Your small business does not offer traditional health insurance coverage, but you want to help with employees’ insurance costs. As such, your business gives employees a taxable raise or bonus to use toward healthcare. But here’s a thought. Your small business could save money, and contribute more to employees’ healthcare, by setting up a tax-advantaged reimbursement plan.
As small business owners navigate the Affordable Care Act (ACA) they face an uphill battle. As a way to hold on to current coverage and delay rate increases, many small businesses have kept their non-ACA health insurance plan under a provision known as “grandmothering.”
A common question we receive from employers, health insurance advisors, and accounting professionals is, "How does ZaneHealth comply with the various federal regulations and reforms?" In other words, is ZaneHealth legal?
For decades, the predominant way for Americans to purchase health insurance has been through the group health insurance market; you get coverage through work. But then, enter the Affordable Care Act (“Obamacare”). The ACA changed the rules by making individual health insurance guaranteed-issue, discounted, and easier to buy.
Many small businesses do not offer formal health benefits, but they want to help with employees’ health insurance costs. So, the business gives employees a taxable raise or bonus to use toward healthcare. Is giving employees a lump sum for health insurance still allowed? Yes, as long as the business does not require employees to prove they purchased health insurance. Are there pros and cons to this approach? Absolutely.
As a small business, there are different ways to contribute to employees’ health insurance. For example, the business can offer group health insurance coverage, reimbursement for individual health insurance, or a health insurance stipend. With new health benefit options available, I often receive questions about tax-free vs. taxable health insurance. To help answer this common question, let’s look at situations when health insurance contributions are tax-free vs. taxable.
Will Congress provide long-awaited relief to health insurance professionals doing business on the Affordable Care Act’s Health Insurance Exchanges? A new bill (S. 1653) aims to level the playing field between brokers and navigators. Here’s a summary of the proposed broker legislation.
Whether you are shopping for personal health insurance, assisting a client with taxes, or following the Affordable Care Act, you’ve probably heard the term Modified Adjusted Gross Income, or MAGI. MAGI is one of the federal government’s income calculations to determine eligibility for various tax credit and assistance programs. This article provides a quick guide to where MAGI is used and why it matters to small business owners.
The Affordable Care Act includes a fee to be paid by sponsors of self-insured health plans to fund the Patient-Centered Outcomes Research Institute (PCORI). Employers offering a self-insured medical reimbursement health plan, such as Health Reimbursement Account or Healthcare Reimbursement Plan, may be responsible to pay the fee. Applicable employers are required to report and pay the PCORI research fees annually via Form 720, due by July 31 of each year. With the deadline approaching, this article covers common questions and answers about the PCORI fee and Form 720.
If you are trying to wrap your head around the compliance requirements for a Section 105 medical reimbursement plan, here’s a good place to start: a Section 105 plan is a group health plan. In this article I will discuss why Section 105 plans are considered group health plans, and why this important to understanding compliance.
Disclaimer: The information provided on this website is general in nature and does not apply to any specific U.S. state except where noted. Health insurance regulations differ in each state. See a licensed agent for detailed information on your state. Zane Benefits, Inc. does not sell health insurance.