A new tax credit that is set to provide assistance for small business owners who are willing to provide health insurance for their workers or those who already cover the cost for healthcare may offer businesses help with their health insurance premium costs for the 2010 to 2013 tax years. Small business owners often neglect health insurance policies for their workers due to worries about cost.
However, health insurance plans, while they are not cheap, can be very beneficial to an employer in a variety of ways. The cost of healthcare has driven many people to bankruptcy when they were met with a sudden illness or injury which they could not pay. When an employer provides health insurance for their workers it allows their employees to feel more secure in that their employer will provide for them in a case where they need healthcare.
It’s also true in the majority of cases that employees will usually be more loyal and happier in their job if they know that certain benefits are provided, like healthcare. Health insurance plans can also be one of the added perks that will draw many highly qualified employees in the future and keep current employees loyal longer. As any business owner knows, employees are key when it comes to growing, expanding, and making a business more profitable. When something as simple as a healthcare policy can bring about these benefits it’s worth a small business owner taking a second look.
Talking over options and policies with insurance agents is usually where many small business owners turn as these individuals and companies often can tell a small business owner what they might be able to offer depending upon their state laws regarding health insurance. Also, spreading the risk out over a large number of people in a health insurance policy usually lowers the costs of premiums due to the number of individuals that may be covered under an employer’s healthcare plan.
It’s hoped that this new tax credit is going to help small business owners not only currently afford health insurance, but it’s also designed so that business owners may be able to see the value that a health insurance plan has in their company and hopefully, it will prompt more business owners to keep health insurance for their workers permanently.