WHO WE ARE
Dedicated to Your Success
Our Company
Purely Coverage provides personalized health benefits solutions tailored to the unique needs of small to mid-size businesses and their employees. We understand the challenges of high costs and inflexible plans. By partnering with leading insurance carriers and administrators, we deliver innovative solutions that drive your success.
Our Mission
To redefine employee benefits with empowering solutions.
Our Values
Integrity: Honesty and transparency in all we do.
Trust: Building trust through consistent performance.
Innovation: Leading with innovative solutions.
Why Choose Us
Customized Solutions: Tailored health plans that fit your specific needs.
Expert Partnerships: Collaborations with top insurance carriers for the best options.
Proven Results: Solutions designed to save you money and enhance employee satisfaction.
Ready to redefine your employee benefits?
STRATEGIC PARTNERSHIPS
Hailo Chen
Broker / Senior Account Manager
As the broker of Purely Coverage, Hailo is a seasoned professional with an extensive background in sales and entrepreneurship. With years of experience in the financial services industry, he has a proven record of driving business growth and fostering client relationships. He is dedicated to revolutionizing the traditional group health benefits space by offering innovative solutions to empower businesses and individual clients alike.
OUR SOLUTIONS
Individual & Family Solutions
Purely Coverage offers reliable insurance solutions for individuals and families, ensuring financial security and peace of mind. Our plans include life insurance, health insurance, and fixed annuities.
BUSINESS SOLUTIONS
Purely Coverage offers tailored health benefit solutions for small to mid-size businesses with innovative solutions to address rising costs, limited flexibility, and administrative complexities.
PROCESS
ICHRA Made Easy
Implementation & Timeline
01. Preparation Phase
(Weeks 1-2)
• Assess ICHRA suitability.
• Determine start and cancellation dates for health plans.
• Confirm eligibility of business and employees.
• Set budget and monthly allowances.
02. Setup Phase
(Weeks 3-4)
• Create and finalize ICHRA plan documents.
• Ensure IRS and Department of Labor compliance.
• Notify employees about the new benefit, start date, and allowances.
03. Implementation Phase
(Weeks 5-6)
• Provide resources for employees to purchase health insurance.
• Assist with claims submission for reimbursement.
• Set up reimbursement and tracking system.
• Ensure administrative processes are in place.
04. Ongoing Management
• Manage reimbursements and adjust allowances.
• Maintain compliance with regulations.
• Report benefits on employee W-2 forms.
Ready to redefine your employee benefits?
THE DETAILS
We offer flexible plans to suit the needs and budgets of all sizes
QSEHRA
Overview
QSEHRA is a health benefit for small businesses with fewer than 50 full-time employees, allowing reimbursement for individual health insurance premiums and medical expenses.
How It Works
Employer Allocation: Employers set a fixed monthly allowance.
Employee Purchase: Employees use the allowance for health insurance and medical expenses.
Expense Submission: Employees submit receipts or invoices.
Reimbursement: Employers reimburse up to the allowance amount, tax-free.
Key Benefits
For Employers:
Predictable Costs: Fixed health benefit budget.
Simplified Administration: Easier than traditional group health plans.
Tax Advantages: Tax-deductible reimbursements.
For Employees:
Flexibility: Choose health plans that suit personal needs.
Tax-Free Reimbursements: Tax-free for eligible expenses.
Personalized Coverage: Tailor coverage to individual needs.
ICHRA
Overview
ICHRA allows employers of any size to reimburse employees for individual health insurance premiums and qualified medical expenses, offering a scalable alternative to traditional group health plans.
How It Works
Employer Allocation: Set monthly allowances for different employee classes.
Employee Purchase: Use the allowance to buy health insurance and cover medical expenses.
Expense Submission: Submit proof of expenses.
Reimbursement: Receive tax-free reimbursements up to the allowance amount.
Key Benefits
For Employers:
Flexible Plan Design: Vary allowances by employee class.
Simplified Administration: Easier to manage than traditional group health plans.
For Employees:
Choice and Flexibility: Choose plans and services that fit their needs.
Tax-Free Reimbursements: All reimbursements for qualified expenses are tax-free.
Health and Wellness Program
Overview
The Health and Wellness Program (Section 125 Plan) reduces out-of-pocket expenses by enhancing existing benefits at no extra cost. It complements and enriches current medical coverage without replacing existing insurance plans. This program promotes proactive health and wellness, and supports better recruitment, retention, and cost management.
How It Works
Benefit Offering: Employers provide benefits like unlimited virtual health, primary and urgent care, behavioral health, chronic disease management, smoking cessation, and health education.
Employee Enrollment: Employees enroll and set aside pre-tax money through payroll deductions to build a reserve for voluntary insurance products.
Pre-Tax Deductions: Contributions are deducted from payroll before taxes, reducing taxable income.
Benefit Utilization: Employees use the accumulated funds for selected benefits, such as medical expenses or insurance products.
Key Benefits
For Employers:
Lower Payroll Taxes: Saves on FICA taxes due to reduced employee taxable income.
Improved Retention and Satisfaction: Diverse benefits enhance employee satisfaction and retention.
Cost Savings: Average savings of $500/employee per year realized by the business.
No Net Cost: The program incurs no additional cost for the employer.
Triple Indemnity Guarantee: Ensures financial protection and peace of mind.
For Employees:
Lower Taxes: Pre-tax contributions reduce tax liability.
More Take-Home Pay: Lower taxes increase net earnings.
Cost Savings: Average savings of $100/employee per month.
Comprehensive Health Support: Access to a wide range of health services like proactive health management and family care.
The Comparison
Small Group Plan
(fully-funded)
QSEHRA
ICHRA
Eligible Employers
Open to employers with 50 or less full-time equivalent employees.
Open to employers of any size.
Affordability
Premium rates are set based on location, age of employees and dependents, and tobacco use of the entire group.
Eliminates the employee health risks from the business plan and provides cost control and predictability.
Eliminates the employee health risks from the business plan and provides cost predictability and on average, a potential cost savings of 30-40%.
Contributions
Small group employers pay a fixed premium to the insurance provider, they may also share the costs with their employees by passing on a portion of the premiums.
Employers define how much they will contribute pre-tax to the QSEHRA (up to varying caps). Employees can choose to put the contribution towards insurance premiums or eligible expenses. The same allowance must be offered to all groups.
Employers define how much they will contribute pre-tax towards the insurance premium and/or qualified medical expenses. No minimum or maximum amount required. The allowance amount can differ by employee class.
Employee eligibility and classes
Group coverage must be offered to all full-time employees with the option to offer to part-time (if offered, coverage must be offered to all).
QSEHRAs can be offered to all employees or limited to only full-time employees, who are then all automatically eligible. The same terms must be provided to all eligible employees.
An ICHRA and small group plan can be offered to different classes of employees. However, only one option can be offered per class. Eligibility can be structured based on 11 employee classes.
Participation requirements
Group plans typically require employer to maintain certain participation rates.
Eligible employees cannot opt out of employer-provided QSEHRA plans.
No minimum plan participation requirements.
Plan access and choice
Typically, one insurance provider and up to four plans for employees to choose from.
Employees don't have to purchase individual insurance coverage and may use the allowance towards other eligible expenses, instead.
Unlimited plans to choose from (plan offerings vary by rating area). Employees must purchase individual insurance coverage to participate in the ICHRA.
Network flexibility
Typically, one specific (often narrower) provider network for all employees, despite differing locations.
Networks may vary by employee location and by individual coverages selected.
Networks may vary by employee location and by individual coverage selected.
Let’s design your perfect benefits plan
WHO WE SERVE
Industries We Serve
Technology Firms
Non-Profit Organizations
Manufacturing
Retail Businesses
Financial Services
Healthcare Providers
Hospitality Industry
Educational Institutions
Ready to redefine your employee benefits?
TESTIMONIALS
CONTACT
Share your business objectives with us, and let's collaborate to craft something extraordinary
Hailo Chen
Purely Coverage
Broker / Senior Account Manager
NPN 12131981 | CA License 0G36295