Remodel Health Sheds Light on Indiana's House Bill 1004: A Game Changer for Small Businesses

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Oct 11, 2023, 13:16 ET

INDIANAPOLIS, Oct. 11, 2023 /PRNewswire/ -- In a move to empower small businesses with timely, actionable insights, Remodel Health, a trusted leader in the health insurance industry, has released an informative breakdown of Indiana's House Bill 1004.

The recently enacted Indiana House Bill 1004 introduces a tax credit incentive for qualified taxpayers, specifically targeting small businesses with less than fifty employees. The primary objective? To make it easier for these businesses to offer health reimbursement arrangements (HRAs), including the innovative Individual Coverage Health Reimbursement Arrangements (ICHRAs), to their employees.

For businesses qualifying under this bill, the first year offers a substantial $400 tax credit per covered employee, granted that contributions to the HRA either match or exceed the benefits or contributions from the preceding year. However, small businesses should note that the tax credit adjusts to $200 per covered employee in the following year.

The state of Indiana, through House Bill 1004, seeks to diminish some of the financial hurdles small businesses face when striving to offer high-quality health benefits. By offering these tax credits, there's a clear encouragement for more businesses to lean into ICHRA offerings.

"Legislative changes, especially those involving health insurance, can be complex and sometimes overwhelming," states John Staub, Director of Outreach at Remodel Health. "Our primary goal is to simplify these changes, ensuring our clients have a clear understanding of how such laws impact their businesses. With House Bill 1004, we see a promising horizon for small businesses to provide valuable health benefits while enjoying potential tax reductions."

As ever, Remodel Health remains dedicated to guiding its clientele through such pivotal legislative adjustments. With a robust team of industry experts, they're poised to offer tailored advice on how House Bill 1004 can best serve individual business needs, ensuring they reap the fullest benefits.

For full details about the bill, please visit the Remodel Health website.

About Remodel Health: With a strong focus on exceptional customer service, Remodel Health is a trusted provider of health insurance services, revolutionizing the way health benefits are delivered to employees for nearly a decade.

SOURCE ReModel Health