When all the baby boomers to 65 years 2030, Pew Research Center estimates 18 
per cent of the population of the nation will be 65 years or more - compared to only 13 percent today. Combined with an increase in the retirement age, employers are inevitably faced with an aging workforce growing. This has its advantages. loyal employees with decades of experience add value to the business. Yet it also has its challenges - including how to address the health benefits for an aging workforce
For example, many business owners ask questions about how they can help with the employees. " health insurance premiums, as well as help the health of other employees. One strategy is to set up a tax-free health reimbursement plan (HRP). This article describes how to set up a tax-efficient HRP formal reimburse employees for Medicare health insurance premiums.
Understanding health reimbursement plans (HRPS)
A health reimbursement plan (HRP) is a repayment plan tax-free that can be used for medical expenses and qualified insurance as permitted by section 105 of the Internal Revenue code (IRC). HRPS are also called "Section 105 Medical repayment plans."
A HRP is designed to reimburse eligible employees (and dependents) for their purchased individual health insurance premiums, including premiums . 'Medicare Designed correctly, a HRP complies with all existing federal regulations - ". market reforms, "including new ACA
HRPS may reimburse the insurance insurance premiums
Unlike other types of health savings accounts and refund, HRPS benefit is that they can be used to reimburse employees for a wide range of health insurance premiums, including Medicare Part has Medicare Part B and Medicare HMO.
example
This is an example of how a business could use a HRP to provide formal service employees covered by Medicare.
a retail business of 25 people in Tucson, Arizona offers a group health insurance policy to its full-time employees. As a well-established company, they have an aging workforce enrolled in Medicare.
To support and maintain their loyal employees, the company aims to help Medicare additional premiums for employees, as they contribute to health insurance premiums for other employees.
to achieve this goal, the company set up a Section 105 health reimbursement plan for employees not enrolled in the group health insurance policy. This allows the company to provide health care benefit to Medicare-enrolled employees.
Using the HRP, the company is able to help employees with the cost of their health insurance premiums, and other eligible premiums.
Conclusion
the use of Article 105 reimbursement system for health care (HRP), employers can provide tax-free contributions to their labor contractor for aging employees. This is a powerful tool to help employees with the cost of health care that are not on the traditional group health insurance policy of the company.
What questions do you have on the repayment of the premium for employees enrolled in Medicare? Let us know in the comments below.
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