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Should I Still Offer the QSEHRA When Group Insurance Is Cheaper than Individual?

One of the chief benefits of offering a personalized benefits solution like the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), or Small Business HRA, is its potential to save small businesses money.

Because the QSEHRA allows businesses to set their own budget on a per-employee basis, business owners can control costs – and, because Individual insurance is almost always cheaper than group policies, small businesses often cover their employees’ entire premium while cutting expenses.

But not all individual markets are the same. While covering an employee under a group policy is more expensive for most small businesses, there are several parts of the country where the individual market has deteriorated to the point that an individual policy is actually more costly.

In these situations, does it still make sense to offer personalized benefits instead of a traditional group policy?

In this post, we’ll explore how to determine whether the group or individual market is more favorable, when to explore options outside of group, and how to determine if a QSEHRA is the best fit, even if it’s more expensive.



This post first appeared on Small Business Employee Benefits And HR, please read the originial post: here

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Should I Still Offer the QSEHRA When Group Insurance Is Cheaper than Individual?

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