Navigation Links
Zane Benefits Publishes New Information on Small Businesses Health Insurance Requirements in 2014
Date:6/12/2013

Park City, Utah (PRWEB) June 12, 2013

Today, Zane Benefits, Inc. published new information on Small Businesses Health Insurance Requirements in 2014. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement arrangement plans.

According to Zane Benefits’ website, many small businesses are asking "starting in 2014, do I have to provide health insurance to employees?" According to the Affordable Care Act (ACA), no business has to offer health insurance. However, the ACA includes a mandate for certain large employers (with over 50 full time equivalent employees) to either offer qualified and affordable health benefits, or pay a tax penalty. This is commonly referred to as the employer mandate, “play or pay” requirement, or employer shared responsibility.

It is important for small businesses to understand whether they are defined as an applicable large employer by the IRS, as the mandate and employer tax penalties only apply to the small business if considered an applicable large employer.

No Mandate or Penalties for Employers with Less Than 50 Employees

According to Zane Benefits’ website, if a business has less than 50 employees, the mandate and tax penalty does not apply to the small business.

How the IRS Defines “Applicable Large Employer”

According to Zane Benefits’ website, for the majority of businesses calculating whether the business is an applicable large employer is a simple calculation. However, for businesses on the border with many part-time or seasonal employees, the calculation will be more in-depth. In general, if the business employed an average of 50 or more full-time equivalent (FTE) employees during the previous calendar year, the business is considered an applicable large employer for the current year.

First, a business is defined as an applicable large employer on a calendar-year basis. For example, a business could be an applicable large employer in 2015, but not in 2014. Did the business employ 50 or more full-time employees on average during the preceding calendar year? If yes, then the business is an applicable large employer for the current calendar year.

Second, the business is NOT an applicable large employer if the business employed less than 50 full-time employees on average during the previous calendar year, or the business employed more than 50 full-time employees no more than 120 days during the previous calendar year due to a seasonal workforce.

Calculating Full-Time and Part-Time FTEs

According to Zane Benefits’ website, for the purposes of determining whether a business is an applicable large employer, a business must include all full-time employees plus the full-time equivalent of part-time employees. A full-time employee is defined as working on average at least 30 hours of service per week in a given month.

Next, a business factors in part-time employees. To calculate the full-time equivalent of part-time employees, add the number of hours worked by part-time employees in a given month and divide the total by 120.

Finally, the sum of the full-time employees and the full-time equivalent of the part-time employees is the number used to determine whether the business is an applicable large employer. If the sum is 50 or over, the business is an applicable large employer.

Click here to read full article, and access FTE worksheets.

--

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/prweb10827415.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:5/26/2016)... ... May 26, 2016 , ... On Memorial Day, Hope For Heroes ... lives in military battle for the country. The nonprofit Hope For Heroes partnered ... programs that empower independence for disabled military veterans, as well as police, firemen, and ...
(Date:5/26/2016)... ... May 26, 2016 , ... Cardiac arrhythmia is a common ... long-term patient survival, reports a team of UPMC researchers in the largest study ... Journal of Thoracic and Cardiovascular Surgery, provide critical information that will hopefully lead ...
(Date:5/26/2016)... ... 2016 , ... MadgeTech will be showcasing its line of data logging ... at the MadgeTech headquarters. With products sold in more than 100 countries around the ... NASA. , In 2012, NASA strategically set up 17 RHTemp101A MadgeTech data ...
(Date:5/26/2016)... NY (PRWEB) , ... May 26, 2016 , ... ... Hereditary Retinal Degeneration” for the Foundation Fighting Blindness, Long Island Chapter on June ... to the public. , Dr. Maisel, founder of Retina Group of New ...
(Date:5/26/2016)... ... May 26, 2016 , ... In an effort to provide hair restoration information to the ... users and those who do not use the app. Dr. Mohebi, the founder of Parsa ... Dr. Mohebi Live . , Dr. Mohebi says, “The positive response to the Snapchat ...
Breaking Medicine News(10 mins):
(Date:5/25/2016)... May 25,2016 FDA 510(k) ... Cellvizio platform for urological and surgical applications ... inventor of Cellvizio®, the multidisciplinary confocal laser endomicroscopy ... in the US with the 12 th ... Administration (FDA). This new FDA clearance covers Confocal ...
(Date:5/25/2016)...  Zymo Research Corp. announced today the final ... that help researchers obtain the most accurate and ... rapid growth of the study of microbiomes has ... methods to improve the reproducibility and quality of ... every step of the measurement process including collection ...
(Date:5/25/2016)... 2016  Granger Diagnostics today announced immediate availability of ... infections. This test ensures discovery of ALL bacteria, ... test requires only a simple swab of the wound ... G. Bostwick , MD, Chief Medical Officer, described ... "We are excited to make available, for the ...
Breaking Medicine Technology: