Posted on May 9, 2012 by scjustice
A recent report by Families USA and Small Business Majority finds that with the passage of the Affordable Care Act, millions of small businesses throughout the United States are now eligible for a tax credit to assist with health coverage for employees.
Their analysis found:
- More than 32 million small businesses, employing 19.3 million workers across the nation, will be eligible for the tax credit;
- In total, these small businesses are eligible for more than $15.4 billion in credits for the 2011 tax year alone, an average of $800 per employee.
To find out how South Carolina will be benefited view full report
Filed under: Affordable Care Act | Tagged: Affordable Care Act, small businesses, tax credit | Leave a Comment »
Posted on October 24, 2011 by scjustice
Here’s hoping we in South Carolina get a shot at purchasing our health insurance through a competitive and transparent market!
Saturday, October 22, 2011
As co-owner of a small IT solutions company in Alpharetta, Julie Haley would rather be out networking and snapping up new business instead of spending hours looking for ways to curb her firm’s escalating health insurance costs.
“It really crippled us,” she said, adding that the exorbitant cost meant growing the business more slowly.
Like small businesses across Georgia and the nation, health care costs for Edge Solutions, which Haley started in 2008, have been jumping by double digits. Haley estimates in the first year alone, health care costs made up 25 percent of operating expenses – in part because without at least 10 employees insurers wouldn’t even bother talking with her. Instead, she paid pricey continuation coverage of workers’ prior plans to attract the experienced people she needed who were used to great benefits at larger companies.
Some relief could be on the way, however, with the creation of a small business insurance exchange in Georgia that experts say could reduce costs for employers and increase plan options for workers.
A committee of local health care experts, lawmakers and community leaders is exploring ways to develop an exchange — required starting in 2014 under the federal health care law — and will deliver final legislative recommendations to the governor by Dec. 15. The group is also looking at an exchange for individuals.
While opposing the health care overhaul, Gov. Nathan Deal appointed the committee earlier this year — saying it made sense to study Georgia-based solutions while the courts decide whether the law is unconstitutional. The federal government will step in to set up exchanges if states don’t. (more…)
Filed under: Affordable Care Act | Tagged: Atlanta, Georgia, Georgians for a Healthy Future, Gov. Nathan Deal, health insurance, health insurance exchange, health insurance marketplace, National Federation of Independent Business, NFIB, Small Business, tax credit | Leave a Comment »
Posted on January 4, 2011 by scjustice
The Small Business Majority commissioned a national survey of 619 small business owners from Nov. 17-22, 2010, to gauge how entrepreneurs view two critical components of the Patient Protection and Affordable Care Act: healthcare tax credits and insurance exchanges. It found that both the small business tax credit (a provision allowing businesses with fewer than 25 employees that have average annual wages under $50,000 to get a tax credit of up to 35% of their health insurance costs beginning in tax year 2010) and the insurance exchanges (online marketplaces where small businesses and individuals can band together to purchase insurance starting in 2014) make small business owners more likely to provide healthcare coverage for their employees.
The key findings of the survey include:
One-third (33%) of employers who don’t offer health insurance said they would be more likely to do so because of the small business tax credits.
31% of respondents —including 40% of businesses with 3-9 employees—who currently offer insurance said the tax credits will make them more likely to continue providing insurance.
One-third (33%) of respondents who currently do not offer insurance said the exchange would make them more likely to do so.
The same is true for those who already offer insurance, with 31% responding that the exchange would make them more likely to do so.
However, most respondents are not familiar with the exchange or the tax credits; only 31% of respondents are familiar with the exchange and 43% are familiar with the tax credits.
Owing to this last finding, SC Healthcare Voices urges you to spread the word about the new law’s benefits.
Get the full report here.
Filed under: Health Care Law Implementation, Understanding The New Law | Tagged: Affordable Care Act, health insura, healthcare reform, insurance exchange, poll, Small Business, Small Business Majority, survey, tax credit | Leave a Comment »