There is little doubt that health insurance is the number one most requested employee benefit. When it comes to attracting and retaining a quality workforce, a well-designed health plan can be an integral part of the total compensation package. As an independent agency, we work with a number of quality health insurance carriers who provide a wide range of plan designs and provider networks.

With healthcare costs continuing to rise, we have embraced many of the Consumer Driven Health Plans (CDHPs) that have come to the market. We have made it our priority to be innovative with our approach to plan design and funding strategies. Through Multiple Option Plans, Health Reimbursement Accounts (HRAs), Health Savings Accounts (HSAs) and other non-traditional offerings, we have been largely successful in helping our clients and their associates hold the line on healthcare expenditures. Whatever the future holds for the health insurance marketplace, Daines Insurance & Financial Services, LLP is committed to keeping our clients current with the latest in products, services and technology.

  • Fully Insured
  • Self-Funded
  • Captives
  • Level-Funded
  • Minimum Essential Coverage (MEC)
  • Pharmacy Solutions
  • Flexible Spending Account (FSA)
  • Health Savings Account (HSA)
  • Health Reimbursement Account (HRA)
  • Analytics
  • Benchmarking

Health Reimbursement Arrangements and Health Savings Accounts

Consumer directed health plans, whether a Health Reimbursement Arrangement (HRA) or Health Savings Account (HSA) model, eliminate the low co-pay benefit plan and replace them with a high deductible plan design coupled with a savings account that the employee can use to pay for a certain qualified expenses. The primary difference between HRAs and HSAs is who owns the account.

With HRAs the employer agrees to fund an account for each employee who participates in the medical plan. Money from this account may be used for any of the expenses the employer deems to be "qualified." These might include medical, prescription, dental or even vision expenses. The point is that the employer decides which expenses are eligible and maintains ownership of the accounts.

With HSAs the IRS determines which expenses are eligible, generally those previously mentioned, and the employee, not the employer, owns the account. Both employers and employees may contribute to an HSA account, but any funds which are contributed become immediately vested with the employee and are portable from one job to another.