Small businesses who offer health insurance through an employer group health insurance plan often find that they have affordable options when it comes to bringing health care coverage to their workers. Employer group health insurance plans are a common choice among business owners as they can tailor these plans to fit their needs and, in some cases, their budget concerning affordable health insurance. Obviously, some health insurance plans may cost more than others, depending on an employer, but a current health care tax credit for small businesses may make meeting premium costs more affordable over the coming years.
Obviously, employment health insurance plans are greatly beneficial to workers as meeting health insurance costs or health care treatment without coverage can be quite costly for individuals and, in extreme cases, have put many in a terrible financial position in their personal life. However, some employers feel that they simply cannot afford the premiums associated with an employer group health insurance plan if they had a small workforce.
Yet, the small business health care tax credit which was implemented in 2010 is set to address just this issue as small companies qualify for a tax credit of up to 35% on health insurance premiums for their workers and, in 2014, qualifying businesses may see an increase to a 50% tax credit on health insurance premium costs for businesses who provide their workers some form of coverage.
Not all companies may qualify for this health care tax credit, but it’s hoped that businesses which have a small number of workers, meaning an employer may have to meet higher premium costs due to the fact that the health insurance risk is spread out over a smaller number of people, will have the option to find affordability within these health care plans. Companies who currently offer their employees health insurance through an employer group health insurance plan may qualify for this health care tax credit, as it’s hoped that these companies will continue to provide insurance for their workers. However, companies who may not offer health insurance for their workers are being prompted to seek out an affordable health insurance plan if they qualify for this tax credit, as this health care option is hoped to open doors for more employers to offer some form of insurance to their workers.
Again, health insurance options through employer group health insurance plans may be available to many businesses, but deemed to be unaffordable at the present time. Yet, information from the IRS is available to small businesses concerning the health care tax credit and, for the coming years, businesses are being urged to look into qualifications for this credit which may offer them the chance to provide insurance to workers who would otherwise have to meet medical care costs alone.