Health coverage rights for you
What are the facts that Small Businesses have to know about my Health Coverage as an Employee?
Rules for 2019 plans:
- Cannot back out based on the health condition of employees or even if they have conditions.
- Cannot demand more premiums for women employees or increase premium for those with higher costs.
- Attract and maintain quality employees. The perceived value of employee benefits has increased after the health care reform.
- Offer employees the option to payroll deduct the cost, therefore allowing more flexible payment preferences.
- Avoid being penalized by the government. Employers with 50 or more full-time equivalent employees are required to offer affordable, minimum-value group health plan.
- Gain Tax Advantages. Employers can deduct 100% of their employees’ health plan as a business expense.
- Receive a tax credit.Small businesses with fewer than 25 employees may be able to receive a tax credit under the SHOP plan (Small Business Health Options Program). Receive a 60% tax credit for every healthcare dollar spent on employees.
- Increase profits with more productive employees. Health Plans focus on preventative care and improving the quality of life for your employees, decreasing the chance of employees taking sick leave.
- Give your employees peace of mind. Employees can feel more secure knowing that they can pay for medical expenses, especially in an emergency making them more focused and loyal.
- Feel free to Contact Us to know more.
- * This information is for general information purposes only, for specific Tax information contact your accountant and your local IRS office.
These requirements do not pertain to grandfathered plans.
- Health Coverage starts on the 1st of January 2019 and enrollment begins November 1st and ends December 15th.