Small businesses seeking health insurance affordability do have opportunities from the Small Business Health Care Tax Credit which was implemented in 2010 to offer more opportunities for small businesses to find health insurance for their workers that would both be affordable and allow these business owners to keep health insurance that they may already have in place. Obviously, smaller businesses may have a more difficult time meeting health insurance costs due to the fact that their workforce is smaller and a higher amount of risk is usually associated with a workforce fewer in number than, for instance, a larger corporation.
Yet, recently, more emphasis was being placed on the Affordable Care Act which provides more opportunities for small businesses to find affordability in their health insurance through this tax credit. Also, the new health care legislation is set to fully take effect in 2014 which is hoped to provide further reduced costs by allowing small businesses to take advantage of insurance exchanges which may provide further options and less risk associated with purchasing health insurance.
While this tax credit is currently worth up to 35% of health insurance premium costs that a small business may have to meet, the credit will extend over the next few years and in 2014 could offer up to 50% of coverage related to premium costs for qualified small businesses. A recent report released by the Treasury Department indicated that around 4 million small businesses may qualify for this credit and may either be able to acquire health insurance or keep their current policy in place.
Understandably, costs related to insurance plans like employer group health insurance policies can be quite expensive in some cases and for this reason there are numerous companies and small businesses that do not offer some form of health insurance coverage for their workers. However, it’s hoped that with this tax credit and possible changes coming in the health care laws, more workers will be able to find affordable health care coverage from their employer so that they do not have to either provide health insurance plans for themselves or meet medical costs and treatment without some form of medical care coverage.