The one thing we know for certain about the Affordable Care Act is things will change. That change will likely come in many forms and it will be different (welcome, unwelcome, scary, wonderful) depending on who’s talking. Even though as small employers, those with fewer than 50 employees, we may not see a direct impact, there’s no doubt in the world that the change will effect us too.
Health insurance is a big deal. And it’s a big cost for everyone. As more people enter the system, the youngest and most healthy will likely have to pay more to maintain coverage, but on the whole, costs should become more affordable for those in the most need.
So here is my plea. If you don’t currently offer health insurance to your employees, keep an open mind. Keep track of rates and potential costs. You never know at what point it starts to make sense. And also, remember that you don’t have to pay 100% of the premiums in order to qualify. If you pay 50% or more, then that’s one box you’ve checked and you’re on your way to being eligible.
I don’t know about you, but I love watching how-to videos. I’ve learned how to perform simple plumbing tasks, how to adjust my ceiling fans so they don’t shake, and even how to build a proper french drain for my yard.
I bet you can guess where this is going, right? For those interested in the Small Business Health Care Tax Credit, we’ve got an outstanding resource for you in the form of a seven minute video. In less time than it takes to cook instant rice on the stove, you can have a solid understanding of this important and potentially lucrative tax credit. If you can’t wait any longer, click here to view the video.
Including information on the credit’s history and plans for the future (increasing to a maximum credit of up to 50% in 2014), this video gives step by step instructions to allow you to quickly determine your eligibility. It also includes a great testimonial from Ms. Sherry Watkins, co-owner of Custom Hydraulics & Design. Her Charlotte-based small business has been able to take advantage of the credit over the last few years, and in my opinion, that’s great for her. Custom Hydraulics & Design provides an incredibly important benefit for its employees. One that comes with a fair amount of expense, and if a credit is available to help offset that expense, then you take advantage of it. Plain and Simple.
So again, take a few minutes to view this great “How-To” video on the Small Business Health Care Tax Credit. It may not show you how to build a French Drain, but you may just save a few thousand dollars!
In 2010 the federal government created a valuable tax credit for small businesses that offer employees health insurance. But for some reason not everyone that is eligible is taking advantage of it. Here in North Carolina, we’re working to get the word out. We’re sending out emails, distributing brochures, speaking at conferences and events, and we’ve created this website site and blog to promote the credit.
It’s true that not all companies will be eligible, there are well-defined wage and size requirements that might disqualify many. For more about those, visit the How the Credit Works page on this site. Regardless of what you may have heard about this program, if there is significant money on the table you owe it to yourself—and to your business—to try to take advantage of it.