Skyrocketing medical expenses have left many people with huge debts after serious illnesses. This makes it imperative to provide some medical cover to cope with such situations. This need had been recognized by the government and the result has been some innovative changes in the applicable legislation for small business health insurance.
In terms of the new tax provisions, any company with fewer than 50 employees qualifies. The medical cover will apply to the owners as well as any people working there. This medical cover is a really great benefit, as it provides for excellent medical care while being at the same time very tax-efficient from the company point of view..
Buying the cover through the government-sponsored SHOP program allows you to qualify for a tax rebate of up to 50% of your costs. This makes sense for the government, as it means they do not have to bear the burden of uninsured individuals and administering the program. For the individual, it means you can afford better healthcare.
People who work for themselves but have nobody else that they employ, there are special plans available as well. While companies with more than 50 employees will be phased into the plan at a later date. Within the next few years most people in the United States will have medical cover.
You can get full details on the SHOP website. The provisions vary from State to State and you can choose from a number of different options. The policies available are compared on a basis of cost and cover so you will be able to select one that suits your specific requirements best.
It makes great economic sense to investigate the small business health insurance cover now available. It allows you to provide meaningful benefits to your employees while reducing your tax bill. This will make it possible for them to ride through most health crises without incurring enormous debts, and show you have their interests at heart.
Learn more about your Health Insurance options. Stop by The Insurance Exchange site where you can find out all about affordable Health Insurance in Kentucky and learn more about healthcare reform.
The post Small Business Health Insurance Is A Tax-Effective Company Benefit appeared first on downshar.com.
Small Business Health Insurance Is A Tax-Effective Company Benefit
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