We wanted to make sure you saw this feature in Forbes about how Zane Benefits is disrupting the third party administration (TPA) industry by allowing small businesses to use its new PeopleKeep SaaS platform to administer simple, compliant and personalized health reimbursement arrangements (HRAs). The article, Two Firms Stymied By The IRS: One Went To Market, The Other Went To Congress, describes Zane Benefits' involvement in passing national legislation to ensure small businesses can continue to use HRAs to hire and keep their people.
We've provided a few quotes below. Click the link above for the full story.
"A couple years ago, an outfit out of Salt Lake City known as Zane Benefits generated headlines."
"Zane licensed software that companies could use to create and manage health reimbursement arrangements. Employees would buy their own health insurance and get reimbursed by the company tax-free through the H.R.A. Companies that couldn't afford — or didn't care to manage — a group health plan could still subsidize employee health insurance, a powerful recruiting tool. "
"Zane's Lindquist said recently that his company didn't pursue a legislative solution initially because 'the tax code has allowed small businesses to reimburse employees tax-free for individual health insurance for decades. Legislation was not required to clarify this issue and we expected clarity to come via regulation. Since the first bill was introduced, though, we've had representation up on the Hill, educating legislators. We've invested heavily in driving awareness across the small business communities.'"
"Zane has also done well in the last two years, in spite of — or because of — the notoriety. In 2014, the company claimed about 2,600 businesses using its software. That number has grown to 3,500, and just last week the company released a spruced up version of its platform, now fully automated. 'It allows small businesses to set up a health reimbursement plan that complies with the new law in just a few minutes online," Lindquist said. "This is a huge win for small businesses.'"
Click here to read the full article.