With the rising cost of health insurance group and the many new advantages many small employers the transition to a premium refund plan for individual health insurance to reimburse their employees for their individual health insurance premiums. This article provides a simple, to the point overview of premium refund for the individual health insurance premiums.
What is a premium refund plan?
With a premium refund plan, employer employee to report for their individual health insurance premiums.
To a premium refund created plan, the employer decides how much it costs the health insurance premium will contribute towards the employees. This allowance or "defined contribution" may be the same for all employees, or it can vary on employee class and / or family status.
With a premium refund plan, employees individual health insurance purchase of the carrier of their choice. Employees must be able to select all qualified policy by the insurer of their choice, as such today car insurance works. Policies can be purchased from an insurance broker, online or on the individual insurance market health.
Why transition to premium refund?
Small employers, because this for individual health insurance premium refund transitioning ensuring solution provides controllable costs, while still providing that employees have access to good health.
premium refund Better for employers is
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for employers is a great advantage of premium refund cost predictability and control. Since employers are able to put a premium refund plan for their employees a certain compensation, enables exactly predict their health care costs, this approach of the employer.
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In addition to saving money, the premium refund is a great time saver as well. In fact, by credible reimbursement software, a premium refund plan takes less than five minutes per month to administer.
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health services is a good way to recruit and retain key personnel to. With individual health insurance, employees get to choose the health plan that best fits the needs of their families. This in turn leads to more satisfied employees.
Individual Health Insurance Better for employees
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Individual health insurance costs up to 60% is less than group health insurance. Employees can for premium tax credits to qualify depending on their level of income, household size and suitability for other state-funded programs. Other factors that may affect the cost of the individual insurance, include :. Location (State / County), age, type of health plan selected (coverage, carrier, etc.), and tobacco consumption
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The ACA pre-existing conditions exclusion ( "Guaranteed Issue") Determination means that the health insurance companies do not limit, exclude, or deny coverage to individuals because of a pre-existing condition.
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Individual health insurance offers more choice and control to employees by allowing them to choose a plan that meets their own needs, including coverage and network. Employees can decide their own plans to work with their budget. These plans can be adapted to individual circumstances and age.
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Individual health insurance is portable because have selected and purchased by the employee, as car insurance. As such, the employees get to keep their health insurance when they leave an employer.
Why use premium refund Software?
use premium refund software helps employers with the administrative tasks of the premium refund plan and ensures compliance. While some employers try to remember to self-administer for employers a premium refund plan, residual material in accordance with the regulations and health care reform can be costly, time consuming, and be an administrative burden.
The two main reasons why an employer should look for a credible premium reimbursement software provider is:
1. Time savings and ease of employers a premium refund Software can filter -Anbieter expect .:
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Spend your refund plan administration
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have access plan less than five minutes per month on their refund online 24/7
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Integrate refunds with their existing payroll system and HR processes
2.. save taxes and compliance premium refund software keeps the employer in accordance with the three key areas:
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Savings Tax & IRS compliance
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Federal compliance (including HIPAA, ERISA and COBRA)
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Affordable Care Act / Health reform compliance
questions about premium refund for indvidual insurance? Leave a comment below.
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