Christina Merhar is the Senior Editor for Zane Benefits, the leader in individual health insurance reimbursement for small businesses.
Christina joined Zane Benefits in 2012 and has a passion for helping small employers understand the ins and outs health benefits and Human Resources. @ChristinaAtZane
With health care reform, a common question is does my employer have to provide health insurance? Not necessarily. The health care reform law, called the Affordable Care Act (ACA), requires certain employers to purchase health insurance or else pay a tax penalty.
As a small business owner, you may be asking, "do I have to provide health insurance to employees?" No business has to offer health insurance. However, the Affordable Care Act includes a mandate for certain large employers (with over 50 full time equivalent employees) to either offer qualified and affordable health benefits, or pay a tax penalty. This is commonly referred to as the employer mandate, “play or pay” requirement, or employer shared responsibility.
Employers setting up a health plan need consider both the type of health plan to offer, and how the health plan will be structured. There are two common ways to structure a group health insurance plan: fully insured and self-insured (or self-funded). So, what's the difference between a fully-insured and self-insured health plan?
A Health Savings Account (HSA) is a tax-advantaged savings account paired with a qualified high-deductible health plan (HDHP). With an HSA there is an annual contribution limit adjusted each year by the IRS. This article outlines the HSA contribution limits, and other HSA guidelines, for 2016.
For businesses to thrive in today’s economy, finding and retaining the best employees is important. This is especially true for small businesses and nonprofits competing with larger businesses, and larger budgets, for top talent.
Traditionally, health insurance has been a challenge for small businesses. In today’s changing market, however, there are promising alternatives. One alternative gaining industry buzz is employer-funded individual health insurance; where the business reimburses premiums instead of paying them.
If you follow the health insurance industry, you know all eyes are on the new Health Insurance Marketplaces and on the inevitable growth of individual health insurance market. And yet as industry professionals grasp the impact of the changes to the individual market, we’re all trying to understand - and predict - how much the individual market will grow, and by when.
This year, November 1 marks the time of year when anyone can sign up for individual health insurance again. It’s also the time of year when many small businesses adopt reimbursement programs to contribute to employees’ health insurance policies. As employees come to you asking how to shop and buy health insurance coverage in 2016, here are ten simple tips to help.
When it comes to offering health benefits, there are a few different contribution strategies a business can take. In other words, there are different ways to structure and pay for the plan. To achieve lower financial risk and better control costs, many smaller companies choose to switch employees to individual health insurance and offer employee health benefits with a defined contribution strategy - where the company reimburses premiums instead of paying for them. This strategy is also called employer-funded individual health insurance. So, how does this approach create cost-savings and reduce financial risk? There are five key ways. Let’s take a look.
Editor's Note: This article has been updated with the most recent health insurance information and data. The article was originally published on December 13, 2013. It's that time of year when small businesses are looking at health benefits for the new year and evaluating options. During this renewal season, smaller businesses are in an interesting position.
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.