Small businesses face perennial difficulty insuring themselves and their employees. This is the challenge that Obamacare small business health insurance package seeks to solve by offering tax breaks and credits. These facilities will reduce the expenses of providing adequate cover to the employees and their families. The plan has seen the establishment of a SHOP or market place in every state to facilitate selection and purchase of plans that are unique to each business environment.
The packages depend on the size of your full-time workforce. Tax break is provided for businesses with more than 50 employees. These employees must be on full-time basis or equivalent. Their annual wage is another consideration and the total amount if such an employee has a family. The policy on employers with less 25 workers takes effect in 2014. The wage bill must be below 50,000. These businesses are provided with credits to cover for premiums paid for these employees.
Tax credits are backdated to 2010. This means that a business may claim the credit for any year since then. By 2015, businesses that employ over 100 workers are required to organize cover for all full time employees if their wage is over 250,000 dollars. This clause takes effect in 2015. This is what has been referred to as employer mandate in some quarters.
Businesses with between 50 and 99 employees must provide them with cover by 2016. Temporary employees with terms that almost resemble full time workers must be included. Businesses will have to factor a penalty of 2000 dollars for failure to comply with this directive. If employees get their cover through market place, the employer will be required to include 3000 dollars as penalty during the end of year federal income tax filing.
The medicare part A tax has been increased by 0.9 percent for businesses making more than 250,000 in profits. This cost will be shared between the employer and the employee. The employer takes a 0.45 percent with the remaining percentage being taken by the employee. It affects individuals whose annual income is 200,000 dollars and families whose annual income is 250,000 dollars or more.
Employers whose workforce is over 50 persons should inform these workers about their entitlement and the exchange or market rates. The SHOP will open in November 2014 with direct enrollment taking effect in 2015. Businesses with a workforce that exceeds 50 workers have up to November 2015 to begin enjoying direct enrollment.
SHOP plans can be purchased from agents for the small businesses after which they will claim their credits when their phase opens in 2014 November. The taxes may be carried forward into the future or retroactively over past years. Considerations are the size of your workforce and returns at the end of the year.
Jeannie Monette loves writing reviews about insurance providers. For more information about Obamacare small business health insurance, or to discover group health insurance plans, please visit the MercadoInsuranceServices.net site now.
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Obamacare Small Business Health Insurance Plan
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