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Watch Roscoe on the Wealth Channel

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

  • Are there deadlines for health insurance reimbursement?

    When companies first set up a health reimbursement arrangement (HRA), they often wonder if there is a specific (or required) time frame for reimbursing employees’ health expenses. Likewise, employees want to know how long they have to get their health expenses paid.

    As a rule of thumb, health insurance reimbursement deadlines are defined by the HRA plan documents.

  • Is health insurance reimbursement taxable?

    Rather than offer a traditional group health insurance policy, an increasing number of small businesses want to know whether they can reimburse their employees' individual health insurance. They also want to know whether such an arrangement is taxable.

  • The top 3 health insurance options for small businesses with one employee

    There are many advantages to running your own business: being your own boss, setting and achieving lifelong goals, doing what you love. This is probably why more than 27 million Americans have decided to become entrepreneurs. But as exciting as it can be to start your own small business, you’ll also face many challenges.

    If you run a small business with one employee, you might think you can’t afford health insurance. Happily, this doesn’t have to be the case. Whether you plan to stay solo or you’d like to grow, you have several options for small business health insurance.

  • HRA claim rules: What you need to know

    A health reimbursement arrangement (HRA) is a type of tax-free personalized health benefit. HRAs are particularly popular among small businesses, as they are a great way for businesses to provide their workers with health benefits. These businesses often find the traditional group benefits method is too expensive, too complex, and too one-size-fits-all. With an HRA, employers reimburse employees tax-free for eligible health expenses up to a certain amount.

    For an HRA to run smoothly, employees must be able to submit claims and get them processed in a timely manner. On the administrator side, IRS rules and plan documents require businesses to follow appropriate timelines for processing claims and issuing reimbursements. In the context of an HRA, a “claim” is a request for reimbursement.

    Here is a step-by-step overview of HRA claim rules.

  • Small business health insurance: The state of the market and what small businesses are doing about it

    Whether a business is large or small, business owners know that the best way to hire and keep top talent is by offering the benefits employees want most. Research shows that today’s workers place a high value on company-provided health benefits: 82 percent say health insurance is “very” or “extremely important” when choosing to stay with their current company versus search for a new job.

    Unfortunately, it’s harder than ever for small businesses to offer traditional group health insurance. For one, it’s too expensive. Rising costs and shrinking offer rates mean that few small companies can afford to offer health benefits. When small businesses can’t afford a group plan, they must choose between ceasing benefits altogether or offering an alternative—like a taxable wage increase or tax-free personalized benefits.

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