A family owned private financial planning firm with 17 employees located in Berwyn, PA that services high net worth families, providing investment advice, accounting and tax services.
With a history of offering a rich and comprehensive benefit package with low out-of-pocket expenses and minimal employee contribution levels, the company was looking for a way to maintain a high level of benefits while reducing some of the company’s costs. They were also interested in minimizing any extra workload that any changes would place on their sole human resource staff member.
By layering a group coverage HRA along side a high deductible plan, our benefit specialists were able to craft a solution to this group’s challenge. They raised the deductibles and copays on the health plan and provided allowances for each employee based on their previous deductible levels. The company was able to keep a rich benefit plan in place while saving money in the process and provide employees with the ability to enjoy tax free re-imbursements for medical out-of-pocket costs.
The employees have embraced the new HRA plan and are appreciative that in spite of rising healthcare premiums the company continues to provide them with a comprehensive benefit package. The burden on the HR person is minimal since the vendor utilizes the latest technology and tools for administration of the program.
After adding the group health plan HRA, the company was able to achieve a first-year savings of $14,000.
Our Advisors offer in-depth analysis and are ready to help you successfully navigate employee benefits and health insurance.