Navigation Links
Zane Benefits Publishes New Information on Section 105 for Small Business Owners
Date:8/3/2013

Park City, Utah (PRWEB) August 03, 2013

Today, Zane Benefits, the online alternative to group health insurance, published new information on section 105 medical reimbursement plans.

According to Zane Benefits’ website, small businesses often use Section 105 Medical Reimbursement Plans as a solution for small business health insurance. Section 105 of the IRS code allows an employer to reimburse employees for their out-of-pocket medical costs and health insurance. They are commonly known as Health Reimbursement Arrangements (HRAs), and are the foundation of a defined contribution health plan.

Here are the top three questions from small business owners about setting up a Section 105 Medical Reimbursement Plans:

FAQ #1: Can I administer the Section 105 Plan myself?

A small business can self-administer its own Section 105 Plan, but failure to comply with the minimum federal administration requirements is common without utilizing proper Section 105 (HRA) Software. The plan needs to comply with ERISA, HIPAA, COBRA, and ACA regulations. As a result the administrative cost likely outweighs the benefits. Fines for not complying with these regulations are costly and for these, reasons most small businesses do not self-administer their Section 105 Plan.

FAQ #2: Can I pay for employees’ individual health insurance premiums without a Section 105 Plan?

Paying directly for an employee's individual health insurance plan without utilizing an ERISA and HIPAA-compliant platform may put the business out of compliance with federal regulations, and may increase the business’s (and employees’) tax liability.

FAQ #3: Can a small business owner participate in a Section 105 Plan?

Yes, a small business owner can and should participate in the business’s Section 105 Plan. However, whether or not owners are eligible to receive reimbursements 100% tax free depends on how the company files taxes, and the owner's status.

C-Corp owners may participate in a Section 105 Plan and receive all reimbursements 100% tax-free.

Sole Proprietors, Partners, or S-Corp shareholders that own >2% of the company's shares can use the Section 105 software platform to reimburse and track medical expenses. However, all reimbursements must be reported on the owners'/partners' wages (on their W-2 and 1040 forms) and are subject to federal income taxes.

Click here to read the 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 small businesses 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/2013/8/prweb10981264.htm.


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

Related medicine news :

1. Talking to Yourself Could Have Mental Benefits
2. Research examines when benefits of screening mammography outweigh the harms for women in their 40s
3. Everyday fish oil capsule may provide kidney-related benefits
4. Back Pain Therapy Often Yields Early Benefits: Study
5. Benefits of Widespread Statin Use Outweigh Risks: Study
6. Accelerated chemotherapy given before surgery benefits patients with muscle-invasive bladder cancer
7. Experts call for clinical trials to test non-skeletal benefits of vitamin D
8. Flu shot during pregnancy shows unexpected benefits in large study
9. Zane Benefits Announces Wellness HRAs: A New Way to Reward Healthy Employees
10. Tai Chi increases brain size, benefits cognition in randomized controlled trial of Chinese elderly
11. MTSS-mba Membership Benefits Administration Software for Private and Taft-Hartley Employee Benefit Funds Releases New Pension Modules
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/24/2017)... New York, New York (PRWEB) , ... May 24, 2017 , ... ... and general vascular surgery in New York City. He is known for ... his broad specialization in vascular surgery, Dr. Benvenisty holds sub-specialty training in treating renovascular ...
(Date:5/24/2017)... ... 2017 , ... Dr. Manju R. Kejriwal, a leading Ohio dentist, is now ... a referral. Dr. Kejriwal understands the emotional and financial toll traditional orthodontics can take ... Patients no longer need to feel the esthetic effects of wires and brackets when ...
(Date:5/24/2017)... ... May 24, 2017 , ... ... II of the HP3 (High-Performance Periodontal Practice) continuing education (CE) series. As a ... advancements in his field by attending numerous CE courses each year. His recent ...
(Date:5/24/2017)... ... 24, 2017 , ... If you are thinking of a visit to San Francisco , ... is the perfect time to visit. , Business Architecture Associates is pleased to offer 5 ... individuals, as a 4-½ day package for individuals, and as 4-½ day corporate package for ...
(Date:5/24/2017)... Falls, Wisconsin (PRWEB) , ... May 24, 2017 ... ... leader in clean label food ingredient solutions for the food and beverage industry ... factor in food ingredient statements during the purchasing decision process. As a result, ...
Breaking Medicine News(10 mins):
(Date:5/9/2017)... JERUSALEM , May 9, 2017  Oramed ... www.oramed.com ), a clinical-stage pharmaceutical company focused on ... today that the Canadian Intellectual Property Office has ... for Oral Administration of Exenatide". The patent covers ... analog. GLP-1 is an incretin hormone ...
(Date:5/6/2017)... 5, 2017   Provista , a proven leader in ... customers, today announced Jim Cunniff as the company,s ... and business experience to Provista, including most recently serving as ... California . He assumed his new role with ... great fit for Provista," says Jody Hatcher , president, ...
(Date:5/4/2017)... 2017  A recent study published in the ... light as a means of disinfection anesthesia workstations ... bioburden on anesthesia workstations. In the study, UVC ... medical equipment surfaces contaminated with three (3) organisms ... study further validates the body of literature supporting ...
Breaking Medicine Technology: