Top 5 Things that Small Business Owners Need to Know about Health Care Reform

1. If you have up to 25 employees, pay average annual wages below $50,000, and provide health insurance, you may qualify for a small business tax credit this year of up to 35% (up to 25% for non-profits) to offset the cost of your insurance. This will bring down the cost of providing insurance.

2. Employer-based plans that provide health insurance to retirees ages 55-64 will be able to get financial help through the Early Retiree ReinsuranceProgram that starts in June 2010. This program is designed to lower the cost of premiums for all employees and reduce employer health costs.

3. Starting in 2014, the small business tax credit goes up to 50% (up to 35% for non-profits) for qualifying businesses. This makes the cost of providing insurance even lower.

4. Starting in 2014, small businesses with generally fewer than 100 employees can shop in an Exchange, which gives you power similar to what large businesses have to get better choices and lower prices. An Exchange is a new marketplace where individuals and small businesses can buy affordable health benefit plans. Exchanges will offer a choice of plans that meet certain benefits and cost standards. Starting in 2014, Members of Congress will be getting their health care insurance through Exchanges, and you will be able buy your insurance through Exchanges, too.

5. Employers with fewer than 50 employees are exempt from new employer responsibility policies. They don’t have to pay an assessment if their employees get tax credits through an Exchange.

Learn more at http://www.healthcare.gov/foryou/small/top5/index.html#

The experts at The Employee Management Team are staying on top of all of the changes that will be occurring - at a very rapid pace - in our health insurance delivery system. Understanding, explaining and implementing all aspects of employee benefit plans in common-sense language is what sets us apart from the others.