Employer Reimbursement Of Medical Expenses

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FAQ?

Can I reimburse employees for medical expenses?

The 21 st Century Cures Act, which took effect in 2017, allows small employers to offer Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) to their employees without facing ACA penalties. Under these plans, an eligible small business can reimburse an employee's individually purchased health insurance and other deductible medical costs of up to $5,150 per year for an individual and up to $10,450 for a family (these limits are for 2019).

How can your business deduct medical expenses?

• Only people who itemize deductions can claim the medical expense deduction
• For 2020 and previous years, you can deduct medical expenses that exceed 7.5% of your adjusted gross income (AGI)
• Starting 2021, the medical expense deduction will only apply to expenses that exceed 10% of your income

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Do employers reimburse individual health insurance premiums?

The individual coverage Health Reimbursement Arrangement (HRA) is an alternative to offering a traditional group health plan to your employees. It’s a specific account-based health plan that allows employers to provide defined non-taxed reimbursements to employees for qualified medical expenses, including monthly premiums and out-of-pocket ...

What do you need to know about medical reimbursement?

You need the following documents in hand in order to file for reimbursement claim:

• Health Card Copy
• Hospital Discharge Summary (Original)
• Duly filled claim form
• Investigation Reports ( like scans, X-rays, blood report, etc)
• Case receipts from hospitals or chemists
• If an accident happens, then FIR or medico legal certificate (MLC)
• Doctor’s Consultation papers and pre-admission investigations
• Copy of KYC documents

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