Beginning with the 2014 tax year, the US government employed health insurance premium tax credits to make plans more affordable for a broader cross-section of Americans. Your company’s insurance plan and/or contributions to workers’ healthcare expenses can be written off as business deductions. Read on if you need help navigating the quagmire of issues surrounding health insurance for small business.
Kabbage has great resources, which will show you how to claim a deduction or a tax credit for health insurance. We also know that it can sometimes be difficult to wade through the new healthcare reform law, and small business owners don’t always understand their options or responsibilities. We have included several helpful website links at the end of this article so you can conduct your own research.
The rising cost of complying with health care reform is among the serious challenges facing small businesses. More than 80 percent of business managers and other decision makers surveyed in a study conducted by the ADP Research Institute think that the cost of providing employer-sponsored health insurance will be an obstacle to their company attaining its business goals.
The US Small Business Association is providing another great resource to small business owners: a free webinar series where they can learn the rudiments of the Affordable Care Act and what it means for their personnel and organization. The New Health Insurance Marketplace, the Small Business Healthcare Tax Credit, the New Employer Reporting Requirements, and Employer Shared Responsibility are some of the topics that will be covered.
If you’d like to find out more about the Patient Protection and Affordable Care Act, also known as ACA or colloquially as Obamacare, you can take a look at it here, where it’s published on the website of the US Government Printing Office. You can also take a look at your health insurance options on the Healthcare.gov website.
Zane Benefits has put together a collection of the most popular small business articles for health insurance agents and brokers. Topics include the small business market opportunity for brokers, healthcare reform, and small business health insurance. Here you’ll see titles such as FAQ: Does my Small Business Have to Provide Health Insurance? and 4 Myths About Small Business Health Insurance.
For employers looking for a software system to help them manage employee insurance and other HR functions, Zenefits (not to be confused with Zane Benefits described above) offers free software to business customers. The company makes money by claiming commissions from health insurers and other benefit providers, once the customer decides to manage his or her benefits through the platform.
What is the Best Health Insurance Plan for My Business?
The Affordable Care Act, according to The New York Times, has mostly succeeded in delivering on President Barack Obama’s key promises when the plan was conceived. On the other hand, it has fallen short in some ways, notably with higher premiums, where some middle-income people earn too much to qualify for subsidies, making the plan unaffordable for too many participants.
It’s, therefore, important to research your options for health insurance for small business, since offering coverage to your workers is one of the best ways to attract and retain top talent. Though you’re not required to provide health insurance if your business employs fewer than 50 full-time employees, if you choose to provide coverage, your company would become eligible for a tax break.
If you have questions about the Affordable Care Act, you can call their hotline at 1-800-355-5856. Read the IRS guide: Affordable Care Act, What Employers Need to Know, available on www.irs.gov. You can also find other great resources on the IRS website, which will help you understand the Affordable Care Act better. Below are some other resources that you can use to ensure that you and your employees get the best coverage possible.