Colorado Small Business Health Insurance Options

Colorado Small Business Health Insurance
Colorado small business health insurance choices range widely for providing healthcare benefits to employees. Implementing a traditional health care plan is by far the easiest to setup, but is it the most economical?

Prices can vary depending on your age. According to figures from Kaiser Family Foundation however, in 2021 the average annual price of an employer-sponsored family health insurance plan for a worker was $2,771.

Colorado employees, on average, contribute nearly $400 more to their health care costs than the national average.

Colorado companies have many other options available to them that will help reduce their cost. These options include:

  • Health savings Accounts (HSAs)
  • HRAs are health reimbursement plans.
  • Direct Primary Care (DPC), membership
  • Programs for health sharing

Depending on the type of business you have, how much money is available to spend, the health of employees, their children, and your budget, there are many variables that will determine what strategy works best for your small business.

Read on the go, download our Complete Guide To Small Business Healthcare Plans.

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Colorado Small Business Health Insurance Geographic Considerations

Colorado is a state with a very unique healthcare landscape. This includes the more urbanized areas of Pueblo, Denver, and Colorado Springs as well as rural regions around Durango, Lumar, and other places.

Colorado employers should consider carefully how to distribute their employees throughout the entire state. The executives of a company headquartered in Colorado Springs may be tempted to select an HMO plan that limits workers and their family to in-network providers, yet a majority of employees and their families reside and work in Limon. 

Colorado Small Business Group Health Insurance

For most Colorado employers, the standard group health coverage is their preferred choice.

It’s also quite costly.

What’s the process?

The employer will contract with an insurance company to cover the health care of their employees, and in some cases also for their spouses.

Employers with more than 50 employees have to provide ACA-qualified insurance plans for employees who are working over 30 hours a week.

Health insurance plans must include the 10 minimum essential coverages required by the Affordable Care Act. The ten essential coverages (MEC) are as follows: 

  • Ambulatory patient services (outpatient care you get without being admitted to a hospital)
  • Emergency services
  • Hospitalization (like surgery and overnight stays)
  • Pregnancy, maternity, and newborn care (both before and after birth)
  • Mental health and substance use disorder services, including behavioral health treatment (this includes counseling and psychotherapy)
  • Prescription drugs
  • Rehabilitative and habilitative services and devices (services and devices to help people with injuries, disabilities, or chronic conditions gain or recover mental and physical skills)
  • Laboratory services
  • Preventive and wellness services and chronic disease management
  • Pediatric services, including oral and vision care (but adult dental and vision coverage aren’t essential health benefits)

The ACA also requires that health insurance cover birth control and breast-feeding.

The traditional option of health insurance, while expensive for companies, has the advantage that it is guaranteed to enroll. 

When a worker enrolls within the period in which they initially qualify for insurance, a special registration period caused by a qualifying event or during the November 1st open enrollment season, an insurer can not deny their application or charge them a higher rate because of his medical history.

Colorado Small Businesses Can Choose to Offer Health Insurance

Employers with less than 50 employees are exempt from offering health insurance.

Colorado law does not have any requirements. You don’t need to provide health insurance if you employ fewer than fifty people.

The penalty is not applicable to you.

But it is a good idea to offer health care benefits to all companies, including small companies. Without them it could be very difficult to find and keep employees. 

Colorado is one of the states with a relatively low rate of unemployment and fierce competition between employers.

Colorado employers have the potential to save lots of money by offering an employee health and medical plan. 

Colorado Small Business Health Insurance HRA Alternative

You can also offer your employees a QSEHRA (Qualified Small Employer Health Reimbursement Arrangement) that allows them to pay their individual health insurance tax free.

Employers can benefit from QSEHRAs in the following ways:

1.) Contribution limits are not applicable

QSEHRAs don’t require a set minimum annual contribution, unlike pension plans. You can set up your budget and adjust it each year based on your cash flow. 

You can control your budget for health care benefits with a QSEHRA.

2.) Flexibility.

Offer employees different benefits based upon their marital and family status. Employees with dependents can receive a better benefit than employees who don’t have children or are single.

3.) Employees and employers are both eligible to receive tax-free treatment. 

Employer contributions are deductible at full tax as a compensatory expense. Your employees, on the other hand, will not have to pay any tax on QSEHRA benefits. This is provided that they continue to maintain health coverage which meets the Affordable Care Act’s 10 minimum essential benefits. 

A QSEHRA offers a more attractive alternative to a health insurance allowance that can be used by employees for other purposes, such as paying health insurance premiums or covering expenses.

4. QSEHRAs Encourage Employee Choice

A large number of traditional group health care plans restrict employees from a wide range of backgrounds to only one or two insurance choices.

Many of these are expensive and inappropriate for workers because they were chosen by company managers and HR, rather than by them.

QSEHRAs give workers, their families, and employers a greater range of health plans to choose from.

Colorado Taxes Employer-sponsored Health Insurance

The Colorado and federal laws allow you to deduct the premiums for health insurance that you pay on behalf of your employees. The employee is not taxed on these premiums.

Overall, health sharing plans have lower costs. The employee can also deduct their monthly cost. Employees are taxed on employer-paid health costs.

Employer Health Insurance in Colorado Has Its Advantages and Disadvantages

  • Cost. As mentioned before, the cost to provide health insurance is high. This can be especially true for industries with high labor costs.

    Many workers are overburdened by the requirements of health insurance, which is why it costs so much. Washington and Denver regulators have added a lot to health policies that they don’t need. 

    As an example, many traditional carriers charge for mental and drug addiction coverage as well.

    They also include maternity and other benefit. It makes them less effective, and therefore more expensive. 

  • Inflexibility. Inflexibility. Group health insurance plans often offer a “one-size fits all” strategy, which may not adequately address the needs of specific employees and their budgets. By nature, group health plans sponsored by employers tend to provide only one or two options that are not optimal for certain employees

    Workers may be better served by purchasing their own individual plan, and taking advantage of the Affordable Care Act subsidy.

    Below are some alternatives to health insurance that may be less costly. They can also be an excellent solution for those who have no health conditions and are otherwise in good health. 

    Below, we discuss health sharing plans in greater detail.

  • Administrative burden. Administrative expenses are significant when it comes to managing full health benefits. These include managing documentation and compliance. Auditing plans in order to prevent employees from enrolling people who aren’t qualified, as well as responding to employee questions. They are vital to the smooth running of a health care program in an organization.

    The plans can be very burdensome for employers with a small headcount who cannot justify hiring a staff member to handle the HR plan full-time.

    The business owner can also employ other strategies, such as health reimbursement arrangements and health care stipends.

    This alternative approach encourages workers to obtain their own insurance through Affordable Care Law. Workers may then be able to take advantage of available subsidies. It removes employers from the process and reduces administrative costs.

Health Sharing Plans for Colorado Small Business Health Insurance

Colorado small business owners can save money by using health-sharing plans instead of expensive, overpriced insurance.

Colorado companies are increasingly using medical cost sharing programs as an affordable alternative to traditional group insurance plans. Health sharing is a great way for companies to save money on their premiums. 

Colorado small businesses can save as much as $10,000 per annum per employee, for family coverage. And more than $3500 per annum per employee, for individual coverage.

These innovative programs allow employers to offer employees high-quality health care, while still controlling costs. These programs are based on the idea of sharing resources with a large group of individuals or organizations.

As an alternative to traditional health insurance that involves payment of premiums, the participants in a Health Sharing Program make a set amount of cash per year.

Health Sharing vs. Health Insurance

It is important to note that health sharing plans and insurance are two different things.

Health sharing organizations, on the other hand, are groups of individuals who have agreed to assist in paying for medical expenses. As opposed to for-profit health insurers, health sharing ministry is a non-profit organization.

What are the mandatory coverages?

Health insurance plans do not have such requirements. Federal and state law require that traditional health insurance policies include many coverages for which many people are unwilling or unable to pay. Health sharing organizations are not subject to the Ten Minimum Coverage Requirements.

For example, medical cost-sharing plans do not have to pay for addiction treatment in the case of people who don’t use drugs. They don’t have to pay for injuries caused by drunk driving.

What if there are pre-existing conditions?

As opposed to traditional health plans, some health sharing plans impose a waiting period before sharing treatment costs. 

The waiting period for an operation is often imposed by the insurance company, with exceptions for accidents or injury that was not foreseen at enrollment. 

These waiting periods help eliminate a large amount of adverse selection. Health sharing organizations can offer a comprehensive set of benefits that are a fraction as expensive as a policy purchased through Connect for Colorado or an unsubsidized ACA approved group health care insurance. 

Under the Affordable Care Act, health sharing doesn’t qualify to receive subsidies. Although the cost savings can be so large, switching to health sharing may still make sense for some people, even though they might qualify as subsidies, depending on your circumstances.

Colorado employers are often more inclined to switch from small group insurance plans that receive a tax credit for premiums, due to the ACA.

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Health Sharing and Network Restrictions In Colorado

Unlike managed care arrangements such as PPOs and HMOs which represent the majority of employer-sponsored health plans, Health Sharing Plans offer a greater range of choices for healthcare providers.

Most health sharing organizations in Colorado do not limit patients to only in-network providers. Members of health-sharing plans can select their doctor. People should be able to choose the doctors they want.

Are you a business that can benefit from health sharing?

Every business has different needs. This requires careful planning and analysis to determine the best option for you, whether you choose a health sharing Plan or a Traditional Group Health Insurance plan. 

Every business has different needs. This requires careful planning and analysis to determine the best option for you, whether you choose a health sharing Plan or a Traditional Group Health Insurance plan. 

You can make an online appointment by simply clicking Click Here

A prepared employee count will be helpful. 

Switching to health insurance can save you thousands per employee. However, health sharing might not be the best option if there are employees with pre-existing illnesses.

Consultation and analysis are always provided free of charge.

Health Reimbursement Arrangements for Colorado Small Business Health Insurance

The Health Reimbursement Arrangements, or HRAs as they are also known, is a benefit funded by the employer that allows employees to receive tax-free reimbursement for healthcare expenses.

Colorado’s small business owners often do away with the benefit of group insurance. They establish an HRA instead, which they use to give workers cash for them to purchase their own individual insurance with dollars before taxes.

So, workers can take advantage and reduce the costs to both employer and employee. 

Employees can access their HRA benefits if any money remains after the payment of premiums. This includes prescriptions for durable medical devices, prescriptions with co-pays as well as other out-of pocket expenses like deductibles. HRA benefits, once again, are not taxed to employees. 

An HRA is a great alternative to formal group health insurance because it allows your employees to pick the plans they prefer.

Click here if you want to know more about Human Resource Assessments (HRAs) for small companies.

HRAs for Small Businesses

QSEHRA is an HRA for small businesses that allows them to use the health insurance reimbursement plan.

It is available to companies that have fewer than fifty full-time workers or an equivalent number, but do not provide a group health insurance program.

The QSEHRA is a flexible plan that allows businesses to choose their maximum allowances within certain parameters. Colorado employers may contribute $5,850 to individual employees up to $487.50 a month and $11,800 to employees with families up to $983.33 a month as of 2023.

The employees use this money to buy their own health insurance through the online exchange or via a personal benefits manager on the market for individual and family insurance. The employee retains the right to a subsidy that they wouldn’t get with a group insurance plan paid by their employer.

You can choose to reimburse employees’ health insurance premiums only or their premiums and any additional medical costs. 

QSEHRAs (Qualified Special Enrollment Health Savings Accounts) and special enrollment periods

You will have to offer your workers a Special Registration Period if your HRA replaces your old health insurance. This is a period of 60 days when your employees are able to enroll in their own ACA insurance plan, with guaranteed-issue rights. 

If you choose to switch from a group health care plan entirely to a QSEHRA, your employees won’t be affected by a gap in their coverage.

The HRA Advantages

Health Reimbursement Arrangements have many benefits. 

You can deduct the money that you pay to provide HRA benefits to your staff, and your workers will not be taxed. 

HRA is yours to keep until the money has been paid out. This money remains in your account as an operating capital. No third parties are required.

You have great flexibility when it comes to designing your own HRA, which includes deciding what expenses are covered. 

If workers leave their company or become contractors, they do not lose coverage for health care. In the QSEHRA, workers own and control their health insurance policies. It is the employee who controls their insurance policy, and not their employer. 

The HRA Disadvantages

Some workers may not want to be responsible for researching and choosing their own insurance plans. Some workers might need help to navigate the transition.

Your HSA for America personal benefits manager is ready to assist you. No worker will be left behind.

Simply have your workers select this link and make an appointment or call 800-913-0172.

Click here if you want to know more about Colorado’s small-business health insurance alternatives.

Colorado has Health Sharing Plans

Colorado businesses that are looking for a cheaper alternative to their expensive health insurance can consider a health sharing plan.

Colorado-based businesses are turning to medical cost share plans for a more budget-friendly alternative to group health insurance. When switching from health coverage to health sharing plans, businesses can typically save up to 50% on their existing group health plan premiums. 

Colorado small businesses may be able to save upwards of $10,000 per employee annually on coverage for their family and up to $3,500 each per employee per annum for single coverage.

These innovative programs allow employers to offer employees high-quality health care, while still controlling costs. These programs are based on the idea of sharing resources with a large group of individuals or organizations.

Participants in health-sharing programs pay an annual amount to the insurance company instead of having traditional health insurance.

Direct Primary Care for Colorado Small Business Health Insurance

Direct Primary Care plans, or DPCs for short, are an alternative model of healthcare that has been gaining in popularity both in Colorado and throughout the United States. 

This is a model based on membership: Your employees can receive as many consultations as they require, whether in-person or through telehealth, for an affordable flat monthly fee.

DPC memberships start as low as $80.00 per month, making it a very affordable and attractive option to improve your health.

DPC plans offer unlimited access to preventive and chronic primary care.

Direct primary care physicians provide a wide range of medical services.

The following are some examples of direct primary healthcare services: 

  • Preventive care. DPC doctors emphasize preventive medicine and provide services such as routine check-ups, immunizations, and screenings for various conditions.
  • Acute care: DPC doctors treat acute illnesses and injuries such as infections, colds, flu, minor injuries, and skin conditions.
  • Chronic disease management. DPC doctors help patients manage chronic conditions like diabetes, hypertension, asthma, arthritis, and others. They provide ongoing care, monitoring, and adjustments to treatment plans as needed.
  • Comprehensive physical exams. DPC doctors offer thorough physical examinations to assess overall health, identify potential risks, and provide personalized health recommendations.
  • Urgent care. DPC doctors are often available for same-day or next-day urgent care 

appointments, allowing patients to receive prompt attention for non-emergency medical issues.

  • Laboratory and diagnostic services. DPC doctors may offer or coordinate a variety of laboratory tests, such as blood work, urine analysis, imaging studies (X-rays, ultrasounds), and electrocardiograms (ECGs).
  • Medication management. DPC doctors can prescribe medications, monitor their effectiveness, and make adjustments as needed. They also provide education and counseling on medication usage.
  • Mental health services. Many DPC practices include mental health services as part of their comprehensive care. DPC doctors may provide counseling, therapy, and referrals to mental health specialists when necessary.
  • Minor procedures. Some DPC doctors are trained to perform minor procedures in their office, such as suturing lacerations, removing moles or skin lesions, joint injections, and others.
  • Care coordination and referrals. DPC doctors act as patient advocates and coordinate care with specialists, hospitals, and other healthcare providers when referrals are necessary.

No insurance companies are involved so there aren’t any co-payments. A monthly subscription will cover all costs. So, workers with limited funds can receive immediate medical attention. Never again will workers have to avoid seeing their doctors because they cannot afford the co-pays or deductibles. 

If patients need additional coverage, they can opt for supplementary plans that include high deductible plans, accident or health insurance plans, and health sharing plans. DPC offers routine healthcare as part of membership. Patients can select more cost effective coverage such as health sharing plans instead of traditional health insurance.

Health Savings Accounts (HSAs)

The HSA (Health Savings Account) is a powerful tool that can assist workers in managing their health care costs and also help to keep the premiums of workplace health insurance lower.

Colorado businesses and residents need all the tax breaks they can get. It’s good to know that employer contributions made by employees into their Health Savings Accounts are fully deductible from Colorado corporate income taxes as compensation expenses.

HSAs allow individuals to set money aside before taxes in order to pay for medical expenses down the road. HSAs are open to both employees and employers, subject to a limit set by Congress to reflect the rising cost of living.

HSAs allow for tax-deferred investment growth and tax-free withdrawals.

Eligibility for HSAs 

Employees must be enrolled in an HDHP to qualify for a HSA or employer contributions pre-tax.

The IRS has defined a high-deductible health plan for 2023 as any plan that includes a minimum deductible of $1,500 per individual, or $3,000 per family.

Total annual HDHP out-of-pocket costs (including deductibles, copayments, coinsurance and other expenses) cannot be higher than $7500 for a single person or $15,000 for the family. The limit is not applicable to outside-of-network providers. ).

What if I Want To Combine HSAs and Health Shares?

Currently, only one major health sharing plan preserves an employee’s eligibility for pre-tax contributions to a health savings account: The HSA SECURE Plan, which is available through HSA for America. 

The HSA SECURE Plan is an excellent way to combine the tax and healthcare advantages of a health savings account with the cost saving advantages of health sharing.

However, in order to enroll in this plan, your employees MUST have some self-employed or small business income or ownership. 

HSA SECURE does not apply to W-2 employees. HSA SECURE is a good option for employees or spouses who have a small business or freelance job, as well as side jobs, but are otherwise healthy and do not need to be treated regularly. 

HSA SECURE Plans are also an excellent way for small business owners to save on expenses.

HSA SECURE would require your employees to register on their behalf. After they’ve established their HSAs, you can make pretax contributions in their name, subject to the limits set by Congress each year. 

HSA secure is available by clicking on the link

 How Are Colorado Small Business Health Insurance Benefits Taxed?

Now that you know a bit about each of the alternative strategies available to small employers in addition to traditional health insurance, here is a brief table explaining how each of these benefits are taxed.

Plan TypeEmployerWorkers
Traditional health insurance premiumsTax deductible. May qualify for a tax credit (see below)Non-taxable
HSA contributionsTax deductible
Pre-tax, up to certain limits. No income limitations.
Health sharing costsTax deductible as a compensation expenseTaxable as ordinary W-2 income
Health reimbursement arrangementsTax deductibleBenefits are non-taxable to the employee
HSA withdrawalsN/A
Withdrawals for qualified medical expenses are tax-free. Otherwise taxable as ordinary income.
A 20% penalty for non-qualified withdrawals applies up until age 65.
Direct primary care costs

Tax deductible as a compensation expenseTaxable to the employee

The Colorado Small Business Health Insurance Tax Credit

The Small Business Health Care Tax Credit, passed along with the ACA,  allows some small businesses to claim a tax credit of up to 50% of their employee health insurance costs.

It’s designed to offer small businesses with 25 workers or fewer and who tend to hire lower-wage workers.

In general, the credit can be claimed by for-profit and non-profit businesses that: 

  • Have fewer than 25 employees and average salaries of around $53,000 or less (excluding the salaries of all owners). > In general, owners are not included when figuring out the number of employees and average salaries for the business. Also, the number of employees is based on “full-time equivalents” (FTEs). That means two half-time employees would equal one full-time employee. 
  • Pay at least half of the cost of premiums for employees; and
  • Offer ACA-qualified health insurance. 

The tax credit is eliminated once an employer has 25 employees or the average wage is about $53,000 or higher.

How do I claim the credit? 

You can claim this tax credit on your annual income tax return with attached IRS Form 8941 (Tax-exempt small businesses must file a Form 990-T tax return to claim, even if not otherwise required to file). 

Your employees are not subject to tax on the contributions you make toward their coverage. 

 I don’t owe taxes this year for my business. Can I still claim the tax credit?  

Yes. This tax credit can be carried back and used to offset income tax liability incurred the previous year or carried forward to offset liability incurred over the next 20 years. 

If you’re a tax-exempt business, the credit is refundable.

Consult your tax advisor for full information about the Small Business Health Care Tax Credit. 

Combining Colorado Small Business Health Insurance Strategies

Combining various programs can be a smart move when it comes to maximizing your health insurance coverage. 

Employers frequently find that combining a number of healthcare packages makes it possible for them to control healthcare costs while also providing complete coverage to their employees. 

Consider combining a Direct Primary Care (DPC) plan for normal primary care with a low-cost health sharing plan that covers catastrophic occurrences as one possible cost-effective solution. 

Compared to conventional group health insurance, this strategy can be more affordable for your company, for your employees, or both. 

Offering employees the choice between signing up for a health sharing plan or purchasing an individual health insurance plan, as well as giving them the chance to fund a Health Savings Account (HSA) for those who choose an HSA-qualified HDHP plan, can give them more flexibility and possibly lower costs.

Address All Levels of the Care Pyramid

A good employee health benefits package should address all levels of the Employee Healthcare Pyramid—from routine preventive care, through primary care access for maintenance and early detection of health problems, all the way through catastrophic incidents, as shown below: 

Small Business Health Insurance Arkansas Care Pyramid

On the left, we list common traditional insurance-based solutions that address each level of the Care Pyramid.

On the right, we list a number of alternative, more affordable approaches to providing meaningful protection for employees at each respective level of the Pyramid.

Good plan design provides employees with affordable solutions at each of these levels. So that no employee needs to delay or go without care because they can’t afford a premium, coinsurance, or copay.

Your Personal Benefits Manager can help you create a custom plan design for your work force that provides a solution at each level of the Care Pyramid—often at a fraction of the cost of a traditional group plan to the employer. 

What to Do Now?

The best course of action is to put together an employee census and contact us for a free, complementary business health plan analysis and recommendation.

You’ll be connected with an experienced HSA for America Personal Benefits Manager who will go over your work force and families with you, your budget and needs, your employees’ ability to contribute, and any preexisting conditions you may be aware of who need to be considered when designing a new plan. 

Many of our PBMs have been successful business owners and entrepreneurs in their own rights. They have been in your shoes, and understand your needs as a business owner, and what it takes to recruit and retain the best possible talent to help you remain competitive. 

Can I Offer Health Insurance and Health sharing at the same time?

Yes. Some businesses do offer a traditional group health insurance plan and a health sharing plan side by side. Employees have a choice to enroll in either plan. 

However, employees with pre-existing conditions may face waiting periods if they elect the health sharing plan. 

Businesses considering offering both a traditional group health insurance plan and a health sharing plan at the same time should carefully consider the impact a health sharing plan may have on their insurance participation rate.

If too many workers select health sharing, you may fall short of the 70% participation requirement needed to maintain a group policy. 

For this reason, many California small businesses elect to cancel group health altogether and use an HRA to reimburse employees for their health insurance costs. 

Your HSA For America Personal Benefits Manager can help you work through different scenarios and help you come up with the optimal plan design for your specific situation. 

Our team of specialists is here to assist you in developing a personalized health insurance plan that takes into account the requirements of your company, your employees, and their families.

Please click the link to make an appointment provided to start the process.

Colorado Small Business Health Insurance—Frequently Asked Questions

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Health sharing and health insurance: What’s the difference?

In the traditional insurance industry, health insurance covers medical costs. Health sharing is when members contribute to a common fund.

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Do employers in Colorado contribute to HSAs for their employees?

The annual contribution limits established by Congress apply to employers who wish to contribute to HSAs for their employees.

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Is it a good idea for Colorado small business owners to offer a Direct Primary Care plan (DPC), along with other options?

Small businesses can benefit from a cost-effective solution by combining DPC and low-cost options such as health sharing plans.

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Is it possible to deduct employer contributions for HSAs from Colorado state income taxes?

Yes. In Colorado, employer contributions to employee HSAs can be deducted from the state’s income tax.

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Does Colorado cover the cost of maternity care under health sharing plans?

Colorado offers a wide range of health insurance coverage and health sharing plans, many of which include benefits for prenatal, labor, or postnatal care. Some health-sharing plans, however, may restrict benefits to those children born without marriage.

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Does Colorado have a limit on the size of the small business eligible to receive these programs?

QSEHRAs (Qualified Small-Employer Health Reimbursement Arrangements) are available exclusively to employers with fewer that 50 employees. Other HRAs are available if you or your company have over 50 employees. 

You’ll also be required by the ACA to either provide a qualified insurance plan for employees or pay a penalty. Consult your Personal Benefits Specialist if, within the next year, you will be hiring more than 50 full-time employees or their equivalent. The plan that you design could change.

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Does health sharing have a waiting period on conditions pre-existing?

Certain health sharing policies may require waiting periods to cover conditions that were present before. Review the plan’s guidelines for specific information or talk to your Personal Benefits Manager.

Health Savings Accounts (HSAs) can help Colorado employers manage their medical expenses.

HSAs enable individuals to pre-pay for medical expenses in the future. Employers and employees both can contribute. This provides tax advantages as well as potential savings in healthcare expenses.

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What is the Small Business Health Care Tax Credit and how do I claim it?

For-profit small businesses can claim the tax credit on their annual income tax returns with IRS Forms 8941, while those that are tax exempt must submit a Form 990T.

HSA for America is not a tax advisor. For more information, employers should contact their tax advisor.

A business can still claim the Small Business Health Care Tax Credit, even if it does not owe Colorado taxes.

If a company does not have any tax obligations in one year, they can use the Small Business Health Care Tax Credit as a way to pay back their income taxes from that year. They can even carry it forward to up to twenty years.

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Which health insurance plan and cost-sharing option is right for my Colorado business?

You don’t have to go it alone,  you can contact a personal benefits manager and they can provide a complimentary analysis and recommendations based on the specifics of your needs, including budget, employee count, and pre-existing conditions. The experts can design a plan to maximize the value of your employees, while controlling costs. This will help you stay competitive.

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What is a Health Reimbursement Agreement (HRA)?

HRAs, or Health Reimbursement Accounts (HRAs), are funded by employers and reimburse employees who have qualified medical expenses which their insurance does not cover. The employers determine which medical costs are covered by the HRA and make contributions accordingly.

HRAs can be combined with other options for coverage, such as health sharing plans and individual health insurance policies.

Yes, HRAs are compatible with other insurance options. HRAs can be used to reimburse employee premiums on individual policies. HRA funds cannot be used directly to reimburse employees for the costs of health sharing plans.


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Disclaimer: All information on this website is relayed to the best of the Company's ability, but does not guarantee accuracy. Information may be out of date. The content provided on this site is intended for informational purposes only and does not guarantee price or coverage. This site is not intended as, and does not constitute, accounting, legal, tax, and/or other professional advice. Determination of actual price is subject to Carriers.