Park City, UT (PRWEB) June 10, 2013
Today, Zane Benefits, Inc. published new information on premium reimbursement. 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, Health Reimbursement Arrangements (HRAs) are federally regulated, employer-sponsored health benefit plans that allow participants to receive reimbursement for eligible out-of-pocket healthcare expenses (including certain health insurance premiums). Reimbursements for eligible medical expenses made via an HRA are 100% employer funded, and are generally excluded from federal, state and Social Security taxes.
What health insurance premiums can an HRA reimburse?
According to Zane Benefits’ website, HRAs can reimburse the following types of insurance premiums provided they were not already paid with pre-tax dollars:
- Major medical individual health insurance premiums
- Limited benefit individual health insurance premiums
- Dental care and Vision care premiums
- Qualified Ancillary premiums (e.g. accident policies)
- Medicare Part A or B, Medicare HMO, and employer-sponsored health insurance premiums
- Medicare Advantage and Supplement premiums
- COBRA Premiums
What other medical expenses can an HRA reimburse?
According to Zane Benefits’ website, an eligible expense is any healthcare expense incurred by a participant, their spouse, or dependent, that is approved by the IRS and eligible for reimbursement under your specific company plan.
Expenses reimbursed through the plan cannot be itemized and resubmitted through an income tax return or any other benefit plan per IRS regulations.
It's important to note that each businesses' HRA is different. Employers can choose to customize their HRA with different monthly allowances, varying allowances by class of employee, and specific reimbursable and non-reimbursable expenses.
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.