Every day we talk ask brokers with employers and health insurance when it one right way employee to report for individual health insurance. This article includes ten best practices for premium refund.
10 Best Practices for premium refunds
1) Use a formal repayment plan
The first best practice is to set up a formal repayment plan. Employers basically have two options: a controllable health allowance or a tax-free reimbursement healthcare plan. (Note :. This article focuses on the tax-free reimbursement Healthcare Plan, as most employers choose this option)
Why? A formal plan will help recruit the company and retain employees and comply with different rules. For example, the employer IRS, ERISA, HIPAA, ACA and other applicable rules have to follow if the employee reimbursed tax-free for individual health insurance. can mean Failure expensive fees
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2) using healthcare reimbursement Software
The second best practice is a healthcare to use -Erstattung software.
Why? employers are using a software platform available conformal plan and manage online the plan within five minutes per month. The employees use the software platform easily see its benefits and submit refund requests online.
Read more about Healthcare reimbursement software.
3) Choose a Health Insurance Professional
Select employees to help the work with a licensed insurance broker or agent and personal health buy insurance policies. Choose an insurance professional familiar with individual health insurance policies reimbursement plans and health care reform.
Why? to buy health insurance, is a new experience for many employees. A broker or agent will help to understand employee options, compare plans and buy a policy that best fits their needs and budget.
4) Do not let that why the selection or purchase of worker Individual Health Insurance
? The federal government has guidelines for employers who want to contribute to an employee's individual health insurance premiums. To avoid approving the individual health insurance plans:
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The employer must not be involved in workers' decision to buy individual health insurance, or its decision on the insurer or plan to use.
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The employer can not directly pay premiums for individual health insurance.
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employer must not be involved in a claim dispute between an employee and an insurance carrier; All requests must be sent to the insurer.
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The employer must not pressure employees to use their allowance for individual insurance coverage to pay.
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In addition to reimburse to major medical health insurance premiums, the employer should also consider the use of the premium facilitate reimbursement plan for non-major medical health insurance premiums (eg, tooth) and basic health care services as required by law.
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Employers must limit its role to check for just that a qualified medical expenses (as an individual health insurance premium) has arisen, and then this amount of the refund premium refund plan.
re-used a third-party Health reimbursement software vendors (which includes all claims for reimbursement reviews) creates a safegaurd for employers. And offers a health professional using employees additional support.
5) Do not carry employees
Assuming the transaction is a tax-free health reimbursement plan, no employee contribution to the plan.
Why leave? Healthcare reimbursement plans are funded by definition 100% by the employer. Employees allow invalidated benefits contribute the tax.
6) Set Affordable Allowance amounts
How much contributes the business, is 100% to them. adjusted as such money is at a rate can obtain fiscal upright.
Why? As a best practice, it is always better for employee relations to increase the value, instead of reducing the level of performance.
7) Educate employees
Take time employees on the reimbursement program and about the benefits of individual health insurance.
Why educate? Like any health benefits program, employees will help educate everyone the best of the benefits program receive
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8) Ask Pre-Fonds no third account - there is no need for
Why? From a cash flow point of view is a great advantage with premium refund is that this is a fictitious arrangement, that is, you are not a third party bank accounts pre required.
9) Do not ignore ACA and Federal Regulations
If the employees for individual health insurance reimbursement it is important to comply with all applicable regulations.
Why? A health reimbursement plan is a self-insured § 105 medical reimbursement plan. As such, they must comply with rules ACA, IRS, HIPAA and ERISA; including the new ACA "market reforms". As mentioned earlier, non-compliance with these rules and regulations may lead to costly fines resulted. Read more about the importance of compliance with the ACA rules.
10) Do your research
When a software vendor selection, do research.
Why? third party are very different in service, platform, features and costs
Questions? Leave a comment below.
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