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Florida HRA - Health Reimbursement Arrangement

If you have at least 21 employees and the majority of your employees are healthy, you will be able to substantially reduce your health insurance premiums without loss of coverage.

This is a self-funding alternative to traditional health group health insurance plans. This is not a fully self-insured plan where you are completely at risk. On the contrary, you have specific limits to your liability and there is insurance in place to meet excessive medical costs.

With a traditional plan you are paying an insurance carrier to assume millions of dollars of risk for all of your employees. With a partially self-funding arrangement, you are accepting part of the risk and the insurance company is taking on the rest. However, unlike other group health insurance plans, a self-funded plan will return money to you at the end of the year. Furthermore, you can make arrangements to fund the expenses as they occur. This means you hold on to the money and not the insurance company.

Why would you want to pay health insurance premiums for a plan that assumes that all of your employees will spend millions of dollars a year on medical expenses?

That is really what is happening. You pay $3000 to $4000 a year for an employees premium and they go to the doctor once or twice and get a prescription of a hundred bucks. Its insane to keep paying for this type of insurance.

If you have employees with severe illnesses with medical expenses running hundreds of thousands of dollars a year on an ongoing basis, then this plan is not for you. But, if the illness has passed and the expenses are now stabilized, this still might save you a lot of money.

You can design just about any plan you want. You don't have to be confined to the "canned" plans the insurance company offers you. These are major medical PPO plans with all the "bells and whistles". Plus, you can use HRA accounts and save even more money.

It is difficult to completely show all of the advantages of this type of plan on a web site. However, we have benefits consultants that will give you a free evaluation and quote.

Please call us at 800-986-4786 for more information about Florida HRA plans.