Learning how we have helped a fellow small business is something that never gets old. We recently chatted with Tom Rossi, a co-founder of StreamCare, a small business customer of ours, to hear what they have to say about their new Qualified Small Employer Health Reimbursement Account (QSEHRA) that they set up through Take Command Health.
For those of you that need a refresher, a QSEHRA allows small businesses and startups to reimburse their team tax-free for medical expenses and premiums as a result of a bipartisan policy that passed last year called the 21st Century Cures Act. The result is flexible, affordable and predictable benefits that allow small businesses to attract and maintain top talent in their field.
Read on for StreamCare's testimonial, straight from the source!
Tell me about your company.
"Our company, StreamCare is a software company that helps doctor's offices and retail pharmacies dispense medication and bill insurers for those meds. As we've grown, we knew we wanted to provide our team with excellent health care coverage, but each time we ran the numbers it made more sense for each person to purchase insurance individually."
What challenges did you face as a small business?
"We could never find a group plan that worked for everybody. The plan either didn't provide enough coverage for employees with families, or the employee portion cost our young and single employees more than the entire cost of their individual plan."
Did you look at other options?
"Every few months we'd look at health care plans, but we kept coming to the same conclusion: it was better for everybody to purchase plans individually. While we always offered above-average salaries to remain competitive with companies with health benefits, prospective hires were still wary when we told them we didn't provide health benefits."
What sold you on using a QSEHRA?
"As soon as we learned about QSEHRA, it was an easy decision. Now we could reimburse our employees for their health coverage tax-free and still provide everybody the flexibility to pick the best plan for their families. Take Command Health has made it simple to set up and administer the small business HRA for StreamCare and we highly recommend it to other small businesses."
About Take Command Health's Small Business Platform
Does all of this sound complicated? Expensive? Here's some good news. With our help, this can be easy! Take Command Health's new small business platform will handle all the accounting and legal legwork for the small business HRA, take care of onboarding each of your employees, and make tax time easy and painless. You'll never have to hassle with receipts or worry about setting up a health plan again. If you are shopping around for small business HRA admin tools, here's how our admin tool stacks up against the competition.
Another perk is that you can offer a personalized employee benefits portal and provide "big company" perks like dental, vision, 24/7 doctor help line, medical bill negotiation and pharmacy discounts.
Want to see if an HRA could work for your small business? Learn more about our small business platform or schedule a call with one of our small business HRA experts today.