Small Business Insurance
What is Small Business Insurance (SBI)?
In 2014, SBI will readily ensure employers with 50 or fewer full-time equivalent (FTE) employees.
Know about and get prepared for SBI
From 1st of October 2013 open enrolment for SBI starts. Coverage starts from 1st January 2014.
Small employers can get prepared:
- To receive email and text updates you can sign up with us. You will receive the latest news, important deadlines and information about SBI.Find out from your agent or broker about SBI.At no extra price to you our licensed agents and brokers can efficiently guide you with your insurance options.
- Verify with your agent or broker if your insurance company isn't providing coverage through SBI.
- From 2014, only SBI offers small business health insurance tax credits. If you get the credit currently it is essential to make a note of it when making a choice.
- From 2014, the tax credit values 50% of your payment to employee premium costs. Up to 35% for tax-exempt employers. This will lower the charge of providing health coverage.
Check with your insurance company about who offers coverage
You can inquire if your insurance company is going to provide coverage through SBI, as a qualified health plan and more.
Your qualification regarding tax credits
Businesses with less than 25 full-time equivalent workers, making $50,000 in average annually can qualify for a small business health care tax credit.
Businesses that have more than 50 employees under them might have to pay a fee in 2015 if they don't provide their employees with the right coverage.
In 2015,The Employer Shared Responsibility payment is new under the health care law for those employers with more than 50 full-time equivalent (FTE) employees that don't offer minimum health insurance assistance as the new law states.