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:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... for human induced pluripotent stem (iPS) cells and other difficult to transfect cells, ... Cloning Medium. The PluriQ™ G9™ Gene Editing System is a complete ...
(Date:6/24/2016)... ... June 24, 2016 , ... To ... infrastructure. Most providers, however, are unsure how to move forward, given the need ... define a path forward tailored to an organization’s specific needs. , PYA Principal ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... SpiritQuest Sedona ... heart of West Sedona, surrounded by famous vortex sites: Cathedral Rock, Airport Mesa, and ... partner properties – the Lodge at Sedona as well as the Sedona Rouge, both ...
(Date:6/23/2016)... (PRWEB) , ... June 23, 2016 , ... An ... may expose a possible link between head and neck cancer in individuals with unhealthy ... the study were evaluated based on whether they had gum disease, brushed their teeth ...
(Date:6/23/2016)... ... 23, 2016 , ... SyncDog, Inc. , the leading ... is featured in the current issue of Silicon Review magazine. Silicon ... technology solutions and features them in their magazine. The magazine allows top-level executives ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... FRANKLIN, Tenn. , June 23, 2016 ... for automating, integrating and transforming the patient ... launch of several innovative new products and ... depth of its revenue cycle offerings. These ... establish more efficient workflows, remain compliant in ...
(Date:6/23/2016)... , June 23, 2016 Leading ... that address medical conditions resulting from a breakdown ... has appointed Greg Doyle as chief ... Leading BioSciences, executive management team and board of ... chief financial officer. He will provide continued leadership ...
(Date:6/23/2016)... -- On Wednesday, June 22, 2016, the NASDAQ ... Dow Jones Industrial Average edged 0.27% lower to finish at ... Stock-Callers.com has initiated coverage on the following equities: Alkermes PLC ... AMAG ), IDEXX Laboratories Inc. (NASDAQ: IDXX ... Learn more about these stocks by accessing their free trade ...
Breaking Medicine Technology: