New Mexico business owners have a wealth of health insurance options to consider. Renowned carriers such as Presbyterian Health Plan, Blue Cross Blue Shield of New Mexico, ambetter, and United Health Care offer diverse plans tailored for individuals and businesses.
By exploring the top-rated insurance carriers on the New Mexico Health Insurance Exchange, you can identify providers with stellar customer reviews, reasonable premiums, and extensive in-network options. These carriers lay the foundation for businesses to embrace a revolutionary approach to employee health benefits by adopting Health Reimbursement Arrangements (HRAs).
Like businesses nationwide, New Mexico businesses can capitalize on the substantial cost disparity between individual and group plans by adopting an HRA. The Liferaft platform seamlessly facilitates this transition, offering business owners the tools to analyze employee demographics and receive tailored plan recommendations through the state exchange. An HRA works by allowing businesses to reimburse employees for their individual health insurance premiums, taking advantage of more affordable individual plans, and providing a flexible and cost-effective alternative to traditional group plans.
Individual health insurance plans in New Mexico are 81% cheaper than traditional group plans. The shift to individual plans represents a significant financial advantage and empowers employees to choose coverage that aligns with their unique needs and circumstances.
Navigating New Mexico's health insurance landscape, Liferaft stands out as a reliable guide for businesses seeking a cost-effective, employee-focused approach. Implementing Liferaft's HRA solution strategically streamlines processes, guaranteeing companies can maximize their cost savings.
Business owners can leverage Liferaft's expertise to seamlessly navigate the complexities of the New Mexico health insurance landscape. By providing employees with a spectrum of coverage choices, Liferaft's HRA ensures substantial cost savings and empowers employees to select plans that align precisely with their unique needs and circumstances.
Choosing the correct type of Health Reimbursement Arrangement is crucial for tailoring your employee benefits program to fit the specific needs of your business. Liferaft offers a range of HRA options, each designed to cater to different business sizes and preferences:
Individual Coverage HRA (ICHRA): Ideal for businesses of all sizes, this plan allows employers to reimburse employees for individual health insurance premiums and qualified medical expenses.
Qualified Small Employer HRA (QSEHRA): Tailored for small businesses with fewer than 50 full-time employees, the QSEHRA enables employers to reimburse employees for individual health insurance premiums and qualified medical expenses.
Standard HRA: Also known as Group Coverage HRA, this plan supplements group health insurance. Employees must be enrolled in group health insurance through their company to utilize the Standard HRA, and reimbursements cannot be used for premiums, only qualified medical expenses.
Expected Benefit HRA (EBHRA): This plan provides employers with the flexibility to offer financial assistance for dental, vision, short-term insurance, and other health-related costs that traditional group health plans may not cover.
Can Liferaft's HRA be integrated with existing group health insurance plans?
Standard HRAs and EBHRAs can seamlessly integrate with existing group health insurance plans, providing a complementary and cost-effective enhancement. Employers can use these HRAs to supplement their current offerings, providing benefits for costs not covered by traditional group health.
What does HRA stand for?
HRA stands for Health Reimbursement Arrangement, an employee benefit plan allowing employers to reimburse their employees for qualified medical expenses. Employers allocate specific amounts to each employee with an HRA to cover eligible medical costs.
Can businesses of all sizes use Liferaft's HRA?
Yes, Liferaft's HRA solutions are designed to accommodate businesses of all sizes, offering scalability and flexibility to meet diverse requirements.
Are there restrictions on how employees can use HRA reimbursements?
HRA reimbursements are flexible, covering qualified medical expenses, individual health insurance premiums, and other health-related costs, depending on the specific HRA plan. However, employers can design the benefit to reimburse employees for specific eligible expenses if they choose to.
Are there tax advantages for businesses implementing HRAs?
Yes, HRAs offer tax advantages for both employers and employees. Employer contributions to HRAs are tax-deductible, and reimbursements for qualified medical expenses are typically tax-free for employees.
Our team knows the ins and outs of the health insurance marketplace and will guide you towards the solution that make the most sense for your business and your team. Come with questions! Our experts are happy to dig into the details to get you the clarity you need.
During the call, Liferaft will run a cost-benefit analysis on your company's current healthcare spending and show you different ways you can save—without sacrificing plan quality. After your consult, Liferaft will design a unique plan for your employee's health insurance, including suggested plans and accounts, plan policy documents, and the annual budget.
