BASE^® Blog

Whether a business is looking to offer a more comprehensive health care benefits package to their employees, or find other ways to save valuable tax dollars through health care savings, where do they start?  One could turn to Google and find out they need a Third-Party Benefits Administrator, but how do they know which one would be the best for their business?

A Third-Party Benefits Administrator provides and manages a business’ benefits package to help employers attract and maintain key and valuable employees, helps a business save thousands a year in tax savings, keeps a business in compliance, and assists a business with claims reimbursements and substantiation.

Some Key Things to Look for in a Third-Party Administrator (TPA):

Customer Service.  Here at BASE®, we pride ourselves on the service provided to each and every client.  Every business can count on our Sales Representatives to be knowledgeable, patient, and attentive to their needs.

Plan Design.  BASE® offers a variety of plans designed for all types of businesses.  BASE® can help provide an excellent benefits package that is customized to help maximize the potential tax savings.

Compliance.  BASE® offers a compliance solution to close compliance gaps and meet federal regulations of the ACA, IRS, DOL, ERISA, as well as insurance rules and regulations, keeping a business from the harsh DOL penalty of $110 per day, per employee.

Education.  BASE® has an outlet for continuing education courses, webinars, and much more.

Adjudication and Substantiation.  The IRS requires reimbursements and claims of all medical expenses to be substantiated through an independent third party.  BASE® adjudicates the medical expenses submitted by each participating employee and provides the proper documentation to verify the adjudication of each qualifying medical expense.

BASE® can save self-employed businesses an average of $5,000 in health care tax savings each year, provide employers with multiple employees a proven means of reducing their health insurance premiums by 10-50%, stay in compliance and away from DOL penalties, and more.

BASE® will help a business save time, save money, and stay in compliance with mandated federal regulations.   For more information on BASE®, call 1-888-386-9680 or visit our website. 

Share on Facebook Share on Twitter Share on LinkedIn

Each year the cost of health care is on the rise and each year a business looks for better ways to manage these costs while still providing the best benefits to their employees.  According to the Society for Human Resource Management (SHRM), employer health care costs in 2019 are expected to experience about a 6% hike from 2018.  A great way to offset this increase is by implementing a Health Reimbursement Arrangement from BASE®!  Tax-advantaged benefit plans, like the HRA, are an easy and inexpensive way to provide better benefits.

There are a variety of HRAs to meet the needs of today’s business owners.  Whichever HRA a business chooses will depend on what type of business structure, how many full-time employees, and whether or not group insurance is provided.  BASE® recognizes that each business has different needs and has fully customizable plans that help employers save money.  Employers can pass that savings onto their employees to save on out-of-pocket health care expenses.

BASE® Offers a Variety of HRA Plans: 

The 105 HRA allows small businesses, such as the owner who can legitimately hire their spouse, the opportunity to deduct up-to 100% of health care costs as a business deduction, including individual insurance premiums and other qualified out-of-pocket medical expenses.  The average client saves over $5,000 in tax savings.  It can be administered to a wide variety of businesses such as any business classified as a sole proprietor, partnership, C Corp, or S Corp.

The Integrated HRA is available to employers with a group health insurance plan in place looking to reduce the overall cost of insurance coverage and enhance their current benefit package.  Employers are able to suppress the yearly increase associated with health care, and help employee pay for medical expenses not covered by health insurance.  The employer raises the deductible on their current health insurance plan, while self-insuring a portion of that deductible with the HRA to keep the employees’ responsibility of the deductible maintainable.  This plan has been known to reduce the client’s health insurance premium increases by 10-50%.

The QSE HRA allows employers to offer an attractive benefits package without offering health insurance.  The employees have the ability to secure their own medical insurance either on or off the marketplace, and use the QSE HRA funds to pay for insurance premiums, co-pays, deductibles, eye and dental care, or other qualified health care expenses.  This plan requires an employer to have less than 50 full-time employees, not offer a group health plan to any employees, and employees must provide proof of Minimum Essential Coverage (MEC).

Not every single plan works with every business, but BASE® can work with employers to get the custom plan needed to save the most tax dollars.  For more information, please call BASE® at 1-888-386-9680 or visit www.BASEonline.com. 

Share on Facebook Share on Twitter Share on LinkedIn