Video: How Are Owners of Multiple Businesses Impacted?

As of January 1, 2014, the Patient Protection and Affordable Care Act will require all individuals in the U.S. to have some form of health insurance. While this will impact ALL businesses, employers with 50 or more full-time equivalent employees will be required to either provide affordable health insurance coverage for all employees, pay defined penalties and send employees to a Health Insurance Exchange to purchase insurance, or develop a new hybrid health insurance plan.

Eide Bailly is taking a lead on helping its clients comply with this Act. Ross Manson, health care consultant, answers the question, “How are owners of multiple businesses impacted?” in this video. We encourage you to learn more at http://www.eidebailly.com/healthcarereform , as all businesses must comply by January 1, 2014.

Businesses have more choices now than ever before, but determining the best plan can be confusing and complicated. Eide Bailly has developed a proprietary calculator to help you quickly and efficiently analyze your specific situation, so you can select and implement a plan that works well for your company and your employees. For more information, click here: http://www.eidebailly.com/services/health-care-reform

Video: What Penalties Are Large Employers Subject To?

As of January 1, 2014, the Patient Protection and Affordable Care Act will require all individuals in the U.S. to have some form of health insurance. While this will impact ALL businesses, employers with 50 or more full-time equivalent employees will be required to either provide affordable health insurance coverage for all employees, pay defined penalties and send employees to a Health Insurance Exchange to purchase insurance, or develop a new hybrid health insurance plan.

Eide Bailly is taking a lead on helping its clients comply with this Act. Ross Manson, health care consultant, answers the question, “What penalties are large employers subject to?” in this video. We encourage you to learn more at http://www.eidebailly.com/healthcarereform , as all businesses must comply by January 1, 2014.

Businesses have more choices now than ever before, but determining the best plan can be confusing and complicated. Eide Bailly has developed a proprietary calculator to help you quickly and efficiently analyze your specific situation, so you can select and implement a plan that works well for your company and your employees. For more information, click here: http://www.eidebailly.com/services/health-care-reform

Q & A: Using Contributions to Purchase Coverage

Question and Answer: Using Contributions to Purchase Coverage

Question: Can an employee use a contribution through either a cafeteria plan or HRA to purchase unsubsidized individual health insurance coverage on a public exchange?

Answer:
Just focusing on the rules regarding eligible expenses, an HRA can reimburse premiums for coverage obtained through an exchange. This is true regardless whether the cost of the coverage is subsidized. Of course, if the participant does receive a subsidy, only the portion of the premium actually incurred by the participant (i.e., the portion not covered by the subsidy) can be reimbursed.

The rule is different for cafeteria plans. Such premiums cannot be paid on a pre-tax basis through a cafeteria plan. Section 125 has been amended to specifically provide that coverage issued through an exchange is not a qualified benefit that may be offered through a cafeteria plan unless the employer is providing group coverage through the exchange (i.e., through the SHOP program). The rule under Section 125 applies regardless of whether the individual receives a subsidy.

-Insight courtesy of Scott Wold, Attorney, Hitesman & Wold P.A.