Group Health
As independent insurance agents we can help you review options with multiple insurance carriers as well as evaluate other strategies to maximize your benefit dollars, minimize taxes, and avoid regulatory pitfalls.
We represent carriers such as Aetna, Blue Cross Blue Shield of Tennessee, CIGNA Healthcare, Humana, United Health Care & others.
Click here to download a blank excel census that you can complete for a group quote.
In addition to the insurance itself, we can help you with other strategies to minimize your taxes and stretch your health care dollars. We can assist you with the following:
125 Plans
A section 125 plan is an agreement between an employer and an employee where the employee asks the employer to reduce his/her salary by a specified amount to pay for allowed expenses. These include:
- Health insurance premiums
- Dependent care costs
- Health care expenses
125 Plans allow participants to pay for these things on a pre-tax basis. This saves the employee both income taxes as well as social security & medicare taxes. The employer also saves money on employer matching taxes.
Sole proprietors, owners of partnerships, LLCs, & S Corporations generally cannot participate in a Section 125 plan. For more details see IRS publication 15-B Employer's Tax Guide to Fringe Benefit Plans.
HRAs
HRA stands for Health Reimbursement Plan. Under an HRA an employer reimburses an employee and/or his dependents for qualified health expenses.
The employer determines the amount of benefits and what is covered (ie medical expenses, dental, etc.) Employers frequently limit benefits under an HRA to those covered by their health plan.
HRAs can also be used to reimburse employees for the individual or group health insurance premiums as well.
For more information see IRS Publication 969 for Health Savings Accounts and other Tax Favored Health Plans.
