With the cost of traditional health insurance on the rise, premium reimbursement plans are becoming a popular, affordable alternative. By using a compliant premium reimbursement provider, an employer can reimburse individual health insurance premiums tax-free and administer the program in five minutes per month.
Open enrollment is fast-approaching. Beginning November 15th, individuals will scramble to find a plan that best fits their needs, businesses will contemplate renewing an existing plan or pursuing alternate routes, and insurance professionals will be back in full swing prospecting, educating, and closing business.
Today, fewer than 50% of small businesses offer employees health insurance, largely because of the cost. That's over 2.3 million small businesses that don't offer health insurance. However, most want to offer health benefits to recruit and retain top employees. For this reason, small businesses are thinking outside the box and evaluating solutions to reimburse employees for individual health insurance.
As small and medium sized employers evaluate health insurance, they are seeing the new advantages of individual health insurance including lower costs, more choice, portability, and guaranteed-issue coverage. As such, it is natural to ask "Can we help employees pay for individual health insurance?"
In 2010, the Affordable Care Act created the small business health care tax credits, also known as the small employer health insurance credits. This article provides FAQs to help small businesses understand the health insurance credits in 2014 and beyond.
The Internal Revenue Service (IRS) released the maximum individual mandate penalty an individual or family will pay for not having health insurance in 2014 -- $2,448 per person annually or $12,240 for a family of five.
Some small businesses and startups consider grossing up employees' salaries or wages to help with their individual health insurance. For example, a business might offer a taxable raise, stipend, or salary bonus with the hope that employees will use it on health insurance. Why?
Less than half of all small employers are currently offering health insurance because it is too expensive. That’s over 2.3 million small employers that aren’t offering health insurance to their employees. As an alternative to group health insurance, small employers are switching to a defined contribution solution to reimburse individual health insurance. Here are five things every small employer needs to know about individual health insurance.
Recruiting and retaining great employees is important to every company; from major global corporations to the newest small business. Getting the best talent requires you to give them great compensation, and health benefits are a key part of the compensation you offer.
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.