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.
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.
The year is still young, but a survey conducted at the close of 2016 indicates that small business owners are confident about growth in 2017. According to data gathered by the National Federation of Independent Business (NFIB), optimism among small business owners increased by 7.4 points in December 2016—the biggest single jump since 1980 and the highest surge since 2004.
As 2017 gets underway and a new political administration takes over, businesses across the country are likely to confront a variety of changes in the workplace, including shifts in the employee benefits sector. In its 14th Annual U.S. Employee Benefit Trends Study, MetLife identified five areas businesses should keep an eye on as the year progresses.
When the 21st Century Cures Act created the Small Business Health Reimbursement Arrangement (HRA), many small business owners noted its similarity to the Stand-Alone HRAs of the past. While the two types of HRAs do share many features, the creators of the Small Business HRA made several modifications to ensure the new benefit’s compatibility with the Affordable Care Act (ACA). One of these modifications is a requirement on how premium tax credits must interact with the Small Business HRA. The 21st Century Cures Act specifies that an individual must coordinate their premium tax credits with the monthly contributions they receive through their employer’s Small Business HRA. In this post, we’ll explain what the law requires and how your employees can make sure their premium tax credit is calculated properly once they’re enrolled in your Small Business HRA.
Navigating the waters of group health insurance can be frustrating for small business owners. Not only are premiums expensive, but they are also constantly increasing, and the regulations are difficult for many small businesses to keep up with. If you are struggling with group health insurance, we have good news: There’s another option.
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.
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.
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.
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.