Health insurance costs have increased sharply in 2017. The effects of the increases have been widespread, reaching both group health policies and affecting costs on the individual market. If you didn’t encounter rate hikes yourself, you probably know someone who did.
When the 21st Century Cures Act was passed in December 2016, small businesses welcomed the creation of a new compliant Health Reimbursement Arrangement (HRA). The Small Business HRA allows companies with fewer than 50 employees to reimburse individual health insurance premiums and qualified medical expenses for their employees, as well as their employees’ spouses and dependents. Alongside the benefits of a Small Business HRA come a few responsibilities, however—including a requirement that companies offering the benefit provide a 90-day notice to their employees every year. In this post, we’ll examine the law’s notice requirements in depth so that your business can comply with federal law while giving your employees access to a benefits plan that meets their needs.
Since the passage of the Small Business Healthcare Relief Act (SBHRA) as part of the 21st Century Cures Act, people enrolled in health care sharing ministries have wondered whether the new regulations affect them. Here is an overview of health care sharing ministries and how they fit into the new Small Business Health Reimbursement Arrangement (HRA).
Each year, the Internal Revenue Service (IRS) evaluates expenses eligible for reimbursement through tax-advantaged group plans, such as Small Business Health Reimbursement Arrangements (HRAs). In some cases, the reimbursement amount varies from year to year. Here are the 2017 standard mileage rates for business, medical, and moving expenses.
Massive health insurance tax credits will become available to help you and your family buy health insurance coverage through the new state Health Insurance Marketplaces. If you are eligible, these tax credits will cap the cost of your family’s health insurance at 2 - 9.5% of income. Here's a quick 2 step overview of how to calculate your health insurance tax credit.
For many employers and brokers, the Affordable Care Act can feel like a moving target. However, for small groups with fewer than 50 employees who are not mandated to provide health insurance, the options for small group health insurance are clearer. In 2016, small groups have five main options for health insurance:
Operating a small business can seem overwhelming at times, and finding reliable resources to help you problem-solve can be a struggle. Online resource Manta frequently conducts surveys among their members and releases the data on their website. One such survey looked at the effect that the Affordable Care Act (ACA) had on small businesses’ profitability, growth, hiring practices, and employee retention.
If you’re experiencing some sticker shock with your 2017 health insurance increases, you’re not alone. Many people are searching for alternative healthcare solutions, including health reimbursement arrangements (HRAs) and health care sharing ministries. One such health care sharing ministry is Medi-Share.
If you have questions about the regulations behind your health savings account (HSA), you are not alone. There is quite a bit of confusion regarding contribution and distribution rules for HSAs—and understandably so. Healthcare regulations change frequently, and it can be difficult to keep the details straight. Here is what you need to know about current HSA regulations.
With the rising cost of health insurance comes another concern that has historically received far less attention. The most recent Biennial Health Insurance Survey conducted by the Commonwealth Fund indicates that the number of Americans who are underinsured is increasing. Not only is this causing people to endure a higher burden of medical expenses, but it means that people are opting out of medical care in order to save money—which could have dangerous (and costly) consequences.
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.