Small Business Health Insurance Tax Credits And Legislation–Can Employers Provide Affordable Healthcare Coverage?

Many small businesses have been seeking ways to provide affordable health insurance options for their workers, yet, premiums often come at a high cost for some companies and prevents these business owners from offering any type of healthcare coverage for employees. However, new healthcare reform laws are set to start offering changes in the way businesses provide health insurance or cover current employees under their existing health insurance plan.

Provisions that employees hope to take advantage of include changes where coverage must be offered to dependents of employees until the age of 26, children may no longer be denied coverage for a pre-existing condition, there are no longer lifetime limits on coverage, and new regulations may prohibit insurers from dropping an employee or insurance customer when they become ill. These are just a few changes that are reported to be on the way for health insurance providers and employers who offer coverage for their workers.

However, there have also been small business health insurance tax credits that have been offered to assist employers when it comes to either providing health insurance for their small business or keeping health insurance for their workers if a policy is already in place. A current health insurance tax credit may be available to certain businesses that have fewer than 25 full-time workers and pay average annual wages of less than $50,000, and this credit has prompted many business owners to offer an insurance plan for their workers.

While the cost of providing health insurance can be difficult for some companies to meet, it’s hoped that with new provisions taking effect stemming from healthcare reform legislation and tax credits being made available to smaller businesses who may have to carry a heavier premium burden due to the fact that they have a smaller number of workers, more employees may find healthcare coverage through their employer because of these initiatives.

The healthcare industry in our nation is far from perfect and can be quite costly to those who are uninsured, but it’s believed that these new measures can provide workers with a more affordable and helpful health insurance policy from their employer, which has been a great help to many uninsured individuals in our nation.