Navigation Links
Zane Benefits Publishes New Information on Small Business Health Benefits
Date:6/2/2013

Park City, Utah (PRWEB) June 02, 2013

Today, Zane Benefits, Inc. published new information on small business health benefits. 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, a big milestone for any small businesses is offering small business health insurance for the first time. Zane Benefits offers five quick tips for small businesses starting to offering health benefits for the first time.

#1: Understand the advantages (and value) of offering employee health benefits

According to Zane Benefits’ website, many small business owners are familiar with the reasoning: Offer the right health benefits, and jump-start the business's growth. When small businesses give employees health benefits they value, they'll be more satisfied, miss fewer workdays, be less likely to quit, and have higher commitment to helping the business grow. There are three key advantages of offering health benefits to employees.

  • Recruitment & Retention of Key Employees: Employee health benefits are a valuable tool in recruiting key employees and retaining top talent. While the importance of this for the small business may depend on industry competition in the area and the age and demographics of the workforce, it will be an important factor in the overall compensation package.
  • Tax advantages: By offering a traditional group health plan or an alternative solution such as a defined contribution health plan, small businesses can offer employees a tax-advantaged health benefit. These tax advantages increases the small business’s overall compensation package and allows an income tax deduction for the contribution. In other words, the business expense is less than the value of the health care benefit to the employee.
  • Employee wellness: Insurance coverage keeps employees healthy and working. Preventative care and more affordable access to health care prevents employees from taking extended periods of sick leave, allowing the small business to be more productive and profitable.

#2: Analyze the risks (and costs) of offering employee health benefits

According to Zane Benefits’ website, all small businesses must assess costs and risk of any new expenditure. Likewise, it is important to understand the risks and costs of offering employee health benefits.

  • Cost: The cost will vary depending on the type of employee health benefits the small business chooses. For example, health insurance premiums rise every year. The uncertainty of rate renewals with a group health insurance plan makes financial planning difficult. Small businesses can have more control over costs with a defined contribution health plan.
  • Administrative Commitment: Budget for the administrative time of offering employee health benefits. With a traditional group health insurance plan, the small business will spend time choosing the coverage and then spend regular time filling out forms, remitting premiums, and acting as intermediary between employee and insurer. With a defined contribution health plan, administrative time is reduced. For example, the small business will spend time at the front-end of setting up the defined contribution health plan and then spend 5-10 minutes each month adding reimbursements to payroll.

#3: Research employee health benefits options

According to Zane Benefits’ website, there are new options for small business health benefits. The two main types are a traditional group health insurance plan and a defined contribution health plan.

Group Health Insurance Plan: Also called "employer-sponsored" health insurance, a group health insurance plan covers all employees and their family members. These plans are generally uniform in nature, offering the same benefits to all employees or members of the group. Unlike individual health insurance, group health insurance is purchased by an individual (or family member) indirectly through the individual's (or family member's) employer. Group health insurance is dependent on an individual's (or family member's) employment.

Defined Contribution Health Plan: Rather than paying the costs to provide a specific group health insurance plan (a "defined benefit"), employers can fix their costs on a monthly basis by establishing a defined contribution health plan. Defined contribution health plans are an affordable alternative to employer-sponsored group health insurance plans. Defined contribution health plans by themselves are not health insurance plans, rather the small business offer employees a tax-free allowance to spend on their own personal policies and other medical expenses. A defined contribution health plan is like a business expense account for health care.

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/2013/6/prweb10791459.htm.


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

Related medicine news :

1. Zane Benefits Publishes New Guide on Health Care Reform Compliance
2. Experience the Benefits of DENTCA's 3D CAD/CAM Denture Solution in Action
3. Zane Benefits Publishes New Information on the Iowa Health Insurance Exchange
4. May is Mediterranean Diet Month: Celebrate with Flax Seasoning as They Show the Benefits of the Mediterranean Diet and How It Can Drastically Improve Health
5. Experience the New Benefits of Gold Patriot Membership at NAOCS
6. Zane Benefits Publishes New Information on Health Care Reimbursement Accounts
7. Zane Benefits Publishes New HRA Case Studies
8. Sun Damage - The Long-Term Benefits of Sunscreen
9. Zane Benefits Publishes New Information on the South Carolina Health Insurance Exchange
10. Zane Benefits Publishes New Information on the Health Insurance Marketplaces
11. Zane Benefits Publishes New Information on the Indiana Health Insurance Exchange
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... June 27, 2016 , ... A ... revolutionize the emergency ambulance transport experience for the millions of people who require ... has disrupted the taxi industry through the use of technology. Now, SmartEMS has ...
(Date:6/26/2016)... ... 2016 , ... Pixel Film Studios Released ProSlice Levels, a Media Slicing Effect ... videos a whole new perspective by using the title layers in ProSlice Levels ... , ProSlice Levels contains over 30 Different presets to choose from. FCPX ...
(Date:6/25/2016)... ... June 25, 2016 , ... Experts from ... at AcademyHealth’s Annual Research Meeting June 26-28, 2016, at the Hynes Convention Center ... care topics including advance care planning, healthcare costs and patient and family engagement. ...
(Date:6/25/2016)... ... ... First Choice Emergency Room , the largest network of independent freestanding ... of its new Mesquite-Samuell Farm facility. , “We are pleased to announce Dr. ... James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. , Dr. ...
(Date:6/25/2016)... Montreal, Canada (PRWEB) , ... June 25, 2016 , ... ... the pursuit of success. In terms of the latter, setting the bar too high ... low, risk more than just slow progress toward their goal. , Research from ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... June 26, 2016 Story ... operating models within the health care industry is causing ... efficiency , Deloitte offers a suite of solutions ... issues impacting efficient cost optimization: labor resource analysis, revenue ... services facilitate better outcomes and better economics ...
(Date:6/24/2016)... 24, 2016 ... the addition of the " Global Markets for ... This report focuses on ... updated review, including its applications in various applications. The ... which includes three main industries: pharmaceutical and biotechnology, food ...
(Date:6/24/2016)... Research and Markets has announced the addition of the ... to their offering. ... World Market for Companion Diagnostics covers the world market for ... report includes the following: , World IVD ... (N. America, EU, ROW), 2015-2020 , World IVD Companion ...
Breaking Medicine Technology: