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:6/26/2016)... Battle Creek, Michigan (PRWEB) , ... June 26, 2016 , ... ... abuse, joined as sponsor of the 2016 Cereal Festival and World’s Longest Breakfast Table ... held in honor of the city’s history as home to some of the world’s ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts from the American Institutes ... Research Meeting June 26-28, 2016, at the Hynes Convention Center in Boston. , ... advance care planning, healthcare costs and patient and family engagement. , AIR researchers ...
(Date:6/25/2016)... ... June 25, 2016 , ... As a lifelong Southern Californian, Dr. ... his M.D from the David Geffen School of Medicine at UCLA. He trained in ... to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he ...
(Date:6/24/2016)... ... , ... Those who have experienced traumatic events may suffer from a complex ... as drug or alcohol abuse, as a coping mechanism. To avoid this pain and ... a traumatic event. , Trauma sufferers tend to feel a range of emotions, from ...
(Date:6/24/2016)... San Francisco, CA (PRWEB) , ... June 24, ... ... at CitiDent, is now offering micro-osteoperforation for accelerated orthodontic treatment. Dr. Cheng has ... , self-ligating Damon brackets , AcceleDent, and accelerated osteogenic orthodontics. , ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... June 24, 2016   Bay Area Lyme ... Dean Center for Tick Borne Illness , ... Rehabilitation, MIT Hacking Medicine, University of California, Berkeley, ... announced the five finalists of Lyme Innovation ... More than 100 scientists, clinicians, researchers, entrepreneurs, and ...
(Date:6/24/2016)... , June 24, 2016  American Respiratory Labs (ARL), a ... now able to perform sophisticated lung assessments in patients, homes, thanks ... Inc. Patients are no longer limited to having ... PRO ® , ARL patients like Jeanne R. of ... the comfort of her own home. ...
(Date:6/24/2016)... , June 24, 2016  Arkis BioSciences, a ... invasive and more durable cerebrospinal fluid treatments, today ... The Series-A funding is led by Innova Memphis, ... and other private investors.  Arkis, new financing will ... and the market release of its in-licensed Endexo® ...
Breaking Medicine Technology: