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In addition, employees who lost group health insurance due to reduced work hours on or after Sept. 1, 2008, followed by involuntary termination between March 2 and March 31, 2010, will now be eligible for the COBRA subsidy. [23] The Continuing Extension Act of 2010 extends premium assistance for COBRA benefits through May 31, 2010. [24]
v. t. e. In the United States, a flexible spending account (FSA), also known as a flexible spending arrangement, is one of a number of tax-advantaged financial accounts, resulting in payroll tax savings. [1] One significant disadvantage to using an FSA is that funds not used by the end of the plan year are forfeited to the employer, known as ...
Reimbursements of qualified claims are tax-deductible for the employer. Employers know their maximum expense related to their health care benefit. Advantages of HRAs for employees include: Contributions that employers make can be excluded from employees' gross income (contributions must be made by the employer, not come from payroll reductions).
COBRA, though, has higher premium payments since the employer no longer contributes. ... “A number of other non-health care provisions — $1,400 benefit, child tax credit, earned income tax ...
COBRA, or the Consolidated Omnibus Budget Reconciliation Act, is a law that gives employees and their families who lose their health benefits the right to choose to continue receiving benefits ...
Under COBRA, you’re able to stay with your former employer’s health plan, even if you’re no longer employed. You can keep COBRA coverage for 18 or 36 months, depending on your situation.
Business credit cards allow you to earn rewards on your spending and your employees’ spending They can provide a helpful funding source for early business startup expenses It’s easy to compare ...
Takeaway. Many health insurance premiums are tax-deductible, including the ones you pay for Medicare. Premiums are one of the many medical expenses the IRS allows you to deduct from your yearly ...