Employers provide health insurance and other employee benefits for approximately half of all Americans. These groups are effected with several external factors:
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.
A unique benefits package for each company.
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.
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 & QSEHRA are the two types of HRAs that Benafica can administer.
(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.
(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.
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.
Medicare and Long Term Care are the most overlooked areas of retirement planning.
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.