Park City, Utah (PRWEB) January 25, 2013
Today, Zane Benefits, Inc. published new information to prepare businesses for Health Reform in 2014. Zane Benefits, which provides comprehensive and flexible alternatives to traditional employer sponsored health benefits, is the leader in defined contribution and health reimbursement accounts.
According to Zane Benefits’ website, businesses must be familiar with key aspects of the Affordable Care Act (ACA). Technically, no business is required to provide health insurance under healthcare reform. However, effective January 1, 2014, employers with 50 or more full-time-equivalent employees may be subject to penalties if the employer:
1. Does not pass the affordability test,
2. Does not pass the minimum value test, or
3. Does not offer health insurance.
According to Zane Benefits’ website:
1) Affordability will be based on the Federal Poverty Limit (FPL) and a percentage of wages. For employee-only coverage, the employee’s contribution may not exceed 9.5% of W-2 income. As long as a "minimum value" employer-sponsored plan does not require an individual to pay more, you will not be penalized. Minimum value is generally defined as “covering 60% of total allowed costs”. Starting in 2014, health plans will disclose whether they meet this minimum value requirement.
2) Minimum value is generally defined as “covering 60% of total allowed costs”. Starting in 2014, health plans will disclose whether they meet this minimum value requirement.
3) Healthcare reform requires businesses to report the “aggregate cost of employer-provided group health plan coverage”. Companies that issue fewer than 250 W-2s annually do not have to provide this information. This is for reporting purposes only. The amounts will not be taxed.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangement (HRAs) and defined contribution healthcare. 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.