Navigation Links
Zane Benefits Publishes New Information on Defined Contribution Health Plans
Date:5/8/2013

Park City, Utah (PRWEB) May 08, 2013

Today, Zane Benefits, Inc. published a new guide on defined contribution health plans. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement arrangements.

According to Zane Benefits’ website, defined contribution health plans are gaining popularity with small businesses and medium-sized businesses as a new alternative to employer-sponsored group health insurance plans. Rather than paying the costs to provide a specific group health plan benefit (a "defined benefit"), employers can fix their costs on a monthly basis by establishing a defined contribution health plan. Defined contribution health plans by themselves are not health insurance plans. With defined contribution health plans, both the employees and employers save on the cost of health insurance. A defined contribution health plan is technically a Section 105 Health Reimbursement Arrangement (HRA).

Defined Contribution Software

According to Zane Benefits’ website, there are two main reasons why businesses should use Defined Contribution Software to administer their defined contribution plan: 1) Time savings/ease of use, and 2) Tax-savings/compliance.

Time Savings & Ease of Use
According to Zane Benefits’ website, a quality Defined Contribution Software removes the time, cost and complication of offering health benefits. Small businesses that use Defined Contribution Software can expect to:

  • Administer a defined contribution health plan online in less than 5 minutes per month.
  • Integrate a defined contribution health plan with existing payroll or HR processes.
  • Manage the defined contribution health plan online 24/7.

Tax Savings & Compliance
According to Zane Benefits’ website, Defined Contribution Software keeps the business in compliance with three key areas:

1) Tax Savings & IRS Compliance: The IRS requires that a formal defined contribution health plan (with IRS-compliant plan documents) be established in order for reimbursements to be tax-free for the employer, and employees.

2) Federal Compliance: The federal government has guidelines for employers who want to contribute to employee's IRS-qualified medical expenses under HIPAA and ERISA:

  • HIPAA (Medical Privacy): By using Defined Contribution Software, your software provider processes employees’ claims, keeping all medical information is HIPAA-protected. And, all receipts are stored in compliance with HIPAA for 10 years, as required by the IRS for audit purposes. The employer never sees employees’ medical information, or even the type of medical expense they incurred ; both important for HIPAA and non-discriminatory purposes.
  • ERISA: Under ERISA, the employer is not allowed to “endorse” a specific individual health insurance plan. Defined Contribution Software keeps the employer ERISA-compliant because you never know what policies are purchased, or even if they are seeking reimbursement for a health insurance premium (only that it is a qualified medical expense allowed by the plan).

3) ACA/Health Care Reform: According to Zane Benefits’ website, the Affordable Care Act (ACA) introduced new requirements for Defined Contribution health plans including how benefit information is presented to employees (Summary of Benefits & Coverage, or SBC), new reporting forms (720/5500) and new plan design requirements (ex: annual limits). A reputable Defined Contribution Software provider makes sure you have the appropriate documents, data and plan settings in place to be ACA compliant.

Click here to read full article.

--

About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to employers and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about ZaneHRA, visit http://www.zanebenefits.com.

Read the full story at http://www.prweb.com/releases/2013/5/prweb10709168.htm.


'/>"/>
Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Zane Benefits Publishes New Guide on Stand-Alone Health Reimbursement Accounts
2. Zane Benefits Publishes New Guide on Stand-Alone HRA Plans
3. Zane Benefits Publishes New Information on Health Care Reform for Small Businesses
4. Zane Benefits Publishes New Information on the Michigan Health Insurance Exchange
5. Impact with Martin Sheen Exploring the Benefits of Electronic Medical Records in New Report
6. Mediterranean Diet Benefits Heart, Even Without Weight Loss: Study
7. Royal Flush Havanese Reviews The Benefits Of Dog Ownership
8. Foul-smelling gas shows health benefits in reducing joint swelling
9. Quorn, Leader in Easy Vegetarian Meals, Explores the Financial Benefits of a Plant-Based, Mediterranean Diet
10. Zane Benefits Publishes New Information on Stand-Alone HRAs for Small Businesses
11. Zane Benefits Publishes New Information on Stand-Alone HRA Plans
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... York, NY (PRWEB) , ... February 10, 2016 , ... ... campaign to celebrate and raise awareness of Nestlé KITKAT as the first global confectionery ... the lives of cocoa farmers and the quality of their product, through activities that ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... to expand dental health services to the developmentally disabled in the Coachella Valley. ... operations to a new facility at 71-949 Highway 111, Suite 100-B, in Rancho ...
(Date:2/10/2016)... Washington (PRWEB) , ... February 10, 2016 , ... ... access and Video Remote Interpreting (VRI) within Healthcare, recently partnered with Heart ... remote interpreting (VRI). , For nearly 23 years, Heart City Health Center has ...
(Date:2/10/2016)... , ... February 10, 2016 , ... ... a master charity program created to assist the local community. Pledging to select ... leaders and nonprofit organizations in the area. Their goal is to bring community ...
(Date:2/10/2016)... CA (PRWEB) , ... February 10, 2016 , ... ... Valley , announces that his office is now offering a variety of comprehensive ... enhancement, chin enhancement, eyebrow lift, facial volume restoration, lip enhancement and nasal reshaping. ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... SEATTLE , Feb. 10, 2016  Resolve ... potentially transformative new approaches to the treatment of ... completion of a multiple ascending dose study in ... lead compound RSLV-132. --> ... double-blind, placebo-controlled multiple ascending dose study of RSLV-132 ...
(Date:2/10/2016)...  Rich Pharmaceuticals, Inc. (OTC Markets: RCHA) ("Rich Pharmaceuticals" ... of its issued and outstanding shares of common stock ... 11, 2016. The Company,s common stock will trade on ... temporary ticker symbol "RCHAD". After 20 trading days, the ... (RCHA).  --> --> ...
(Date:2/10/2016)... Tenn. , Feb. 10, 2016 /PRNewswire/ ... of Nursing received an in-kind gift ... of a VeinViewer® Vision vein finder for ... will help students as they learn how ... combining technology with traditional technique. ...
Breaking Medicine Technology: