Rising health insurance costs, the legislative landscape and evolving employee preferences have many employers looking for new ways to offer competitive employee benefits.
Defined contribution is emerging as the preferred approach for many employers as it offers affordability, value and administrative ease, all while offering employees more choice. Here are some of the advantages of defined contribution health benefits through Gravie:
- Employers set their own budget so they know the maximum amount they will be paying towards benefits.
- Employers get out of choosing “one-size-fits-all” group plans that meet few employees’ needs.
- Employees get more options than they would with traditional group benefits and are able to choose benefits that fit their unique needs.
- In some cases, employees may be eligible to receive tax credits, which could lower the cost of benefits.
- Gravie's new SEHRA option allows qualifying employers to offer additional income to employees for benefits on a tax-free basis.
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