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How Obamacare might save one small Birmingham business 41
examined three alternatives: 1) the traditional tax deduction, which the company now uses; 2) the tax credit option, and; 3) the individual marketplace scenario.In this first situation, the business would receive its standard tax deduction for paying a portion of health insurance, basically keeping them at status quo.View full sizeDoug Hoffman, Obamacare navigatorAs long as the business selects a New Balance Running Shoes Reviews plan listed on the SHOP exchange, they New Balance Concepts Grand Tourer
reducing taxes," Hoffman said. "This does not really reduce the premiums. They would still pay the premium listed on the SHOP exchange. However, some of the SHOP premiums may be lower than their quotes given out by insurers."Hoffman said the best plan for the business he is working with is scenario three. The plan would be for the company to not offer anyone a plan, and instead its employees shop on the Individual Marketplace.In this case individual employees would be eligible for their own tax credits based on their household income and size. Some employees will realize significant savings, whereas others will not. But, in this particular case, after crunching the numbers, the company could subsidize the losers with a pay bonus and still come away with a $21,594 increased net income, and reduce premium costs by 41 percent.
That deadline for individuals is passed unless you meet "special enrollment" criteria such as a job loss or family change.So now Hoffman is turning his attention to opportunities available for small businesses (less than 50 employees) who are not required to offer health insurance. But many do offer policies.Small businesses account for 96 percent of the firms in the United States or 5.8 million out of 6 million businesses, employing nearly 34 million workers, according to the White House.Many small businesses are coming up for policy renewal in July. Owners may have received their quotes but many may not understand the options open under the Affordable Care Act. A new Harris poll on behalf of the Transamerica Center for Health Studies found that only six in 10 businesses with under 50 employees were aware of the options available through SHOP or Small Business Health Options Program, which is under the Affordable Care Act.There are other creative options as well using the Affordable Care Act, as Hoffman demonstrates in a real case study from a five person business in the Birmingham area. The company currently subsidizes employees' insurance and wants to make sure the employees stay covered.[Study: Obamacare is less expensive than employer plans]Hoffman withheld names to protect privacy.For this particular business, Hoffman New Balance Running Shoes White
will be eligible for a tax credit up to 50 percent of the insurance premium paid. To get the credit, the business must subsidize the premium at least 50 percent. In Alabama, Blue Cross and Blue Shield, and UnitedHealthCare are offering SHOP Plans.Under that plan the company gets a tax credit totaling $8,650 and this money will go straight to the bottom line assuming the business owes taxes."The SHOP tax credit gives the business an $8,560 improvement to its bottom line New Balance Fresh Foam Zante White
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