71.2 F
Fort Worth
Thursday, October 22, 2020
Government Trump administration unveils health options for small firms

Trump administration unveils health options for small firms

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

WASHINGTON (AP) — The Trump administration is rolling out new options for small employers to use tax-free accounts for providing health coverage to workers, officials said Monday.

The idea is to expand so-called “health reimbursement arrangements” to allow employees to buy their own individual health insurance policies.

Employers could also pair the accounts with workplace health plans, allowing workers to use the money for additional benefits such as dental care.

Officials from the departments of Treasury, Labor, and Health and Human Services provided a broad overview of the proposed regulations Monday evening ahead of an official announcement, expected Tuesday.

Critics say the approach will undermine traditional job-based coverage.

HRAs join other Trump administration health insurance initiatives, including association health plans and short-term policies.

The latest changes appear to be complex and it could take time for employers to them sort out.

Officials said the proposal is aimed at two types of companies: small firms that are not required to offer health insurance and medium-sized firms that usually only offer their workers a single plan.

The biggest change involves expanding the use of tax-free HRAs to allow more workers to buy their own health insurance, a practice the Obama administration had discouraged. The money employers put in the accounts is tax-free to workers and tax-deductible for the company. Officials say the move will bring more consumers into the individual health insurance market and promote competition.

But critics say HRAs could allow employers to devise strategies for shifting workers with high health care costs off their corporate plans and into the market for individual policies. The administration says its plan includes protections for workers.

Administration officials said they hope the plan will lead to more people getting health insurance, particularly in small companies that tend not to offer coverage.

Latest News

US officials link Iran to emails meant to intimidate voters

By ERIC TUCKER and FRANK BAJAK Associated PressWASHINGTON (AP) — U.S. officials accused Iran on Wednesday of being behind a flurry of...

Texas reports most active COVID-19 cases since summer peak

AUSTIN, Texas (AP) — The second coronavirus wave in Texas continued with more active cases than at any time since the summertime...

Nonprofits invited to apply for $1.3 million in funding

From the City of Fort Worth: Social service agencies are invited to submit program proposals that will help...

Tarrant County reports 1 COVID death

Tarrant County Public Health on Wednesday, Oct. 21 reported one COVID-19 death. The deceased was a man from Haltom City in his...

Renderings released for Stop Six’s Cowan Place

Fort Worth Housing Solutions and development partner McCormack Baron Salazar have finalized architectural renderings for Cowan Place, the mixed-income, senior living community...