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By Will Teachout – Marketing Manager At Benafica, we always get a kick out of learning more about our new clients and how they give back to their local communities. We’ve seen a wide variety of community giving from our clients and partners over the years. Here at Benafica and Blue World Ventures, our goal […]
By Zoe Deal – Woodbury Magazine MANAGING ONE’S WELLNESS JOURNEY through varying stages of life can be tricky, but a local company has been working on a solution in our own backyard. A Woodbury-based insure-tech company, Benafica, launched its wellness app nationwide in June 2022. Previously available only to Benafica clients, the health portal provides […]
A Health Reimbursement Arrangement (HRA) is an employer-funded health benefit account that reimburses employees for out-of-pocket medical expenses – and in some cases for insurance premiums. HRAs are becoming increasingly common as more employers are seeking alternatives to traditional health benefits. For employers, there are many advantages to offering HRAs, including cost control, tax benefits, […]
BenngiHealth is my new best friend when it comes to keeping all my healthcare information organized and in one place. The web interface and the app have been welcomed additions to my life to help keep my healthcare journey neat and organized. This is my story of how BenngiHealth has become my healthcare companion. Before […]
A Health Reimbursement Arrangement (HRA) is an employer funded health benefit account that reimburses employees for out-of-pocket medical expenses, and in some cases for certain insurance premiums. All HRA dollars are tax deductible to the employer, and income tax free to the employee. How does an HRA Work? Depending on the HRA chosen, the employer […]
Secure health app helps consumers store, manage and control ALL of their private health care data regardless of provider St. Paul, MN, June 2022 — Benafica, LLC, is building a better health ecosystem with its BenngiHEALTH app. BenngiHEALTH offers the first universal electronic health record for every consumer. Click here to download and enjoy this […]
May is Mental Health Awareness Month. This May is special because it’s the first May since 2019 where there has been a sense of “normalcy” returning to the American Workplace. But with a new normal brought on by the pandemic, it is now more important than ever to address the topics and stigma of Mental […]
The first company that set up an ICHRA was a fiasco. Luckily, Benafica had a plan of action and seamlessly transitioned their HRA Administration. Amby Bowen-Matheny, RN, CCM is president of Matheny Health Care Advocates (MHCA) and Professional Care Consultants, Inc. (PCC) in Washington. Her company helps families struggling with long-term illnesses, specifically family members […]
Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), also known as a small business HRA for employers with fewer than 50 employees is an employer-funded, tax-free health benefit used to reimburse employees for personal health care expenses. Each year the IRS outlines the contribution limit (the maximum amount an employee can be reimbursed for health care […]
Jeni Wentz is the owner of Wentz Accounting and Tax Services, Ltd. in Red Wing, Minnesota. Located between Rochester and the Twin Cities, Jeni recognizes the reality of potential health care costs for her staff and clients. Download the PDF “If I went with a group insurance plan, I couldn’t afford the costs […]
A small nonprofit involved in economic research for socially forward programs added employees for the first time in 2021. Leaders knew that health care benefits are important, but they were concerned about costs as well as taking on too much in a brand new HR role. To explore options, this nonprofit relied on what it […]
Noncash compensation alternative to raising wages By Margaret Lett, PhD Negotiation for higher pay and promotions is happening at the speed of Silicon Valley on espresso. With a wage war in many sectors, what more can employers provide to tip the balance for staff retention? How about pretax health care benefits to full-time and part-time workers […]
For Immediate Release Employers can reward employees for healthy life-work habits. St. Paul, MN. October 2021. Benafica, LLC, is building a better employee benefit ecosystem with the expansion of their employee benefit product portfolio to include Lifestyle Spending Accounts (LSAs). LSAs allow employers to reimburse employees for a variety of well-intended achievements, such as continuing […]
Is ICHRA better than a traditional group plan? In many cases yes. This innovative health insurance model is a superior option compared to traditional employer based group health plans for many reasons. The impact for each employer will depend on local market factors, and prioritization of health benefits. An Individual Coverage Health Reimbursement Arrangement or […]
A • B • C • D • E • F • G • H • I • M • P • Q • R • S • T • W A ACA Compliant – refers to a major medical health insurance policy that conforms to the regulations set forth in the Affordable Care Act […]
Bringing key employer services to insurance advisors Benafica is excited to announce our partnership with LeClair Group, a leader in health and life insurance distribution and advisor training. This collaboration brings together over 100 years of combined industry experience and a long history of partnering with insurance advisors. We are building our brand on relationships, […]
Combining an ICHRA with a Section 125 Plan gives maximum benefits to both the employee and the employer. When a company has both a Section 125 Plan and an Individual Coverage HRA, an employee who pays insurance premiums above the ICHRA reimbursement allowance can take the additional amount above the reimbursement level and receive it […]
Section 125 of the Internal Revenue Code, also known as a “Cafeteria Plan” allows employees to pay certain expenses on a pre-tax basis, such as insurance premiums and medical or dependent care expenses to reduce their taxable income. The Premium Only Plan (POP) is the foundation of the Section 125 plan as it allows employees […]
The new kind of group health plan: an Individual Coverage Health Reimbursement Arrangement, ICHRA (pronounced ICK-ra). A consequence of being an advisor in the highly regulated and politicized health insurance industry is the need to constantly adopt to change. One way to have the mental endurance to do this year after year is to keep the […]
1. What is an ICHRA? An individual coverage HRA (ICHRA) is a type of health reimbursement arrangement that allows employers to reimburse their employees tax-free for personal healthcare expenses. With an ICHRA, instead of offering employee health care coverage from a single provider, you offer a monthly allowance for eligible healthcare costs. It’s up to […]
A Health reimbursement arrangement (HRA) is a employee benefit growing in popularity that can be used to reimburse employees for individual health insurance premiums and eligible medical expenses. Though Individual Coverage HRAs (ICHRA) and Qualified Small Employer HRAs (QSEHRA) are both tools that can be used to reimburse employees for insurance premiums and medical expenses they each have their […]
I’ve just finished my first golfing vacation, having played 7 rounds of golf in 8 days. A year ago this would have been unthinkable. For years most of my family has had a love affair with golf. They play golf together, watch golf on tv, and talk about what’s going on in the golfing world. […]
In this video we help you understand the reimbursement model of health insurance. We will answer the question, “How does a health reimbursement arrangement work?” and compare it to a group health insurance policy. We will also explain how employers and employees benefit from an HRA in conjunction with individual health insurance coverage. https://www.youtube.com/watch?v=qarSCpISzN0 Ready […]
Check out the new HRA solutions available for your employeesAs a small business owner you may have always thought providing employee health care coverage was a good idea, but felt for various reasons it just wasn’t feasible for your company. Either the cost of health insurance was to high, or perhaps you’re in an industry […]
The following is a summary of common expenses claimed against Health Savings Accounts (HSAs), Health Reimbursement Arrangements (HRAs), and Healthcare Flexible Spending Accounts (HC-FSAs). Due to frequent updates to the regulations governing these accounts and arrangements, this list does not guarantee reimbursement and is to be utilized as a guide for the submission of claims. For […]
Both employers and employees benefit by paying lower taxes to help keep health care costs more affordable. In some instances, the savings can be significant. Putting more money into employee paychecks by reducing the cost of healthcare is important to all employers. The good news is that there are more ways to do this than […]
Labor and employment laws are complicated. If you are found non-compliant during an audit, this could result in hefty penalties and fines by the Department of Labor. It is important to review your benefit compliance at least once a year to ensure you aren’t at risk of violations. We’ve prepared a compliance checklist for you, […]
A QSEHRA pronounced “Q-sehra stands for Qualified Small Employer Health Reimbursement Arrangement. QSEHRA, also known as a small business HRA for employers with fewer than 50 employees is an employer-funded, tax-free health benefit used to reimburse employees for personal health care expenses. How does it work? The employer designates which reimbursable expenses will be approved. […]
As an employer, the health benefits you provide are key to attracting and retaining top talent at your organization. Providing comprehensive health coverage not only gives your employees peace of mind, but also helps you establish a strong company culture. Your company’s size, budget requirements, and related insurance preferences all play a role in selecting […]
In the past, studies have proven employees given the option to work from home decrease the number employees leaving the company and drastically increase the productivity. One study even showed people who work from home actually work 1.4 more days a month than their office dwelling counterparts. While reading these statistics may have employers swooning over the […]
A Health Reimbursement Arrangement (HRA) is an employer-funded health benefits account that reimburses employees for out-of-pocket medical expenses and in some cases for certain insurance premiums. All HRA dollars are tax-deductible to the employer, and income tax-free to the employee. Qualified Small Employer HRA, aka QSEHRA.Allows small employers under 50 employees to reimburse tax-free for […]
A Health Reimbursement Arrangement (HRA) is an employer funded health benefit account that reimburses employees for out-of-pocket medical expenses, and in some cases for certain insurance premiums. All HRA dollars are tax deductible to the employer, and income tax free to the employee. Qualified Small Employer HRA, aka QSEHRA. Allows small employers under 50 employees […]
A QSEHRA pronounced “Q-sehra stands for Qualified Small Employer Health Reimbursement Arrangement. QSEHRA, also known as a small business HRA for employers with fewer than 50 employees is an employer-funded, tax-free health benefit used to reimburse employees for personal health care expenses. How does it work? The employer designates which reimbursable expenses will be approved. […]
Benafica’s new Individual Contribution HRA (ICHRA) services for Employers reimburses employees tax-free for health insurance St. Paul, MN – Benafica, LLC today announced its entry into the Health Reimbursement Arrangement (HRA) marketplace. Benafica will administer various kinds of HRA’s, including two new HRA types in the marketplace for 2020 – Individual Contribution HRA (ICHRA) and […]
ICHRA “ick-rah” stands for Individual Coverage Health Reimbursement Arrangement. It allows employers to make a per employee per month tax-free contribution that employees use to be reimbursed for health insurance and other medical expenses. It creates greater design flexibility, has no caps on the employer contribution, and is available to employers of all sizes. How […]
A Health Reimbursement Arrangement (HRA) is an employer funded health benefit account that reimburses employees for out-of-pocket medical expenses, and in some cases for certain insurance premiums. All HRA dollars are tax deductible to the employer, and income tax free to the employee. How does an HRA Work? Depending on the HRA chosen, the employer […]
Love is in the air Minnesota! Now is the time to make your Valentine’s day plans. Not sure where to take that special someone? Check out a Timberwolves’ game, sample the wares at a local brewery, or maybe relax with a couple’s spa day. Whatever your valentine is into, a great date idea is waiting […]
It’s good practice to start each year ensuring that you have the proper health insurance or Medicare ID cards. You can verify this by contacting your insurance company or registering for your online member portal.
It’s good practice to start each year ensuring that you have the proper health insurance or Medicare ID cards. You can verify this by contacting your insurance company or registering for your online member portal. When you register online through the member portal, you’ll now have all your health plan information at your fingertips. Your member […]
Measuring and increasing the job satisfaction of employees is no longer optional for transforming an employer’s vision into profits for all. While senior executives are responsible for the vision, goals, and overall success of a company, there is little chance of their objectives being realized without the effort that is brought every day by everyone […]
Gearing up to meet 2020 expansion goals in the HRA marketplace. ST. PAUL, Minn., October 22, 2019 – Benafica LLC, which provides insurance solutions and administration for associations, employers, and individuals, is pleased to announce its new corporate headquarters is open for business. The company has recently celebrated with a ribbon cutting ceremony at its […]
