Each year, CEOs sit down with their benefits Administrative Staff to review the company’s annual budget. Projections are made for revenue, funding, and expenses. All too often, this includes healthcare increases of 10 percent, 20 percent, or more.
To gain control over the business’s healthcare budget, many administrative staff are proposing a switch from group Health Insurance coverage to a Section 105 Medical Reimbursement Plan. Section 105 Plans are the foundation for individual Health Insurance Reimbursement.
Why the switch? Individual Health Insurance reimbursement is a smart way to control costs while providing employees a valuable and appreciated health benefit. Small businesses work hard for every cent the company brings in. This approach helps healthcare dollars go further.
Which brings us to where you are today. Your HR staff is ready to make the switch, but how do you explain a Section 105 Plan to the CEO? Here are eight quick topics to start the conversation.