New Product Spotlight: Lifestyle Accounts, ICHRAs and QSEHRAs

N. Rios

JAN. 4 2021

NCA is excited to launch several new product offerings. We believe that with the myriad changes to the workplace throughout 2020, adding these benefits will help employers round out their benefits packages.

Lifestyle Accounts – Employee Care Card

If 2020 has taught us anything, it is that employers need to adapt quickly to enable their employees to work from home, and assist them where they can. That’s why we are excited to announce our new Lifestyle Account product offering – a flexible way to deliver employee lifestyle benefits.

This new benefit will allow employers to create a customized benefits program that offers additional financial and wellness support for employees. During the past few years, employers have sought out new ways to foster wellness and offer additional financial support to employees beyond traditional health benefits and tax-advantaged accounts. As more companies embrace work-from-home policies, this desire to connect with employees has further increased. A lifestyle account allows employers to offer assistance and perks that more closely align with what their employees want and need.

The LSA allows employers to offer yearly, monthly or payroll-funded post-tax dollars to their employees to use for a nearly limitless range of lifestyle and wellness purposes – from gym memberships to tuition support to groceries. Employers simply elect to add the account to their benefit offering, designate the amount they wish to contribute per employee, and determine any limits they’d like to set for specific service types (i.e., a $500 limit for annual gym membership fees). Employees can then access those funds in the form of a convenient debit card, or get reimbursed for purchases through check, direct deposit or payroll. The benefit card, whether the same as their existing benefit card or a separate one, is supported by an intuitive, easy-to-navigate online account experience.

Not every employee has the same lifestyle needs. The LSA allows employees to spend benefit dollars on the things that matter most to them. Here are a few examples:

-Office lunch – delivered or at the grocery store

-Gym membership

-Tuition and education spending

-Work-from-home needs: internet stipends, relocation fees or office supplies

-Healthy outlets based around the company’s culture and goals, such as preventative care not covered under existing health plans, stress relief programs and working environment perks

Get started today! Make the Lifestyle Account part of your differentiated benefit offerings. Call or email us for more information: 800-677-6690 or info@ncabenefits.com.

ICHRA (Individual Coverage HRA)

ICHRAs are a flexible and cost-effective alternative to traditional group benefits. An ICHRA allows an employer to reimburse their employees for individual health insurance premiums and eligible out-of-pocket medical expenses they or their dependents may incur during the year.

An ICHRA requires less overhead than traditional group benefits and can be a cost-effective way to offer employees more choice when it comes to their health benefits.

Unlike a traditional HRA, employees can use their ICHRA to purchase their own individual health insurance. We understand health insurance can be confusing, so we have partnered with HealthSherpa, a certified partner of Healthcare.gov, to deliver an integrated online enrollment and support tool that helps your ICHRA-eligible employees find quality, affordable health insurance. This employee plan shopping, enrollment and support experience is included as part of our holistic ICHRA solution offering.

Email us today to schedule a demo, or to learn more about how these plans work.

800-677-6690 or info@ncabenefits.com

QSEHRA (Qualified Small Employer HRA)

Health coverage is a focus for small employers as they look for innovative and cost-effective ways to provide benefits. A Health Reimbursement Arrangement, or HRA, is timely and can offer substantial flexibility for small businesses. Offering a small employer HRA to employees allows them to use account dollars to pay their individual healthcare premiums and to reimburse any out-of-pocket costs they or their dependents may incur. Small employer HRAs are cost-effective for employers, their employees and their dependents. This is an exciting win for small employers who want to remain competitive and to promote retention of their valuable employees!

Email us today to schedule a demo, or to learn more about how these plans work.

800-677-6690 or info@ncabenefits.com