What is an HRA and How It May See A Major Change Soon..

Before we get into how rules for HRAs may be changing, we should discuss what an HRA is and how it works. A Health Reimbursement Account (sometimes referred to a Health Reimbursement Arrangement) is an employer-funded group health plan that reimburses employees, tax-free, for qualified medical expenses up to a certain amount per year. This type of policy does not replace Medical Insurance and is usually coupled with a High-Deductible policy. Unlike an Health Savings Account (HSA), the Employee can not help to fund the account.  Like HSAs though, there are maximum allowed contributions. In 2018, an Employer can fund an HRA up to $5,050 for a Single Employee and $10,250… Read More

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Human Resources: Tours of Duty

Human Resources: Tours of Duty From our friends at DeNovo HR Consulting:   In September of 2016, the Bureau of Labor Statistics released updated employee tenure stats.  I think we all predicted what they would reveal:  the median number of years that the average employee stays with a company is 4.2, which is down from 4.6 years when last published in 2014. Employees in professional occupations and management roles have the highest median tenure of 5.1 years.  On the other side of the coin, workers in service occupations have the lowest median tenure of 2.9 years, with those specifically in the food service industry coming in at only 1.9 years.… Read More

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