Small Business and Health Insurance Exchange
Benefits for small businesses offering health care coverage:
2010-2013: Employers offering health coverage to employees will receive a tax credit equivalent to 35% of their health insurance contribution, based on the following criteria:
- Employer pays for at least 50% of the employees' health care premium
- Businesses with fewer than 25 full-time employees and average annual wages of less than $50,000
- Full credit available to employers with 10 or fewer full time employees and average annual wages of less than $25,000
- Tax-exempt small businesses meeting above requirements are eligible for credits of up to 25% of the employer's contribution towards the employee's health insurance premium
2014: Small business owners able to purchase insurance for themselves and employees from the health insurance exchange. Tax credit will be increased to 50% of employer's contribution for 2 years, until 2016, based on the following criteria:
- Businesses with few than 25 full-time employees and average wages below $40,000 per year
To see if your business qualifies for these tax credits and to compare several health plans, check out this information:
*Employers are not required to provide health insurance to part-time employees*Seasonal employees are only required health insurance coverage during the months they are employed full-time (30 hours or more per week)
