SALT LAKE CITY, UT – 3/9/2020 – PeopleKeep has released its most recent annual report on how nonprofit organizations used the qualified small employer health reimbursement arrangement (QSEHRA) in 2019. It details usage trends for more than 200 individual nonprofit organizations and demonstrates how they prioritize health benefits as they grow.
The QSEHRA is a health benefits solution for businesses with fewer than 50 employees. Through it, employees make their own qualified health expenses, including individual health insurance premiums, and are reimbursed, tax-free, up to the allowance amount the business offers.
“Nonprofit organizations operate in a very distinct way,” said Victoria Hodgkins, CEO of PeopleKeep. “They work on tight budgets, and individuals in nonprofit organizations typically wear many hats, making health benefits yet another item on their long list of things to take care of. That is why we created a distinct annual report for nonprofit organizations using the QSEHRA. They operate using different benchmarks than traditional businesses do, but what we’re seeing is nonprofit organizations are increasing their compensation over time, at a greater rate than traditional businesses. And it’s exciting to see that our product is helping them do that.”
One PeopleKeep customer, Jeremy Trebas, Controller at the Great Falls Rescue Mission, said, “Without the cost savings we get with this option [PeopleKeep], we wouldn't be able to offer a health benefit.”
After signing up with PeopleKeep, the Great Falls Rescue Mission had a projected tax savings of $91,827.65.
As group health insurance rates continue to rise, and qualified job applicants become increasingly scarce, a competitive health benefits package is necessary to attract and retain talented individuals. PeopleKeep encourages employers to review the full report to make more informed budgeting and employee-retention decisions.
PeopleKeep offers HRA administration software that empowers employers to control their health benefits budget while spending an average of five minutes each month managing their HRA. PeopleKeep is a 2020 bronze Stevie Award recipient for customer service.
Click THIS LINK to view the full 2020 QSEHRA Annual Report on Nonprofit Organizations