HSA for America Offering Tax-free Health Insurance Reimbursement Plans (THIRPs) for Employee Individual Plan Premiums

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HSA for America announces its exclusive alternative to the ACA’s high-cost group plans; employees still receive health premium reimbursement without losing tax credit eligibility.

Health Savings Account Experts

The advantage of a THIRP is that each employee can enroll in the individual health plan of their choosing, while employers can control their monthly costs at a predictable rate.

HSA for America has established an exclusive alternative to the Affordable Care Act’s employer-based group health plans called a Tax-free Health Insurance Reimbursement Plan (THIRP).

A THIRP is a defined-contribution benefit option that allows employers to assist their employees with the payment of individual health insurance premiums. Employers can make a monthly contribution to reimburse employees’ premium payments, as a tax-free fringe benefit.    

“The advantage of a THIRP is that each employee can enroll in the individual health plan of their choosing, while employers can control their monthly costs at a predictable rate,” explains HSA for America founder Wiley Long.    

“We’re excited to offer this alternative for business owners who are unwilling to accept the higher costs of Obamacare plans, or who don’t want to make their employees wait for the 2015 launch of the Small Business Health Options Program,” Long continues. “A THIRP gives businesses greater control over their health care budgets, and employees have more freedom to choose individual plans without losing eligibility for tax credits.”

Since a THIRP is not an insurance plan, employees, their spouses and dependents still have the option of applying for health tax credit subsidies under the Affordable Care Act—an option not afforded to those covered by employer-sponsored insurance policies. In addition, a THIRP does not increase an employee’s taxable gross income under section 105 of the IRS tax code.

An independent insurance advisor for 25 years, Long advocates tax-favored health savings accounts (HSAs) for his clients to best manage their health care expenses. “Employees who receive THIRP benefits can enroll in an individual HSA-qualified health plan to build security for out-of-pocket expenses and reduce their taxable income to better qualify for health tax credits.”

HSA for America co-founder Fred Adams will be hosting an informative, free webinar on December 3, 2013, that will elaborate on the benefits of THIRPs. Click Here to register for this webinar.

About HSA for America

As one of the nation's leading independent HSA advisories, HSA for America has earned a reputation for providing superior educational resources covering the health care industry for individuals, families and small businesses. With its comprehensive website, the public can evaluate high-deductible health insurance plans that allow them to establish an HSA and comply with the health care reform mandate.

Consumers may access HSA for America’s instant quote engine and obtain online applications, or request individualized assistance from experienced, licensed HSA for America Personal Advisors. Confidential consultations regarding HSA plans may be arranged by calling 1-866-749-2039 from 9 a.m. through 11 p.m. Eastern.

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Wiley Long
HSA for America
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