With the cost of group health insurance is on the rise are the employers enormous cost challenges and are more cost-effective alternatives to group health insurance search. The resulting solution is a premium refund for individual health insurance.
With a compliant premium refund plan, the employer's tax-free to reimburse their employees for individual health insurance premiums. The IRS requires that a formal premium refund plan be created (with IRS-compliant plan documents) for an employer to reimburse employees tax-free for their individual health insurance premiums.
In this new Zane Benefits Whiteboard Session, JD Cleary is considered how employers can employees tax-free for individual health insurance, while maintaining the company and its employees in compliance.
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For reference, here is a snapshot of this whiteboard week:
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