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:6/27/2016)... Viejo, California (PRWEB) , ... June 27, 2016 , ... ... are fully customizable inside of Final Cut Pro X," said Christina Austin - CEO ... another unique style. Final Cut Pro X users can now reveal the ...
(Date:6/27/2016)... ... June 27, 2016 , ... ... strategic partnership with Connance, a healthcare industry leader providing predictive analytics to ... technology combine to provide health systems, hospitals and ambulatory surgical centers with ...
(Date:6/27/2016)... Overland Park, KS (PRWEB) , ... June 27, 2016 , ... ... leader in retailers of Eyeglasses . , Millions of individuals in the United ... life, eyeglasses have become a way to both correct vision and make a fashion ...
(Date:6/26/2016)... ... 26, 2016 , ... On June 10-11, 2016, A Forever Recovery, a holistic ... World’s Longest Breakfast Table in Battle Creek, MI, where the rehabilitation facility is located. ... some of the world’s leading providers of cereal and other breakfast foods. Its residents ...
(Date:6/26/2016)... ... June 26, 2016 , ... PawPaws brand pet supplements ... that was developed to enhance the health of felines. The formula is all-natural and ... main herbs in the PawPaws Cat Kidney Support Supplement Soft Chews are ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... -- Jazz Pharmaceuticals plc (Nasdaq: JAZZ ) ... Improvements Act of 1976, as amended ("HSR"), with respect ... Nasdaq: CPXX ) expired effective June 24, ... As previously announced on May 31, 2016, Jazz Pharmaceuticals ... which Jazz Pharmaceuticals has commenced a tender offer for ...
(Date:6/24/2016)... HILL, N.C. , June 24, 2016 /PRNewswire/ ... healthcare decisions and regulators/payers have placed more emphasis ... new environment, patient support programs in the pharmaceutical ... for patients, medications. Consequently, pharmaceutical companies are focusing ... ensure they are providing products and services that ...
(Date:6/24/2016)... CAMBRIDGE, Mass. , June 24, 2016 /PRNewswire/ ... the Spaulding Rehabilitation Network,s Dean Center for ... of Physical Medicine and Rehabilitation, MIT Hacking Medicine, ... Center for Innovation, today announced the five finalists ... Hackathon for Lyme disease.  More than 100 scientists, ...
Breaking Medicine Technology: