PeopleKeep Releases Its 2021 QSEHRA Annual Report
The leading QSEHRA administration software provider releases its fourth annual usage report analyzing data from 2,500+ small employers and 14,000+ employees
SALT LAKE CITY, Feb. 9, 2021 /PRNewswire/ -- PeopleKeep has released its fourth annual usage report on the qualified small employer health reimbursement arrangement (QSEHRA) used by employers with fewer than 50 full-time employees.
As the leader in QSEHRA administration software, PeopleKeep is in a unique position to show how small employers across the nation—and their employees—use the health benefit.
This year's report provides more segmented usage data to better compare your current or potential benefit design to that of similar organizations and continues to include year-over-year trends from previous reports to track usage changes over time.
Key findings include:
- The average employee allowance was $360.21, an increase of 41% since 2018.
- The smallest employers offer 33% more in allowances compared to the largest employers who are eligible to provide a QSEHRA benefit.
- On average, 69% of an employee's offered allowance was reimbursed.
- The average reimbursement for health insurance premiums (including major medical, dental, vision, or Medicare) was $367.
- After premiums, the most commonly requested reimbursement types remain prescription drugs and office visits, a finding that is consistent over all four years of the study.
"Even with all the challenges that our QSEHRA customers faced in 2020—all of them small businesses and nonprofits—they increased their monthly allowances to unprecedented levels," said Victoria Hodgkins, CEO at PeopleKeep. "This underscores the value a QSEHRA benefit can provide in helping organizations care for their people."
As group health insurance premiums continue to rise each year, more and more small employers are looking to the QSEHRA as an alternative health benefit that provides them with similar tax advantages and more budgetary control. And, as employers become more used to the budgetary control and simplicity of a QSEHRA, they increase their allowance amounts year-over-year.
Click THIS LINK to view the infographic
Click THIS LINK to view the full report
SOURCE PeopleKeep
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