We have big news from last week! We were the only HRA solutions provider invited to The Rose Garden last Friday to chat about HRAs now that the new regulations have been announced. We will put together a blog with more of a play by play of our experience (with more exciting pictures!) but for now, check out our press release.
DALLAS—Take Command Health, the leading resource for affordable, personalized benefits, was invited by the White House to the Rose Garden last Friday for remarks on expanding healthcare options for businesses and workers through health reimbursement arrangements. Following a DOL announcement last Thursday that delivers on President Trump’s charge and bipartisan support to give tax-friendly HRAs more flexibility and accessibility in the market, Take Command Health shared how these new regulations will affect small business owners.
“As the only company that offers both HRA administration and individual insurance support, we were honored to share our unique perspective with President Trump as an advocate for businesses and workers alike,” shares Take Command Health CEO, Jack Hooper.
“These new HRAs are about to change the game when it comes to benefit solutions for small businesses and their employees.”
The new Individual Coverage HRA and the Excepted Benefit HRA will allow small businesses to reimburse for healthcare premiums and qualified medical expenses tax free while employees choose the best plan for their unique needs.
“The final rulings confirm what we’ve suspected about the Individual Coverage HRA and we are excited to this play out in the market,” adds Hooper. “Since their announcement last fall, we’ve focused our efforts on optimizing our platform, developing the first tools on the market for the new HRAs, and growing our team to help connect consumers with this more efficient, tax-friendly way to offer benefits.”
For any company that is over 50 employees, whether they are currently self-insured or fully-insured, they are effectively responsible for their employees’ healthcare spend.
“Some employers are figuring out how to manage costs effectively: they are invested in wellness programs, engaged in high-performance network design, and interested in helping employees with chronic conditions effectively manage costs,” adds Hooper. “Other employers would rather not try to manage employee healthcare spend. You can still offer generous benefits and your costs are fixed because you have no risk to manage.
Let’s repeat that—ICHRA allows employers to “get out” of the insurance risk game.”