Small business owners oftentimes do not provide health insurance for their workers due to a variety of reasons but there are many advantages for employers to extend healthcare benefits for their employees. Currently, small businesses may qualify for a tax credit which will cover a percentage of the cost of premiums for health insurance plans.
The IRS mailed out postcards to small businesses notifying them of this new tax credit, so any small business owner who may not be providing health insurance for their workers or who currently does provide health insurance, may want to look to see if they qualify for this tax credit.
Small business health insurance provided by employers can be beneficial to any company as it will keep workers happier and more secure since they know that in case of illness or injury that will be covered by their insurance policy from their employer.
Also, many employers who worry about the cost of health insurance fail to realize that employer group health insurance, while it is not cheap, is more affordable and cost efficient when the risk is spread out over many workers. Providing health insurance for one or two employees is much more costly, as the risk is concentrated on fewer people. So providing an employee health-insurance plan can be more beneficial for small business owners.
Small business health insurance policies also make employees more loyal and as any employer knows keeping employees on staff, who know how the business works and have been with the company for many years, are a valuable asset. Also, when an employer provides incentives like small business health insurance plans to their workers they may be able to attract a higher caliber or more highly qualified employees in the future.
Small business owners may be able to qualify for this new tax credit, which again, helps cover the costs of providing health insurance for workers, so any business owner may want to look into their options in terms of what health insurance plans an insurance company may be able to create for their business and start down the road that leads them to providing quality healthcare for their employees.