By In 2014, Geoff Turner based GAT Consulting Providers, Inc., a healthcare IT consulting agency primarily based in Fort Lauderdale. Now, with a number of purchasers, a handful of strategic partnerships and one worker, Geoff has his fingers full. With know-how and the healthcare business altering at rapid-fire tempo, Geoff explains {that a} main rising ache for his firm has been discovering individuals with the suitable talent units to hitch his group.
Everybody is aware of {that a} good technique to recruit and preserve expertise is to supply “huge firm” advantages with group well being plans. However for an organization with solely two full time workers, a bunch plan isn’t actually an possibility.
It began with a Google search
Eager to handle his worker and proceed to construct his group, Geoff started googling options for group plans, hoping to discover a sensible answer that will work inside his finances. Via his analysis, Geoff was excited to be taught that with the current bipartisan 21st Century Cures Act, Congress created a particular sort of HRA for small companies referred to as a QSEHRA (Certified Small Employer Well being Reimbursement Association).
Why a QSEHRA was a superb match
A very powerful factor in regards to the small enterprise HRA is that it permits enterprise house owners like Geoff to reimburse workers tax-free for particular person medical health insurance premiums and medical bills. This can be a huge deal as a result of now small firm can get the identical favorable tax remedy as huge firm group well being plans however with quite a bit much less problem. As a main shareholder, Geoff isn’t eligible to take part, so just one worker shall be benefiting at this level.
It allows Geoff to undertake a method referred to as “outlined contribution” which is far less complicated than hassling with a one-size-fits all group plan and is confirmed to be way more environment friendly, reasonably priced, and predictable. Geoff opted to present his worker a hard and fast greenback quantity every month, on this case, $300, and his worker can then store for the plan that matches her wants the very best. She plans to make use of a part of these funds to pay for Lasik eye surgical procedure, one of many many certified medical bills that may be reimbursed by means of a small enterprise HRA.
The QSEHRA was particularly enticing to him since he would have the choice to contribute massive sums to his worker’s healthcare prices and the worker had the flexibleness to decide on her personal plan and reimburse herself. An added bonus is that with a correct admin instrument, the HRA can be fast and straightforward.
Selecting a QSEHRA admin instrument
After vetting a number of attainable choices for the QSEHRA admin instrument, he opted for Take Command Well being over its rivals. And the choice was easy.
“Take Command Well being was the simplest to work with and the quickest to answer inquiries,” shared Geoff.
A personalized admin portal created only for Geoff permits him to evaluate and approve HRA paperwork, view month-to-month reimbursement stories, add/take away workers, handle subscriptions, replace cost info, and see overview details about HRAs.
“It was simple working with the Take Command Well being group,” provides Geoff. “They really need to assist.”
Take Command Well being is right here to assist
As a startup, Take Command Well being understands first-hand the challenges that include beginning your individual enterprise. We’re in your aspect.
That’s why we’ve created our small enterprise platform—to assist entrepreneurs like Geoff. We deal with all of the accounting and authorized legwork, onboard workers, provide a fast on-line signup course of and make tax season simple and painless.
Need to see if an HRA might work in your small enterprise? Be taught extra about our small enterprise platform or schedule a name with one in every of our small enterprise HRA specialists at the moment.
