FLORIDA HEALTH INSURANCE
February 18, 2008
Florida Health Insurance Consulting
Health Insurance Consultant
-- Morgan Moran
-- (800) 554-9142
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Most of the time employees on a group health plan will generally be thinking the question, what is my copay? And really don't look any further than that. With these types of plans on the decline be sure to understand the newer programs available to you as an employer. These will offer you a great deal when it comes to tax incentives. Section 125 in the IRS tax codes gives advantages to employers that offer Health Reimbursement Arrangements (HRA), Health Savings Accounts (HSA), and Flexible Spending Accounts (FSA).
These are the health insurance programs of the future and you should understand how each work. Although all three of these programs offer great tax advantages you can't usually ever beat an HRA. Ask an insurance professional to explain the three programs to you and start implementing one of these financial programs today!
Group health insurance rates can vary a great deal. HMO, PPO, and Fee For Services plans all cover medical, surgical, and hospital expenses in some form. In most instances, prescription drugs are also covered. Do you have a plan that gives you options for which employees contribute an authorized payroll deduction amount? If not be sure to revisit your HRA, HSA, or FSA options.
As an employer be sure to do your homework. Group health insurance is not always comparing apples to apples. In many cases group health insurance brokerages have risk managers that can implement special financial programs that can enhance your savings and increase benefits. Over the next few years you will be changing over to one of these programs, so why wait? Get the best possible group health insurance rates through a tax incentive based financial program.
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