When it comes to small businesses and health insurance, working out the financial concerns can be difficult. Most businesses that don’t employ a large number of people also don’t have a big budget. If they have to pay insurance costs for their employees under the Affordable Care Act, they may end up going out of business. Fortunately, small businesses are exempt from requirements that force them to provide health insurance for their employees.
If they are able to, though, and they choose to provide it, they can receive tax credits to help them pay for it. For companies with 25 or fewer low-wage employees, up to 50% of the cost of the healthcare premiums can be returned to the company beginning in 2014. From 2010 through 2013, that amount was 35%. Some of the employees will also get subsidies, and between the employer help and the subsidized employee costs, more people who don’t make a lot of money will have health insurance and be protected from financial disaster if their health should fail.
For more information on small group health insurance in the Lombard, IL area, contact the Steve Wilk Insurance Agency today.
Steve Wilk Blogging Team