If you own a small business, it can be tough to afford health insurance coverage for your employees. Small companies tend to pay more for insurance because they are not able to broadly spread the risk as large companies do. That’s why it’s a good idea to do your homework on health insurance rates and regulations.
Beginning in 2016, your company will be considered a small business if you have 1-100 employees.
Are my premiums related to the health of my employees?
No. One of the changes in the Affordable Care Act is that health may not be used to determine premiums. Only age, geographic location, family size, and tobacco use may be considered.
What is Workers’ Compensation?
If an employee sustains a job injury or a work-related illness, the Workers’ Compensation Act provides for his or her medical expenses and, in the event the employee is unable to work, wage-loss compensation benefits until he or she is able to go back to work. Additionally, death benefits for work-related deaths are paid to the employee’s family.
Can I get tax credits for providing insurance to my employees?
A small business with an average annual wage of less than $50,000 may be eligible for a credit worth up to 50 percent (35 percent for non-profits) for up to two consecutive years.
Open Enrollment
Nov. 1 marked the beginning of the Health Insurance Marketplace's open enrollment period, when anyone can sign up for health care coverage and other related benefits for the coming year. For many companies, this period coincides with employer-sponsored benefits enrollment, and workers across the country will be making decisions about which plans to sign up for.
If you employ fewer than 25 workers who earn an average of $50,000 or less per year, you may qualify for the Small Business Health Care Tax Credit, which covers up to 50 percent of your contributions toward your employees' premium costs if you use the Small Business Health Options Program (SHOP) Marketplace.
The SHOP Marketplace operates differently in each state, so be sure to check your local marketplace options before selecting a plan.
If you are confused and have questions please contact Mintco Financial at www.MintcoFinancial.com or call 813 964 7100
Mintco Financial specializes in health insurance for small business, and very small business. Call now at 813 964 7100
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