Rely on us to design, co-manage, and facilitate your employer-paid health plan. We’ll evaluate everything from the best carriers, plan coverage and benefits to funding options, then recommend your best solutions. And if you choose administrative services only, we’ve developed the market-leading platform for that, too.
Our specialties include:
- Consumer-Driven Health Plans (CDHPs)
- Health Savings Accounts (HSAs)
- Health Reimbursement Arrangements (HRAs)
CDHPs originated in response to rising health care costs. Designed to reduce employer costs for coverage, these high-deductible plans also reduce monthly premium costs to insureds but carry more out-of-pocket costs before coverage begins. Employees who choose CDHPs tend to be healthier and more informed on healthcare and the tax benefits of CDHP-related health savings accounts (HSAs).
HSAs let your employees set aside money on a pre-tax basis to pay for qualified medical expenses, deductibles, copayments, and more. As an employer-paid benefit, HSAs help you reduce your healthcare budget if connected to a high-deductible health plan. HSA funds roll over each year, if not spent, and they can earn non-taxable interest.
Insider Tip: Why Max Out HSAs First
In traditional 401(k)s or IRA, employee money grows tax-deferred; you pay taxes when withdrawn at retirement. For an HSA, where employees spend money set-aside on qualified expenses and premiums, it comes back to them tax-free. Tax-deductible in. Tax-free out. For 2018, if you have family HDHP coverage, you can contribute up to $6,900. Then, fund their Roth IRA or workplace 401(k) plans. If 55 or older at years’ end, you can contribute an additional $1,000 to your HSA.
IRS-approved, HRAs are employer-funded, tax-advantaged personalized health benefits that reimburse employees for out-of-pocket medical expenses and individual health premiums. HRAs are a good choice for small businesses with fewer than 50 employees because you can pay for certain expenses not covered by insurance and still control the allowance offered to employees.
How Henehan Supports Your Health Plan:
- Serve as your intermediary with carriers
- Relieve major HR administrative burden
- Ensure successful plan enrollment
- Clarify participant eligibility and benefits
- Engage employees with on-going communication
- Handle claims analysis and resolution
- Assist with plan risk management
- Analyze data on plan experience to improve outcomes
What’s more, we use our group-buying power and solid carrier relationships to help reduce client costs.
Healthcare Case Study:
Cast & Crew Open Health—Breakthrough in Entertainment
Alongside expert legal counsel and advisors, the Henehan team developed a unique healthcare solution for a premier payroll company in the entertainment sector. Considered a one-of-a-kind Affordable Care Act solution, and not offered anywhere else, the insurance offering had to accommodate thousands of people from different employers who move from one production to the next.
In brief, Henehan needed to:
- Provide employers with an ACA-compliant solution
- Make insurance coverage available to non-union, project-based employees in entertainment
- Create a portability structure for employees regardless of payroll-service provider
Henehan was instrumental in creating a Multiple-Employer Welfare Arrangement (MEWA) for employees at various employers to offer medical coverage. Like industry guild plans, our structure uses a percentage of gross wages and offers monthly premium rates for staff employees.
Today, this structure enables Cast & Crew Open Health to apply large-group pricing and benefits far superior to market-based coverage. Benefits are offered through Anthem Blue Cross, which operates the largest national network in the country, with more than 900,000 providers nationwide. Anthem members access 90 percent of hospitals and 80 percent of physicians nationally through the BlueCard® program—more than any other insurer.
The ERISA- and ACA-compliant plan funds through a trust established for the exclusive benefit of its participants; the trust holds all insurance contracts and pays the premiums. Here’s a short list of the many benefits:
- Simplifies budgeting
- Removes the burden of cost allocation across productions
- Eliminates tracking of employee hiring status and terminations
- Eases year-end reporting
- Provides HMO/PPO options; dental, vision and life coverage
- Insures larger populations of employees
- Automates Notice of Exchange and COBRA distribution
- Eligible for most tax incentives
- Pay as fringe on the invoice