It’s no secret that the world of health insurance benefits is complex and always changing. Learning how to calculate Employer Shared Responsibility fees this year requires answering a handful of essential questions, but first let’s take a look at what the provision really boils down to.
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.
The Affordable Care Act (ACA) introduced premium tax credits to give you and your family a discount to buy health insurance coverage through the Health Insurance Marketplace. If you are eligible, these tax credits can reduce your family’s health insurance cost to no higher than 9.5 percent or as low as two percent of your household income. Before you can calculate the amount of your premium tax credit, you must first calculate your Modified Adjusted Gross Income (MAGI).
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?
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.
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.
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.
Which is better: A Health Reimbursement Arrangement (HRA) or a Health Savings Account (HSA)? The answer depends on what you are trying to accomplish and whether you are an employer or an employee. Note: Health reforms have limited the scope of stand-alone Health Reimbursement Arrangements, making it so that they can generally only be used by companies with one participant on their HRA plan. To learn about how HRAs can be used today, take a look at this article.
A common misconception about individual health insurance is that it costs more than employer-based (“group”) health insurance. When in fact, on average, individual health insurance costs up to 60 percent less than comparable coverage on the group market. How much does individual health insurance cost? Let’s take a look.
For most human resource administrators, the start of a new year means reevaluating your organization’s health benefits. If you have not yet determined your best plan of action for 2016, there are several paths to explore. Don’t forget that most of these options have definitive enrollment dates to take into consideration.
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.