Navigation Links
Zane Benefits Publishes New Information on the Employer Mandate
Date:5/23/2013

Park City, Utah (PRWEB) May 23, 2013

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

With health care reform, a common question from employees is “does my employer have to provide health insurance?” According to Zane Benefits’ website, not necessarily. The health care reform law, called the Affordable Care Act (ACA), requires certain employers to purchase health insurance or else pay a tax penalty.

Employer Mandate to Offer Coverage

According to Zane Benefits’ website, starting January 1, 2014 employers with 50 or more full time equivalent (FTE) employees are required to provide health coverage to full-time employees or else pay a tax penalty. This is commonly referred to as the employer mandate.

Employers with less than 50 FTE employees are not subject to these tax penalties for not offering health insurance coverage, although if the employer does provide health insurance they might be eligible for tax credits.

According to Zane Benefits’ website even with the tax penalty, many employers with more than 50 FTE employees will calculate the cost of not providing health insurance and find it is more cost-effective to offer an alternative health insurance solution such as a defined contribution plan. For example, they may choose to send employees to their state health insurance exchanges. Employers would then provide a Health Reimbursement Arrangement (HRA) to reimburse employees for a portion of their policy.

Individual Mandate for Insurance Coverage

According to Zane Benefits’ website, starting in January 2014, health care reform requires most individuals to either be covered under health insurance, or pay a tax penalty.

Coverage can include employer-provided insurance, individual health insurance, Medicare or Medicaid. The tax penalty phases in over three years and becomes increasingly severe. In 2014, the penalty will be 1 percent of annual income or $95, whichever is greater. By 2016, the penalty will be 2.5 percent of income or $695, whichever is greater. This means that if an individual does not have coverage in 2014, he or she will be required to pay a tax penalty when filing taxes at the end of the year.

The total penalty for the taxable year cannot exceed the national average of the annual premiums of a bronze-level health insurance plan offered through the health insurance marketplaces. Health insurance plans will provide proof of coverage for their customers. Several groups are exempt from the requirement to obtain coverage or pay the penalty, including:

  • People who would have to pay more than 8 percent of their income for health insurance
  • People with incomes below the threshold required for filing taxes (in 2012, $9,750 for a single person and $27,100 for a married couple with two children)
  • People who qualify for religious exemptions
  • Undocumented immigrants
  • People who are incarcerated
  • Members of Native American tribes

If an individual does not have insurance and does not fit into one of these categories, then they will likely pay the tax penalty.

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/prweb10766785.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:9/22/2017)... ... , ... "Success Files," a short- and long-form documentary style ... disease estimated to affect the lives of more than 5 million Americans living ... leading voice in the fight for cure and research into the disease, its ...
(Date:9/22/2017)... ... 2017 , ... Egg freezing and embryo freezing are both ... slight statistical advantage for live births, frozen eggs offer many advantages, depending on ... medical treatment or who are concerned about the decline of their fertility as ...
(Date:9/21/2017)... ... 2017 , ... SABRE is raising awareness about personal safety with a Chicago ... November. , The Chicago, Illinois, based self-defense brand has been waiting for an opportunity ... of taking their personal safety into their own hands. , The ads focus on ...
(Date:9/21/2017)... (PRWEB) , ... September 21, 2017 , ... Bill Howe ... to its customers, and give back to the community. For over 37 years, they ... most successful companies serving plumbing in San Diego. They were chosen as ...
(Date:9/21/2017)... ... September 21, 2017 , ... Japanese Zen artist couple, ... Revolution” on 6th, 7th and 8th October at Miranda Kuo Gallery on Lower East ... pieces, such as Zen Kodo mat. Wanderlust , one of the largest US ...
Breaking Medicine News(10 mins):
(Date:9/6/2017)... -- Eli Lilly and Company (NYSE: LLY ... galcanezumab and lasmiditan, two investigational treatments for migraine, at ... taking place Sept. 7-10 in Vancouver ... data from an open-label study evaluating the safety and ... 240 mg) for the prevention of migraine. Galcanezumab is ...
(Date:9/5/2017)... JERUSALEM , Sept. 5, 2017 Oramed Pharmaceuticals ... www.oramed.com ), a clinical-stage pharmaceutical company focused on the ... it has successfully concluded its meeting with the U.S. ... novel oral insulin formulation. ... that the regulatory pathway for submission of ORMD-0801, would ...
(Date:8/29/2017)... 29, 2017 ivWatch, LLC, the leading provider of continuous ... it has been awarded an Innovative Technology contract from Vizient, Inc., ... ... aid in the early detection of peripheral IV infiltration and extravasation ... The Innovative Technology contract was awarded ...
Breaking Medicine Technology: