Small business owners are able to take advantage of a tax credit that allows them to provide health insurance for their employees as the credit would cover a percentage of the amount they pay in healthcare premiums. Depending on the size of the business and the amount of employees on hand, the tax credit could cover a sizable amount for any small business and it lasts into the 2013 tax year.
Providing health insurance for employees is something that some business owners may avoid because they worry about the costs associated with doing so. Small business owners fail to realize that health insurance is something that many workers often appreciate, almost equally with their wages, and that knowing they will be covered if illness or injury suddenly strikes gives a great deal of security to workers.
Many health insurance companies often advise small businesses to provide healthcare insurance for their employees as it can be beneficial in a number of ways. Keeping employees happier and more loyal to their company is one benefit that can not only help the company grow, but if an employer is known to take care of their workers they can attract a higher caliber of employees in the future.
Also, by providing health insurance for small business, an employer will be spreading the risk out and will incur cheaper costs on their health insurance then if they localized health insurance for only one or two workers.
Healthcare are one of the most expensive costs anyone can accumulate during their lifetime and sadly many people have gone bankrupt trying to pay their medical bills. Any employer who cares about their employees can see that healthcare costs are rising and if they can provide health insurance for their employees it’s going to go a long way in helping not just the employees do more for their company, but also help their employees in their personal life.
Small business owners that may be considering a health insurance plan should reference the IRS website to see if they qualify for this tax credit as a credit on a business’s taxes that can help them with the costs of insurance premiums is going to go along way in making health insurance more affordable.