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Watch Roscoe on the Wealth Channel

Listen to Roscoe in an emotional Video for the Wealth Channel where he discusses the moral issues surrounding Persistent Vegetative States. Roscoe Douglas CLU, RHU, is a Partner with UnionServices.com and Presdent of First Benefits, inc.

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Insurance News

  • 3 Reasons Employers Should Use HRA Software

    Many employers that self-administer an HRA often overlook important compliance obligations that put them at financial risk. Failure to comply with the minimum HRA administration requirements is common and can be costly.  And, if an employer does take the extra steps to fully comply, the administrative cost will likely outweigh the HRA Benefits.

    Here are the top three reasons employers should consider using HRA software to self-administer an HRA:

    1. Tax Savings/IRS Compliance
    2. Federal Compliance
    3. Ease-of-Use
  • What is a Health Reimbursement Account?
  • 5 questions you need to ask when choosing your small business health benefit

    Choosing between health benefits options can be difficult—especially for small businesses.

    As a small business, you must balance the company budget, your recruiting and retention goals, and your employees’ wishes. With narrow margins for error, it can become overwhelming quickly.

    In this post, we’ll walk you through the most important questions you should ask when weighing each option, including:

    • Based on eligibility criteria, which options can my business offer?

    • What is my business able and willing to spend on health benefits?

    • How much time do I have to administer the benefit?

    • What are my employees’ current insurance statuses?

    • What do my employees prefer?

  • IRS Publication 502 and HRA Eligible Medical Expenses

    IRS Publication 502, Medical and Dental Expenses, defines medical care for the purpose of deducting medical expenses and reimbursing medical expenses through programs such as HSAs and HRAs. Health Reimbursement Arrangements, or HRAs, are defined contribution plans through which employers can reimburse their employees for eligible medical expenses. 

  • HRA plan documents: what are the requirements?

    A health reimbursement arrangement, or HRA, is an IRS-approved health benefit that allows for tax-free reimbursement of medical and insurance expenses. To be compliant, it must follow certain requirements—including having formal plan documents in place.

    HRA plan documents describe the benefit's terms and conditions related to the operation and administration of the benefit. In this post, we'll cover the requirements you need to know in order to set up and offer an HRA.

    Let's get started.

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