June 14 was a big day for seven IFA member franchisees!
Ed and Pamela Seiber (Glass Doctor of Charlotte, NC), Stuart and Tina Nokes (Five Star Painting of Loudon, VA), and Clint Ehlers (FASTSIGNS of Willow Grove, PA) were at the White House for a Rose Garden announcement of a new policy that will provide more affordable and flexible health care cost savings options to employees at small business franchised businesses.
The policy will expand the use of Health Reimbursement Arrangements (HRAs) to allow employees to use pre-tax dollars toward the purchase of coverage in the individual market starting in 2020. Employees have traditionally used such benefits to cover out-of-pocket medical expenses but have had difficulty in using the option towards insurance premiums. The final rule will allow employees more choice in the market.
“This HRA rule is an exciting and promising new policy that can help employers attract and retain quality employees,” said Ed Seiber. “Employees should have the freedom to choose the health care option that most fits their needs.”
IFA’s Suzanne Beall agreed, noting that “IFA supports this new policy, which can help franchise businesses better support, develop, and retain their employees.”
Ed’s not the only one happy about the plan - the Treasury Department estimates that 800,000 employers will eventually offer the expanded HRAs to more than 11 million workers and their families!
Celebrating 59 years of excellence, education, and advocacy, the International Franchise Association is the world's oldest and largest organization representing franchising worldwide. IFA works through its government relations and public policy, media relations and educational programs to protect, enhance and promote franchising and the more than 733,000 franchise establishments that support nearly 7.6 million direct jobs, $674.3 billion of economic output for the U.S. economy and 2.5 percent of the Gross Domestic Product (GDP). IFA members include franchise companies in over 300 different business format categories, individual franchisees, and companies that support the industry in marketing, law, technology and business development.