Park City, Utah (PRWEB) November 18, 2013
Today, Zane Benefits, the number one online small business health benefits solution, published new information on small business health care changes.
According to Zane Benefits’ website, small businesses face large health care challenges. Some of these challenges are not new -- the cost of health insurance has been increasing more and more each year, making traditional group health insurance cost-prohibitive for many small businesses.
For most small businesses, the solution to the Affordable Care Act's new challenges and new opportunities is simple: Offer employees health insurance allowances and free your small business from the cost and complication of group health insurance. This strategy is often called "pure" defined contribution health care, and it works because it offers small businesses predictable costs while giving employees access to quality health insurance.
In order to administer health insurance allowances correctly, the employer must ensure that employee reimbursement requests are substantiated in compliance with HIPAA. Because of these HIPAA privacy rules, virtually all businesses use a third-party to handle the premium expense substantiation process.
To offer this type of plan, the business should select a defined contribution software provider and follow the below steps:
- Setup the Plan
- Add Eligible Employees .
- Let Employees Purchase Their Own Individual Health Insurance Plan
- Substantiate the Expense in Compliance with HIPAA
- Reimburse Employees
Group health insurance is broken for small businesses and employees. Employees no longer need employers to purchase high-cost health insurance, and employees earning less than 400% of the FPL per year who purchase a personal policy in a state health insurance exchange will receive a large federal subsidy on their premium if their employer doesn’t offer a group health insurance plan.
Being able to completely control all costs and liability is revolutionary for many small businesses. Health insurance allowances free small business owners from many of the challenges of the Affordable Care Act and from the cost and complication of traditional group health insurance.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHealth") for 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 Zane Benefits, visit http://www.zanebenefits.com.