Park City, Utah (PRWEB) May 29, 2013
Today, Zane Benefits, Inc. published new information on Health Care Reimbursement Accounts. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and HRAs.
According to Zane Benefits’ website, a health reimbursement account is another term used for a Section 105 Health Reimbursement Arrangement (aka Health Reimbursement Account or HRA). With a health care reimbursement account, any employer can reimburse employees tax-free for eligible health care expenses including health insurance premiums. Think of it as a business expense account for health care.
Introduction to Health Care Reimbursement Accounts
According to Zane Benefits’ website, a health care reimbursement account is an IRS approved, employer-funded, tax advantaged employer health benefit plan that reimburses employees for out of pocket medical expenses and individual health insurance premiums. A health care reimbursement account is not considered health insurance. A health care reimbursement account allows the employer to make contributions to an employee's account and provide reimbursement for eligible expenses. A health care reimbursement account is an excellent way to supplement health insurance benefits and allow employees to pay for a wide range of medical expenses not covered by insurance.
Health Care Reimbursement Accounts are Notional
According to Zane Benefits’ website, a health care reimbursement account is simply an agreement between the employer and employees. In other words, they are notional arrangements where no funds are expensed until reimbursements are paid. Through a health care reimbursement account, employers reimburse employees directly only after the employees incur approved medical expenses.
Health Care Reimbursement Accounts Have No Annual Limits
According to Zane Benefits’ website, unlike a Health Savings Account (HSA) or a Flexible Spending Accounts (FSA), there is no limit to the amount of money an employer can contribute to an employee’s health care reimbursement account.
Health Care Reimbursement Account Eligible Expenses
According to Zane Benefits’ website, a health care reimbursement account may reimburse any expense considered to be a qualified medical expense under IRS Section 213 of the Code, including premiums for personal health insurance policies. Within IRS guidelines, employers may restrict the list of reimbursable expenses in any way they choose.
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.