Helping employers build a better benefits ecosystem
Employer Group Benefits
Better benefits. Better Life.
Employers provide health insurance and other employee benefits for approximately half of all Americans. These groups are effected with several external factors:
- An aging population
- Decreasing health statistics
- A higher expectation to provide solutions for employees and dependents.
Benafica’s ability to leverage our extensive insurance advisory expertise, administrative capabilities, and vendor management skills helps employers and associations craft and simplify their healthcare and benefit offerings.
We are working to build a healthier benefits platform and a better future for insurance.
Insurance understanding includes:
- Health Insurance
- Disability Income
- Life Insurance
- Dental & Vision
- Long Term Care
- Medicare
Employer services include:
- HRA: ICHRA, QSEHRA, EBHRA, Group HRA, Retiree
- FSA – Medical FSA & Dependent Care FSA
- LSA – Lifestyle Spending Accounts – student loan reimbursemets, wellness & mental health benefits, etc.
Technology Solutions include:
- Employer and Employee portals to manage all your benefit needs
Risk Services include:
- HR Compliance Reviews
Group benefits
A unique benefits package for each company.
A changing dynamic
Each organization has a unique personality and culture. Establishing a group benefits package that promotes health and wellness while meeting budget expectations and promoting company culture is the goal for every organization.
Benafica is here to help you reach your benefit goals.
Understanding your health insurance options
- Fully Insured – traditional way to structure an employer-sponsored health plan.
- Level funded – a type of health insurance that combines the cost savings and customization of self-funding with the financial safety and predictability of fully funded plans.
- Self-insured (self-funded) – usually larger employers operate their own health plan as opposed to purchasing a fully insured plan from an insurance carrier.
- An HRA – Health Reimbursement Arragement, aka Defined Contribution Program – a consumer-driven health care arrangement in which employers choose a set dollar amount to contribute towards an employee’s healthcare.
Benafica’s results driven benefits ecosystem
- Lower risk and cost for employers
- Deliver better healthcare value
- Empower employees
- Seemless administration
- Insurance company coordination
- Provider options & costs
- Expertise regarding changing market dynamics
Benafica’s HRA – Defined Contribution Plan
Reimburse your employees – tax free for health insurance
and other medical expenses – a unique option
How does the Benafica Defined Contribution plan work?
- A Personal Benefit Account (PBA) is established for each employee.
- A monthly benefit allowance is made by the employer and deposited into each Personal Benefit Account.
- With assistance of personal benefit counselors employees select their insurance plans for health, Medicare, and more.
- Insurance premiums and other qualified expenses are reimbursed to employees tax free from Benafica.
Employer’s Defined Contribution
- Select the appropriate HRA (Health Reimbursement Arrangement) vehicle that best fits your organizations goals.
- HRA options were expanded by the federal goverment in 2020. We’ll guide you though these choices.
- Employee Classes
- Give different contributions based on multiple factors, including job criteria, family status, locations, and more
- Set your budget
- Make monthly tax free contributions to each employee’s Personal Benefit Account through the use of your Benafica HRA.
- Compliance
- Stay compliant with required employee notices and annual reporting from Benafica.
For Employees
- A Personal Benefit Account (PBA) is established for each employee.
- A benefit allowance is made into each PBA from the employer each month .
- With assistance of personal benefit counselors employees select their health insurance plans and other qualified insurance plans
- Employees upload their receipts to Benafica, and are reimbursed by EFT into their own bank accounts for individual health insurance premiums and other qualified medical expenses.
HRAs from Benafica
Benafica’s Defined Benefit Solutions: As healthcare costs continue to climb, Benafica’s platform is here to help. Benafica administers HRA defined contribution plans that allows individual health insurance and other qualified medical expenses to be reimbursed tax free. Whether an employer supports a traditional group benefit approach or a newer defined contribution model for employees, Benafica is here to help.
ICHRA and QSEHRA are the two types of HRAs that Benafica can administer.
ICHRA
Individual Coverage Health Reimbursement Arrangement, pronounced “ick-rah”
ICHRA is a game-changer for employers wanting to provide health benefits to their employees, but don’t want to be in the traditional group health insurance business.
ICHRA’s, now considered the fastest growing kind of group of health insurance, allow employers to make a per employee per month tax free contribution that employees use to be reimbursed for individual health insurance, Medicare, and other out of pocket medical expenses. It’s now a newer, more modern model of employer-sponsored health insurance.
ICHRA’s allow for a great deal design flexibility, have no caps on the employer contribution, are tax-free to the employer and employee, and are available to employers of all sizes. And they satisfy the ACA employer mandate for ACA compliance if set up correctly.
ICHRA’s were new in the marketplace in January 2020 and have seen incredible adoption year after year.
QSEHRA
Qualified Small Employer Health Reimbursement Arrangement, pronounced “Q-sehra”
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 individual health insurance, Medicare and other out of pocketed qualified medical expenses.
QSEHRA’s have an annual contribution cap. For 2023, the contribution cap is $5850 for single employees and $11,800 for families.
A broader range of plans are eligible for reimbursement under QSEHRA’s, including reimbursement for coverage under a spouse’s group health insurance plan, short term medical plans, and sharing ministry plans.
QSEHRA’s began in the marketplace in 2017.
Why Benafica for your ICHRA or QSEHRA?
Benafica’s ensures a great experience for the employer and the employee.
For the employer
Benafica’s experience in the group benefits market helps us recommend the most suitable options for each company.
Whether to switch from traditional group health insurance to an HRA, or considering offering benefits for the first time, Benafica is there to provide the information, support, and logistics.
Benafica’s administrative capabilities through our Benngi software platform makes the administration easy for the employer…who receives a combined bill, itemized for each employee, and makes one payment to Benafica each month. We take care of the rest!
For the employee
Benafica’s licensed personal benefit counselors are there for each person.
Benafica can advise on suitable individual and family health insurance for each employee, and answer any reimbursement questions they have.
Reimbursements to employees by Benafica are done within 5 business days, and are made via direct deposit into the employees personal bank account.
Learn more about HRA’s • Learn more about ICHRA • Learn more about QSEHRA
Retiree medicare
Medicare and Long Term Care are the most overlooked areas of retirement planning.
The Benafica advantage
Supplying employees with healthcare options later in life is a benefit that employers can bring to their employees which truly sets them apart. The good news is that we are living longer. This means that good retiree healthcare planning is essential in having access to all kinds of affordable care, that one day we will need.
Let Benafica help you provide a financially-sound retiree healthcare benefit program that supports your employees and distinguishes you as a benevolent employer in a crowded marketplace. We want to accomplish this within your budget while supplying top-tier benefits.
Benafica’s Medicare and Long Term Care expertise is a unique offering. We believe in taking a long-life approach to healthcare planning. Your employees will appreciate that their employer does too.
