh the HRA Benefits.

    Here are the top three reasons employers should consider using HRA software to self-administer an HRA:

    1. Tax Savings/IRS Compliance
    2. Federal Compliance
    3. Ease-of-Use
  • What is a Health Reimbursement Account?
  • 5 questions you need to ask when choosing your small business health benefit

    Choosing between health benefits options can be difficult—especially for small businesses.

    As a small business, you must balance the company budget, your recruiting and retention goals, and your employees’ wishes. With narrow margins for error, it can become overwhelming quickly.

    In this post, we’ll walk you through the most important questions you should ask when weighing each option, including:

    • Based on eligibility criteria, which options can my business offer?

    • What is my business able and willing to spend on health benefits?

    • How much time do I have to administer the benefit?

    • What are my employees’ current insurance statuses?

    • What do my employees prefer?

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