With the ongoing changes and complexities of insurance as rampant as ever, 
navigation support your small business' health insurance for employees can be disconcerting. One mistake and your well-meaning company may have a very expensive problem on its hands.
In July this year, the government quite clear that plans for the payment of employer are subject to penalties of up to $ 100 per employee per day. It was at $ 36,500 per year per employee
Fortunately, ensure compliance with the federal Affordable Care Act is a relatively straightforward process - .. As long as your small business remains informed and reacts accordingly
Here are some facts in response to the underlying question that we often get small businesses "do our repayment plan of insurance even illness OK "
Not IRS compliance
- Bill payment - If you reimburse employees directly or pay for their premiums directly, your small business is improper
- Standalone health reimbursement arrangements (HRA) with two or more participants
compliant IRS
- taxable premiums or allowances for employees
- Standalone health reimbursement arrangements (HRA) with one participant
- Article 105 health care reimbursement plans (HRPS)
Facts health reimbursement plans (HRPS)
Nearly 3 million US small businesses do not offer traditional insurance group health. They recognize the financial benefits - both employers and employees - and recruitment boost provided by the health care reimbursement plans (HRPS), which reside in IRS tax code 105. Although traditional health insurance group works for some companies HRPS are a key tool for many small businesses because:
- HRP is a health plan of the group set up by the employer but not a blanket insurance. Employees buy their own plans and are reimbursed for eligible expenses.
- A HRP is funded entirely by the employer.
- Refunds are tax deductible.
- Payroll taxes (FICA / FUTA) are reduced.
- employees can use HRP funds on preventive care and personal health insurance expenses.
Yes, the establishment of an HRP for your small business first requires a time commitment of modest advance, the list of compliance requirements - including as regards the affordable care Act (ACA) - is long. online software services designed for small businesses can make this process much easier, however.
The long-term HRPS help employers retain significant administrative hours on a monthly basis. In addition, both the company and employees save money, as HRPS are distributed tax deductible and has received tax free.
Small businesses with fewer than 50 employees are not required to provide support for health insurance, but many consider an important responsibility - one that high quality professionals expect and appreciate in 2015.
Conclusion
If you fear that your health care reimbursement system is still OK, determine if it conforms to the IRS. Keep in mind these key elements of a compliant HRP:
- taxable bonuses or allowances for employees
- Standalone Health Reimbursement Arrangements (HRA) with one participant
- Article 105 Healthcare repayment plans (HRPS)
do you have any unanswered questions about ensuring respect for your repayment plan of 'Health Insurance? Please leave a comment below and we will answer your question shortly.
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