people smilingThe old way to get group insurance is that a company was showed a number of plans and the employee chose one plan for themselves and/or their family. Now it has changed.

Between cost-savings for employers and competitive health benefits for employees, health reimbursement arrangements (HRAs) are a good choice for a small business.

Established by Congress in 2016, the Small Business HRA allows businesses with fewer than 50 employees to reimburse their employees for individual health insurance and their other out-of-pocket medical expenses, up to a monthly amount determined by the employer.

This will be a saving to the employer and the employee and you will see some tax benefits.

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