Recent health-care reform initiatives, including the passage of the 21st Century Cures Act in December 2016, have ushered in significant changes that will affect the health insurance industry through 2017 and beyond. One of the new changes includes updates to Health Reimbursement Arrangements (HRAs), one of the best ways for small businesses to offer health benefits to their employees. Here are four things to know about HRAs and changes in health law for 2017.
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.
Under the Affordable Care Act (ACA), taxpaying Americans can purchase health insurance through a public marketplace. If these households have an income between 100 and 400 percent of the federal poverty level (FPL), they may qualify for a premium tax subsidy to reduce the cost of health insurance. Below are three charts detailing the 2016 FPL guidelines.
There is a lot of confusion about how health reimbursement arrangements (HRAs) can be used under the current healthcare laws. The Affordable Care Act (ACA) did change the way HRAs can be used, so it’s important to stay informed, lest your business be found noncompliant. Here are 10 FAQs about HRA Plans in 2017.
A 2015 Glassdoor survey noted that 79% of employees favor more benefits/perks to a pay increase. Most small businesses lean toward a one-size-fits-all employee benefits package. However, such benefit packages are not a favorite among employees, or business owners who want to meet the diverse needs of their workforce. This has brought about an increase in the number of employees favoring consumerized employee benefits. With consumerized employee benefits, employees can pick and choose benefits that complement their lifestyle and financial goals. Heading the list of must-have benefits are Health Insurance Reimbursement and Retirement Saving Plans.
Many CPAs and employers consider administering a medical reimbursement plan without proper Healthcare Reimbursement Software. CPAs and employers often overlook important compliance obligations that put them at financial risk. Failure to comply with the following requirements can be costly. Read on for an overview of why you need compliant Healthcare Reimbursement Software.
The IRS recently announced the Health Savings Account (HSA) rules and requirements for 2017. This article reviews the HSA contribution limits, HDHP minimum required deductibles, and out-of-pocket maximums for 2017, as set annually by the Internal Revenue Service (IRS).
Small businesses who offer formal health benefits generally offer a group health plan. There are different types of group health plans and there are certain requirements all plans must follow. This article provides the definition of a group health plan and answers frequently asked questions about how they work.
A Health Savings Account (HSA) is a tax-advantaged financial account paired with a qualified high-deductible health plan (HDHP). An HSA may be used to pay for qualified medical expenses tax-free, and to save for the future. Many employers offer employees HSA contributions as part of their healthcare benefits packages. With an HSA, there is an annual contribution limit adjusted each year by the Internal Revenue Service (IRS). This article outlines the HSA contribution limits, and other HSA guidelines, for 2017.
For small business owners and employees, the Affordable Care Act (aka Obamacare) brings its share of pros and cons. For example, while Obamacare mandated many positive changes to the individual health insurance market, many consumers struggle to understand coverage, networks, and costs. As a result, they struggle to make informed purchases. A final rule issued by the administration in February aims to address these common challenges.
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.