The 21st Century Cures Act reintroduced the Stand-Alone Health Reimbursement Arrangement (HRA) for small businesses, making it possible for them to offer health benefits they may not have been able to afford otherwise. But implementing this new type of plan, known as the Small Business HRA, can be difficult for businesses whose employees don’t have health coverage.
There are many advantages to employing workers across state lines. Businesses can choose from a larger talent pool, and surveys show that remote employees are happier and more productive on average than in-office employees.
In recent years, the number of Americans participating in health savings accounts (HSAs) has increased dramatically. Within the last decade, HSA participation has jumped from 3.2 million in 2006 to 20.2 million in 2016. Health benefits experts believe these numbers will continue to rise as the current Republican administration seeks to expand HSAs as part of its efforts to replace Obamacare.
As we’ve discussed before, more and more businesses are expanding their operations to other states. Virtual workplaces, better connectivity, and remote technology allow today’s companies to recruit top talent regardless of location—a win-win for businesses and employees.
In December 2016, Congress revised and revived a popular employee benefits option: the health reimbursement arrangement (HRA). Many users of the new Small Business HRA have never administered a reimbursement plan, though, and have questions on how to process employee reimbursement requests while staying compliant with the law. We’ve compiled six of the most commonly asked questions on Small Business HRA reimbursement to make sure you and your employees are comfortable with your new benefit. We’ll also go over what could lead to improper reimbursement, the consequences of improper reimbursement, and how to address improper reimbursement without incurring tax fines.
If you have workers spread across multiple states, you face unique challenges when it comes to providing your employees with health insurance. State-specific insurance requirements might make it difficult for you to cover all of your workers under a single plan. Fortunately, there are several ways to address this problem that may allow you to offer your employees the health coverage that they want.
This article is a summary of a section from our free resource, Small Business Health Insurance Reimbursement: Annual Report 2017. Download the full report by clicking here. In the face of rising health costs nationwide, reimbursement plans like health reimbursement arrangements (HRAs), by which businesses provide allowances to employees to reimburse their health expenses, are an increasingly popular alternative to group health insurance. How these plans are executed varies depending on several metrics, however, including geography and industry. One factor that’s likely contributing to the differences in health reimbursement popularity is the range of allowances among the states. These allowances are the dollar amount made available to employees for qualified reimbursements. In our 2017 Annual Report, we analyzed reimbursement plan allowances nationally, regionally, and state by state.
All businesses face challenges, but nonprofits often struggle with different obstacles compared to their for-profit counterparts. Among the most pressing challenges facing nonprofits today are a lack of resources, creation of a sustainable business model, and donor retention.
Employee turnover is expensive, costing businesses six to nine months’ salary on average. Savvy employers recognize that keeping their people means more than just delivering paychecks on time. Businesses can support their employees by: cf
Health care costs are projected to increase by 6.5 percent in 2017, which means they will continue to expand more rapidly than inflation. As a rising number of businesses feel the pinch, many are abandoning traditional group health insurance in favor of alternatives like the Small Business Health Reimbursement Arrangement (HRA) to help manage their health insurance costs.
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.