Tax Credits Calculator
Earlier this year, Congress passed national legislation intended on reforming the health care industry that will provide small business owners with the opportunity to receive health care benefits. The reform is estimated to spend billions on federal tax credits to the business owners to give the 45 million uninsured Americans with the opportunity to receive health care benefits. However, most business owners do not know if they qualify to receive said benefits or how to receive the funds available.
CHOICE Administrators® have created a simple calculator, referred to as a "tax credit calculator", to provide small businesses with a wider range of access to this money. The calculator lets brokers figure out if their employees are eligible for the credit while also figuring out potential savings for the company. CHOICE Administrators is one of the nation's leaders in both the development and administration of health insurance. It currently services over ten thousand employers and nearly two hundred thousand members.
Financial relief provided by the tax breaks
According to Ron Goldstein, the president of the company, small business owners absolutely need this financial relief provided by the tax breaks. As the market slowly improves, many of them need a boost to get back on their feet. The tax credit calculator was created with the purpose of making business owners increasingly aware of the benefits they can receive, including making health insurance affordable for both the owners and the people who work for them.
Although many of the provisions included in the new wave of health reform legislation spurred on by the Obama administration have yet to be ironed out, these tax reductions are for small businesses that provide their employees with health insurance take effect now. Any company that has less than twenty five workers and average salaries less than $50K is eligible to receive a tax credit reimbursing up to 35% of the employers payments on health care. Eighty percent of all small businesses are expected to be able to receive the benefits, according to Washington-based advocacy group for healthcare, Families USA.
The entire purpose of the tax credit is to encourage businesses that do not currently offer benefits such as health care to reconsider, and to act as a stopgap measure prior to 2014, when the national healthcare system takes effect. The new healthcare system provides each state with exchanges designed to provide affordable healthcare to everyone. It will allow one to see the costs and benefits of different plans more easily than what is currently available and help to find one that is most suited to support an individual's needs and capabilities.
Goldstein claims that healthcare exchanges are the first step to improvement, as they encourage choice and will lead to healthcare purchases based on value, rather than price. If properly implemented, exchanges have the capabilities to move us to a more rational way of purchasing health insurance, while making steady gains toward achieving the dream of universal health coverage for everyone. Although the exchanges are not to take effect until 2014, it is encouraged for all businesses to begin looking into their options immediately.
Business owners that are interested in finding out more abuot the Tax Credit Calculator should contact their brokers. The calculator, and additional information on the company and its services, are available at wwww.choiceadmin.com. For a reliable company serving already so many families and businesses, look into CHOICE today.