Health insurance has long been an advantage that large companies offered 
recruit the best talents. Small businesses have sought to do the same in an effort to remain competitive. But as premiums continue to rise over the years and benefits continue to shrink over several group health insurance policies "traditional" offering this advantage is increasingly out of reach for many small businesses, and today only about half of all small and medium enterprises are able to do so.
many small business owners are heading to a health reimbursement plan to solve this problem and to remain competitive. With this type of health plan group, purchasing employees in the individual market for policy and receive a refund of their employer to help cover premiums. But there was some confusion among employers as to whether these plans are IRS compliant, begging the question "Can small businesses Paying employees' insurance premiums?" Let's clarify.
the July 2015 IRS Regulation
in July 2015, the IRS announced a new regulation that imposes a penalty regimes refund up to $ 100 per employee per day (up 'to $ 36,500 per employee). It is a stiff penalty, especially compared with only $ 2,000 per employee for not offering health insurance. It is also a major deterrent and a huge blow to many employers in small companies whose only financially viable option for health coverage is this type of assistance.
repayment health plans comply
Fortunately, if implemented correctly, repayment plans health (HRPS) comply, providing owners of small businesses a less expensive health insurance solution that meets and exceeds the expectations of employees. HRPS fall under these areas of the Internal Revenue Code and are often referred to as "Section 105" planes:
- Article 105
- Article 106
- section 2013 (d)
- Article 162
Why Article 105?
section 105 plans are recommended because they meet all the Obamacare market reforms for group health plans. They also comply with the law PHS 2711 and 2713, which set annual limits for refunds and identify the requirements of preventive care, as well as other federal requirements like HIPAA, COBRA, ERISA, insurance reports -maladie, and IRS rules. Without the protection of a limited section 105 medical reimbursement plan end, you may find yourself in hot water to try to pay directly for individual employee health plans. Thus maintaining compatibility is important, and simple once you are educated about the specific requirements that you must follow to avoid a penalty.
Conclusion
Find a way to provide insurance employees is important to the retention and recruitment to any business. Setting up the right kind of insurance structure for your business can help control costs and still allow your employees to get the coverage they want.
How is your planning for small businesses to provide employee health insurance in 2016? Tell us in the comments below.
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