Park City, Utah (PRWEB) February 01, 2014
Today, Zane Benefits, the #1 Online Health Benefits Solution, published new information on why businesses should never pay personal health insurance premiums.
According to Zane Benefits’ website, businesses should never pay for employees' personal health insurance premiums directly, however there are IRS-approved vehicles businesses can use to reimburse personal health insurance premiums in 2014 and beyond.
In summary, federal regulations prohibit businesses from paying directly for employees' personal health insurance premiums, outside of a Section 105 Healthcare Reimbursement Plan (HRP) or other ACA/IRS/HIPAA/ERISA-qualified vehicle (e.g. Section 125).
According to Zane Benefits’ website, some businesses might want to pay directly for an employees' individual health insurance plans without utilizing an ERISA and HIPAA-compliant Section 105 Plan, but doing so may put the business out of compliance with federal regulations and may increase the business's (and employees') tax liability.
About Zane Benefits
Zane Benefits, the #1 Online Health Benefits Solution, was founded in 2006 to revolutionize the way employers provide employee health benefits in America. We empower employees to take control over their own healthcare, while helping employers recruit and retain the best talent. Our online solutions allow small and medium-sized businesses to successfully transition to a health benefits program that creates happier employees, reduces costs and frees up more time to serve their customers. For more information about ZaneHealth, visit http://www.zanebenefits.com.