Today, APC and tax professionals are invited to explain 
complex markets and health insurance regulations, and make decisions on what is best financially for small businesses and individuals. This role has increased in recent years since the Affordable Care Act (ACA) has created new tax opportunities for American businesses and individuals.
If you are currently using or are considering a health benefit reimbursement, which is great! It is customizable profitable benefits, sustainable giving the coverage selection authority to the employee. These cover what your CPA should know the reimbursement of health care.
Individual Health Insurance Reimbursement
The general concept of a repayment plan for individual health insurance is that the company gives each employee a fixed dollar allowance. Employees are allowed to use the allowance to pay for their individual health insurance -. Policies they can select and purchase based on their individual and family needs
Due to the transition to the reimbursement of health care, the CPA should be familiar with how each insurance reimbursement plans are set up, managed and reported. CPA should also be well informed about the comparison of tax (and financial) benefits of reimbursement of health care compared to health insurance sponsored by traditional employer.
Healthcare Compliance reform of the reimbursement market
It is of utmost importance that CPAs understand how planes individual health insurance are structured so that they can advise their clients whose Plans are in compliance with regulations. Although there have been no recent changes in the tax code with respect to section 105 plans reimbursement of medical expenses, the ACA said these benefit plans are health plans group and subject to market reforms. Not all plans, such as autonomous for HRAs 2+ employees meet these market reforms, it is essential that CPAs can explain how plans are regulated.
Regulations for different sized companies
The ACA does not apply equally to all companies, and specific regulations for each company depends on the size (how many full-time equivalent or FTE employees work there), as well as annual income. For some companies, the cost of group health plans is more than worth it not to provide (or sentence, plus the cost of reimbursing employee bonuses!), Order that companies require their CPAs to help them this calculation.
provisions related to tax health care Money
The ACA includes many different provisions that may affect the taxable income of individuals and companies, and a CPA needs to know all, including:
- New W-2 reporting requirements for employees covered by a group plan through their employer
- Changing the deduction threshold for medical expenses to 10% of adjusted gross income for anyone who wants to deduct unreimbursed medical expenses
- New form 720 is used for the needs and costs for plan administrators of some self health plans -insured such as health reimbursement plans (HRPS)
- tax deductions for people buying individual plans and reports have incomes below 400% of federal poverty level (FPL) or the expansion of Medicaid for families below 133% of the FPL in the applicable statements
- tax penalties for employers who meet minimum FTE employees and do not provide group health insurance
- Penalties for individuals are not covered by a group plan and choose not to buy insurance
Conclusion
Your CPA or tax professional needs Read more on health insurance than ever, with new regulations from the ACA each year, it is essential that they remain updated to protect you from fines and unnecessary costs.
Are you a CPA? What questions do you have about the reimbursement of health care? Leave us a comment below and we will get back to you with an answer!
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