Navigation Links
Zane Benefits Publishes New Information on Health Care Reform for Small Businesses
Date:5/4/2013

Park City, Utah (PRWEB) May 04, 2013

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

According to Zane Benefits’ website, employers, human resource departments, and business consultants of all sizes are still trying to wrap their heads around the Affordable Care Act (ACA) and what health care reform means for their business and employees. Zane Benefits provided three key regulations every employer should know about health care reform:

1. Individual Mandate
2. Employer Mandate
3. Health Insurance Exchanges

Individual Mandate

According to Zane Benefits’ website, ACA requires everyone to obtain minimum essential coverage for themselves (and their dependents) or pay a penalty starting in January 2014. The penalty is phased-in starting in 2014 at $95, to $395 in 2015, to $695 in 2016 per calendar year, or up to 2.5% of income.

Minimum essential coverage includes coverage under government sponsored programs (e.g. Medicare, Medicaid), an eligible employer-sponsored plan, health plan offered in the individual market, grandfathered health plans, and certain other coverage, such as state health benefits risk pool.

Minimum essential coverage does not include coverage consisting of excepted benefits, such as dental-only coverage, and employer-based coverage that is not offered through an "eligible employer-sponsored plan", such as a Health Reimbursement Arrangement.

Employer Mandate for Applicable Large Employers

According to Zane Benefits’ website, beginning in 2014, all "applicable large employers" must offer "minimum essential coverage" that is "affordable" to their employees. Applicable large employers who fail to offer minimum essential coverage that is affordable will be required to pay a "penalty" on their tax return.

Applicable Large Employers – If a company employed an average of 50 or more full-time equivalent employees during the previous calendar year, it is considered an applicable large employer for the current year.

Minimum Essential Health Benefits (EHB) – Minimum EHB is a set of health care service categories that must be covered by certain plans starting in 2014. These will vary by state, and will be finalized by each state’s Department of Insurance.

Employer Tax Penalty - If an applicable employer decides not to offer the minimum EHB by 2014, the employer may have to pay a penalty. Read how to calculate the business tax penalty here.

Small Businesses with under 50 FTEs? If the company has less than 50 FTE employees, the mandate and tax penalties do not apply.

Exchanges ("Marketplaces")

According to Zane Benefits’ website, health insurance coverage for individuals and small businesses will become available through new state Health Insurance Exchanges (aka "Marketplaces") starting in January 2014. Each state Health Insurance Exchange will be operated in one of three ways: state-operated, state-federal partnership or federally-facilitated.

ACA requires all states to create two types of Exchanges:

  • American Health Benefit Exchange "AHBE": An individual Exchange
  • Small Business Health Options Program ("SHOP"): A group Exchange for employers with 100 or less employees (eligibility will vary by state)

Under the statute, only Qualified Health Plans (QHP) can be offered on the Exchanges. A QHP provides essential health benefits, follows established limits on cost-sharing (like deductibles, co-payments, and out-of-pocket maximum amounts), and meets other ACA requirements. Additionally, all plans will be guaranteed issue.

Most importantly, the key tax credits (e.g. the small business healthcare tax credits) and tax subsidies (e.g. individual health insurance tax subsidies) will only be available for coverage purchased via a state health insurance Exchange.

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/prweb10696630.htm.


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

Related medicine news :

1. Zane Benefits Publishes New Information on the Michigan Health Insurance Exchange
2. Impact with Martin Sheen Exploring the Benefits of Electronic Medical Records in New Report
3. Mediterranean Diet Benefits Heart, Even Without Weight Loss: Study
4. Royal Flush Havanese Reviews The Benefits Of Dog Ownership
5. Foul-smelling gas shows health benefits in reducing joint swelling
6. Quorn, Leader in Easy Vegetarian Meals, Explores the Financial Benefits of a Plant-Based, Mediterranean Diet
7. Zane Benefits Publishes New Information on Stand-Alone HRAs for Small Businesses
8. Zane Benefits Publishes New Information on Stand-Alone HRA Plans
9. Zane Benefits Publishes New Information on Small Business Health Insurance
10. Is your migraine preventive treatment balanced between drugs benefits and harms?
11. Few breast cancer survivors maintain adequate physical activity despite benefits
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/13/2017)... ... January 13, 2017 , ... The 18th European Congress: Perspectives in Lung ... 3-4, 2017. This Congress is expertly designed to meet the educational needs of ... lung cancer. , Chaired by Dr. Giorgio V. Scagliotti, Professor of Oncology at the ...
(Date:1/13/2017)... Princeton, NJ (PRWEB) , ... January 13, 2017 , ... ... of sale companions, will be showcasing the next generation companion scanner and data collector ... City. The new KDC270 has been created as an answer to the market’s need ...
(Date:1/13/2017)... PITTSBURGH, PA (PRWEB) , ... January 13, 2017 , ... An inventor from Pahrump, Nev., ... many others. "My urologist had me wear a Foley catheter and urine bag for a ... difficult and uncomfortable, so I decided that there should be a better way to do ...
(Date:1/13/2017)... ... January 13, 2017 , ... People who have sensitive ... of pain whenever they brush their teeth. Sadly, most dental hygiene products in the ... gums and teeth. For these people, continuing their daily oral care routine to keep ...
(Date:1/13/2017)... ... January 13, 2017 , ... Friday, January 13 at 5 pm, America’s Incredible ... the size of the location to 90,000 square feet. , Included in the expansion ... takes customers on an educational tour of the historic route, with each hole in ...
Breaking Medicine News(10 mins):
(Date:1/16/2017)... Tenn. , Jan. 16, 2017  Cumberland Pharmaceuticals ... of Kenneth J. Krogulski , CFA to its ... Executive Officer of Berkshire Asset Management LLC . ... a 30-year-old independent SEC registered investment advisory firm with ... has over 37 years, experience in security analysis and ...
(Date:1/15/2017)... Le conseil d,administration de SurgaColl Technologies Ltd., le ... régénération de tissus humains, annonce la nomination de William ... immédiat. ... Bill est un dirigeant expérimenté à l,international dans l,industrie des ... et de direction au sein de sociétés internationales spécialisées dans ...
(Date:1/13/2017)... 13, 2017 /PRNewswire/ - InMed Pharmaceuticals, Inc. ("InMed") (CSE: IN; OTCQB: ... Corporate Finance and Investment Banking at Eli Lilly & Company, ... Mr. Bott brings over 28 years of senior financial and ... ... has established a significant leadership position in financial and ...
Breaking Medicine Technology: