Helping Small Businesses
Helping small businesses obtain health insurance. Under the Act, small businesses will be given the ability to join a large pool, which will provide access to the same types of quality, affordable coverage that only large firms have today such as: lower rates; stable pricing; lower administrative costs; and a choice of quality plans.
Tax credits for small businesses. Small businesses with less than 50 employees do not have to provide health insurance coverage and the employees may get their health insurance through the Exchange and apply for tax credits. If a small business with less with 25 employees does chose to offer health insurance, and has an average salary of $50,000 or less, the Act provides a tax credit beginning this year of up to 35% in order to make coverage more affordable.
Once the Exchanges are up and running beginning in 2014, eligible employers who purchase coverage through the Exchange for their employees can receive a tax credit for two years of up to 50% of the employee’s premium.
To calculate how the health reform may benefit your small business please visit the website below: http://www.americanprogress.org/issues/2010/04/small_business_health_calculator.html
