As the Senate gets ready to consider the American Health Care Act, refresh your memory on how the bill is different from the Affordable Care Act. See what would change and what would stay the same. Use our infographic to learn the ins and outs of the proposed health reform legislation.
According to a recent report by Glassdoor, employees and would-be employees have an edge in today’s job market, with 90 percent of recruiters surveyed saying it’s a candidate-driven market. The report also reveals important points for businesses looking to hire and keep the most qualified workers. In today’s candidate-driven environment, companies need to prioritize employee retention. Employee benefits and employee engagement is a big part of that.
IRS Publication 502, Medical and Dental Expenses, defines medical care for the purpose of deducting medical expenses and reimbursing medical expenses through programs such as HSAs and HRAs. Health Reimbursement Arrangements, or HRAs, are defined contribution plans through which employers can reimburse their employees for eligible medical expenses.
Everyday I talk to employers, agents, or other financial professionals who ask me questions about Health Savings Accounts (HSAs), and how they function with Health Reimbursement Arrangements (HRAs) and insurance policies. See my earlier post "The difference between HRAs and HSAs" for appropriate background. A common question I receive is "Can an employee have an HRA and HSA at the same time?" The answer is: "Absolutely, yes. And they should!"
There are a lot of acronyms used when discussing nontraditional health benefits options. Two of the most popular and promising options are HSAs (Health Savings Accounts) and HRAs (Health Reimbursement Arrangements). Even though they both have a similar premise, there are a few key differences. If you have an HSA/HRA or you are considering offering one to your employees, consider the following:
Comparison charts provide an excellent way of summarizing complex information. As a follow-up to yesterday's HRA case studies, check out this HRA, HSA, FSA comparison chart. It's a good summary of the key differences between the four primary types of health-care reimbursement accounts and arrangements.
A high deductible health plan (HDHP) paired with a Health Savings Account (HSA) is growing in popularity. For example, HDHP plans have increased from 4 percent of all employer-sponsored health insurance plans in 2006 to 24 percent in 2015. To open an HSA, you must have an HDHP and meet other qualifying requirements (for background, see this article on HSA rules). When paired with a Small Business Health Reimbursement Arrangement (HRA), an HSA with an HDHP can be a powerful health tool. Here is a summary of the HDHP basics and guidelines, according to the IRS.
Forget about salary sizes and bank account balances. Wealth management is for everyone, and your employees want to make informed decisions about benefits and retirement. Retirement planning accounts for a variety of potential future expenses, such as food, housing and healthcare, but the link between health benefits and retirement benefits can be deeper than estimated medical costs.
Do you currently have health insurance? If you don't, watch out, because penalties for being uninsured are on the rise. As part of the Affordable Care Act (ACA), most Americans are required to have health insurance, or pay a tax penalty if they don't. The penalties were introduced in 2014, and have been increasing annually with 2016 being the last year of the phase-in period. According to a recent Kaiser Family Foundation (KFF) study, the average individual mandate penalty will increase 47 percent in 2016 for uninsured individuals eligible for ACA plans. This article covers the who, the what, and the why of the individual mandate penalty in 2016, and what to do if you currently don't have health insurance.
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.