Are Healthcare Plans For Small Businesses Through Employer Group Health Insurance Plans Affordable?

Many small business owners provide healthcare options for their employees through an employer group health insurance plan. However, there are companies who fail to provide any form of health insurance coverage for their workers, and this obviously can be quite problematic for an employee who may be met with a sudden illness or injury.

In some cases, individuals who are not insured have fallen upon difficult financial times and have either been met with with an almost insurmountable amount of bills related to medical care or have even had to go so far as to file bankruptcy after medical treatment was required. Also, many unemployed workers find it difficult to meet the costs of insuring themselves and this is where many believe that an employer can do more to provide affordable coverage for their workers.

An employer group health insurance plan is often seen as more affordable for a small business employer due to the fact the risk for the insurance policy will be spread out over a greater number of individuals and can cause premium costs to drop. With new healthcare legislation changing everything from small business health insurance to Medicare, many are wondering how they will meet any medical costs that may arise.

Yet, small businesses are now currently able to take advantage of a tax credit if they provide health insurance for their employees. There are certain small businesses that can claim this tax credit for the 2010 tax year and, for those who qualify, this credit can be used through 2014. While there are affordable options through employer group health insurance plans, these tax credits can make premiums even more affordable for small businesses who provide insurance for their workers.

It’s understandable that in these tough economic times many business owners are unwilling to take on the added cost that may come from something like health insurance, but arguments still remain that providing health insurance can help a company in the long run. As an example, workers who are provided healthcare coverage from their employer often are more loyal and these companies can also attract a higher caliber of worker in the future. Small business owners who may be concerned with health insurance costs may, again, not only benefit from an employer group health plan but may also be able to take advantage of the tax credit that is being offered at the present time.