subject: Choices of Small Business Health Insurance [print this page] Choices of Small Business Health Insurance
You know you are mandated to offer health insurance to your employees. If you've lower than five employees then you're considered a small business and may perhaps be wondering what your choices are. So how are you likely to afford to pay for this insurance for yourself and your staff?Just a number of years ago, the costs of insurance premiums rose so high that would be almost became impossible for small business owners to get any. After the financial crisis happened, insurance premium rates went down in a spiraling dive that left everyone too scared to commit!
There could hopefully be light at the end of the tunnel whenever the new health care reform bill comes into effect. When 2014 rolls around, small businesses can band together and purchase group health insurance. It was only the larger companies who could muster the numbers and get cheaper rates but now it's possible for the small businesses to join in. The savings may be small, possibly 1% to 4% less, although employees will have more benefits, a raise of about 3%.. Small business owners are asking though, what about now? Although the three years until the end date of 2014 won't really take that long, it isn't the answer for small businesses that need to get insurance right now.
At this moment, small businesses that have working staff of ten employees or less who who are in the salary range of $25,000 can deduct about 5% of the health insurance from tax credits. Those "bigger" companies which have about 25 workers who earn a maximum of $50,000 yearly can claim partial tax credits. Pre-existing conditions won't affect rates any more or exclude an employee from coverage once the reforms start since insurance offerers will not be allowed to perform this any longer. The factors which might affect the insurance rates could be the tobacco exposure, geographical location, and ages of the insured. Small business enterprises will certainly be affected by these changes over the insurance horizon. Until 2014, though, there will be nothing new in the market since many states won't be implementing these changes until just before the due date.
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