If your small business has an aging workforce, you've probably wondered how you can help with employee health insurance premiums, such as help with other health workers.
The answer is with Article 105 Shot reimbursement of medical expenses.
In this article, we will discuss how to use a map of the section 105 to reimburse employees for Medicare health insurance premiums.
Note - This question was raised during our recent webinar might premium Tax Free Refund work for you If you want to download the webinar and slides on request here [
what is a section 105 plan?
a section 105 plan permits the payment tax-free medical and insurance costs, as allowed by Article 105 of the Internal Revenue Code (IRC).
a popular type of Section 105 plan is a reimbursement plan for medical expenses , where the plan is designed to reimburse employees eligible (and dependents) for their purchased individual health insurance premiums. Think of it as a business expense for health benefits .
Section 105 plans may reimburse the insurance insurance premiums
One advantage of section 105 plan 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
for a full list see: what health insurance premiums can-Section 105 Plans Pay
Example
[? How to use a business plan section 105 to assist employees with their health insurance premiums? Here's a quick example.
A 25 people manufacturing company in Denver, Colorado now offers a group health insurance policy. As a well-established company, they have an aging workforce enrolled in Medicare.
To support (and keep) their loyal employees, the company wants to contribute to employer health insurance premiums, as they contribute to other employee premiums 'Health Insurance.
To achieve this, the company sets up a section 105 plan reimbursement of medical expenses 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 Map section 105, the company is able to help employees with the cost of their health insurance premiums (and other qualifying premiums).
Conclusion
Section 105 Medical repayment plans give employers a way to pay employees for premiums insurance, and other types of health insurance premiums. 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 about the use of section 105 plans to repay Medicare health insurance premiums? Leave a comment. We will help you answer them.
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