It was an exciting time here Zane Benefits . During the last year we
followed and supported the pending legislation, called the Law on emergency health care for small businesses (SBHRA), which will greatly improve the access of small businesses to the benefits of competitive health by restoring the use of stand-alone health Reimbursement arrangement (HRA). The bill was reintroduced recently with several improvements under new invoice numbers [H.R. 5447 / S.3060]. After receiving the unanimous support of the committee, the vote SBHRA easily passed by the House of Representatives -. An important step
The SBHRA provide an exemption from certain requirements of group health plan to allow small businesses to use pre tax dollars to help employees purchase policy in the individual market health insurance and other medical expenses out of pocket. Autonomous Health reimbursement arrangements would again be available for small businesses!
SBHRA Explained
Under new invoice numbers, the latest updates of the legislation has a polished version of the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Updates QSEHRA include:
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A limit on the amount an employer can contribute to an employee by the QSEHRA ($ 5.130 Individual / family $ 10.260). contribution limits are indexed to future inflation.
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One requirement to be covered by a minimum essential coverage, if repayment can be included in gross income.
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Coordination with the tax on premiums for -Carte grant to eligible employees.
- a requirement for the employer to provide written 0 days notice informing the employee contribution amounts, the exchange of information for eligible employees subsidies, and a declaration that the arrangement can be included in gross income if the employee is not covered under minimum essential coverage. A penalty may be assessed for non-compliance with the notice requirements.
bipartisan support for the benefit of small businesses
The SBHRA has received considerable support from both Democrats and Republicans. Proponents of the legislation, including Senators Chuck Grassley (R-IA) and Heidi Heitkamp (D-ND) and Representatives Charles Boustany (R-LA) and Mike Thompson (D-CA) - agree that the bill is a common sense solution to ensure that small businesses are not penalized for trying to do the right thing -. offering health benefits to their employees they can afford
Conclusion
bill now goes to the Senate. While we are closer, our work is not done and time is critical. It is now time for supporters of small businesses to contact their members of Congress on this issue. Whether you are a professional health insurance, small business owner, employee or a general supporter, tell your legislator that this law is important to the success of small businesses nationwide.
What changes would benefit your business with the passage of SBHRA? Let us know in the comments below!
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