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Karen Kane

PO Box 20185, Portland OR 97294

503.789.7217

karen@insurancesolutionsnw.com

"I free small business from the confusing world of insurance"

Advantages of Group Insurance for Small Business

If you and your spouse are co-owners or partners in your business you could qualify for Group Health Insurance. In order to qualify as an Oregon Small Business, a business must employ at least 2 permanent employees (including owners and business partners), who work a minimum of 17.5 hours a week.

An advantage of Group Health Insurance is that pre-existing health conditions do not determine your eligibility or premium rates. It's relatively easy to get a quote on Group Health Insurance for your business, so

Call or Email us now to
get your group insurance quote.

Tax Advantages for Employers and Employees

By using pretax dollars your employees can save income taxes and have more take home pay, when you set up a Section 125 Full Cafeteria Plan. Providing this employee benefit also allows you (the employer) to reduce your payroll taxes.

The Basics of Personal Funding Accounts

After choosing the group benefit plan, it may be paired with one of these funding arrangements:

Health Savings Account (HSA)

HSAs are employee-owned, tax-advantaged, fully portable accounts that work in combination with a qualified, high- deductible health plan. With an HSA, employees will have the opportunity to:

• Save for current and future medical costs
• Choose whether and when to withdraw funds, tax-free, to pay for qualified medical expenses
• Carry unused funds from year to year, allowing those funds to grow tax-deferred

Health Reimbursement Arrangements (HRA)

HRAs are employer-owned and -funded arrangements that members can use to help pay their deductible and coinsurance. Employers can also define expenses to be paid using the HRA, including:

• Deductible
• Coinsurance
• Certain eligible expenses

It is important to note that HRAs are not portable. If the employee leaves the company, any unused portion of the HRA (after all prior claims have been paid) reverts back to the employer.

Flexible Spending Accounts (FSA)

FSAs are employer-sponsored, tax-advantaged healthcare spending accounts that members can use to pay for eligible expenses. Here are a few things to know about FSAs:

• Employee contributions are made pre-tax
• Employer contributions are tax-deductible
• FSA funds do not roll over for future use: “Use it or lose it”
• The employer is not permitted to refund any part of the balance to the employee

Call or Email us now to find out if an
HSA, HRA or FSA is right for you..