Robert DeNinno Jr., Principal of the Philadelphia based Precision Benefits Group was quoted in The Philadelphia Inquirer article, entitled “These little known health insurance options may save small employers big money.” The piece written by Gene Marks explores the ways small businesses can improve their bottom line and attract premier talent utilizing two plans, the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) and the Individual Healthcare Reimbursement Arrangement (IHRA).
The article notes that the quality and variety of a company’s health insurance benefits remain among the top priorities for employees when considering a job in 2021, according to numerous studies, including recent ones from the Hartford and MetLife. The problem for small employers is being able to provide these benefits affordably and competitively, particularly in a tight labor market, but that is where a QSEHRA or IHRA can help.
“QSEHRAs and IHRAs have gained little traction since they were introduced,” said DeNinno. “But depending on the employer, both can save a small business and its employees a significant amount of money.”
“It depends on the client and the situation, but we find that these kinds of plans can be a very cost conscious remedy” for small businesses.“ he said. “They’re essentially a ‘self-fund’ for out-of-pocket costs and may offer a lower cost option for saving medical premium dollars.”
Read the full Philadelphia Inquirer Article.
Rob is an employee benefits expert with over 25 years of experience. He is the founder and principal of Precision Benefits Group, a leading provider of corporate benefits plans. He is a member of the Philadelphia Business Journal Leadership Trust and regularly contributes to the publication.