Under the Affordable Care Act, employers using an Employer Payment Plan face penalties of up to $100 per day, per employee. Many business owners and insurance advisors are, however, unaware there is a reimbursement plan that meets the requirements of the Affordable Care Act and still allows for reimbursement of individual health insurance. It is called a Healthcare Reimbursement Plan (HRP) and it is different than an Employer Payment Plan. How? Why? Let’s take a look.
Each year, Executive Directors sit down with their Board of Directors to review the nonprofit’s annual budget. Projections are made for revenue and funding and expenses with significant increases over last year are discussed. All too often, this includes healthcare increases of 10 percent, 20 percent, or more.
Recruiting and retaining employees is important, even for the smallest of dental practices. One way to accomplish HR goals is to offer health benefits. Which health insurance coverage options are available to small dental practices?
Under the Affordable Care Act, employers who continue to use Employer Payment Plans are at risk of being fined a $100 dollars per day, per employee starting July 1, 2015. As a small employer who wants to help employees with their health insurance costs, you’ve likely asked, “What is an Employer Payment Plan? What are the fines? And, is there another way to help employees with the cost of health insurance?”
Under the Affordable Care Act there are new rules for reimbursing employees for individual health insurance. And as of today, employers using an Employer Payment Plan or non-compliant reimbursement plan face penalties of up to $100 per day per employee.
Over a third (37 percent) of employers offering health benefits still have a grandfathered health insurance plan, according to Kaiser Family Foundation’s 2014 employer health benefits survey. Each year, however, the number of grandfathered plans decreases which means it may be the year your business has to look for a new health insurance plan. Will you be able to keep your grandfathered health insurance plan? This article covers the health plan changes that trigger the loss of grandfathered status.
It’s a common small business challenge. You want to contribute to employees’ healthcare, but traditional employer health insurance coverage is not in the cards. At the same time, employees are mandated under Obamacare to purchase coverage and the business would like to chip in, if they could. Can employers help employees with their Obamacare coverage? Is reimbursement for individual health insurance still allowed?
A common question we receive from small employers is, “Can we still use a Health Reimbursement Arrangement (HRA) to reimburse employees for their health insurance? The answer is, it depends. This article covers when an HRA may be used for individual health insurance reimbursement. We’ll also cover HRA alternatives to help with employees’ health insurance costs.
With the 2016 Obamacare open enrollment period right around the corner, all eyes are on which plans will be offered in the Health Insurance Marketplaces, and whether costs are going up or down. So far, 11 states have announced their 2016 proposed rates and the premium increases are surprisingly modest.
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.