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Small Business Employee Benefits and HR Blog

Whiteboard Session - IRS Code Compliance

With the cost of group health insurance on the rise, employers are facing enormous cost challenges and are seeking more cost-effective alternatives to group health insurance. The emerging solution is premium reimbursement for individual health insurance.

With a compliant premium reimbursement plan, employers can reimburse their employees tax-free for individual health insurance premiums. The IRS requires that a formal premium reimbursement plan (with IRS-compliant plan documents) be established in order for an employer to reimburse employees for their individual health insurance premiums tax-free.

In this new Zane Benefits Whiteboard Session, JD Cleary outlines how employers can reimburse employees tax-free for individual health insurance, while keeping the business and employees in compliance.

For reference, here's a snapshot of this week's whiteboard:

IRS Code Compliance

The small business HRA is 100% compliant.

 

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