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As a result of the Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax free to the employee, according to the Internal Revenue Service.

The IRS said the changes immediately allow employers with cafeteria plans-plans that allow employees to choose from a menu of tax-free benefit options and cash or taxable benefits-to permit employees to begin making pre-tax contributions to pay for the expanded benefit.

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Peter Westerman

 

Credit Union Times

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