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The employer uses the ICHRA to reimburse employees for health insurance premiums, medical bills, dental care, and vision care. The employer can set up an HRA for each employee or a group of employees.
In 2016, qualified small employer HRA [5] were created which allows small employers to pay for premiums, including on the individual market such as through a health insurance marketplace, although the employees may not be eligible for subsidies. [2] On average, employers with these plans offered an average $387 per month. [6]
The tax credit via Form 8941 is available only to businesses that meet certain standards. Firstly, employers have fewer than 25 employees. [8] Secondly, their employee salary must be less than an average of $50,000. [8] Thirdly, employer must pay at least 50% of the full-time employee's premium costs. [8]
An employer provided group insurance plan is coordinated with the provincial plan in the respective province or territory, therefore an employee covered by such a plan must be covered by the provincial plan first. The life, accidental death and dismemberment and disability insurance component is an employee benefit only.
There is, however, an exception for employers, who can modify premiums to offer potentially tax-free incentives worth as much as 30% of the cost of coverage as part of workplace wellness programs.
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