Tag Archives: tax credits

Insurance Coverage for Part-Time, Seasonal and Temporary Employees

Most employers are not able or willing to offer insurance coverage to their part-time, seasonal and temporary employees. However, they also understand the importance of having health insurance especially now that employees can incur significant fines for not having coverage.

Benefits Network’s Your Health Insurance Shop can help. Our Individual and Senior Product Specialists can help your employees who are otherwise ineligible for group coverage. Our team will:

  1. Determine if they are eligible for subsidies or tax credits
  2. Help choose a plan that includes their doctors and hospitals
  3. Select a plan that meets their health care needs and their budget

And the best part – there is never a fee for our help! A Your Health Insurance Shop representative can conduct an enrollment fair onsite at your place of work or schedule appointments with individuals at their convenience.

Contact your Benefits Network Consultant today about providing this service to your part-time, seasonal and temporary employees free of charge to you and your team.

 

Small Business Tax Credits

We have had many questions recently about how a business can qualify for a small business tax credit that may offset a portion of healthcare premiums.   We have compiled information below  from the IRS in the hopes of simplifying the process for you.*

Tax Credits

The maximum tax credit available for tax years 2010 through 2013 is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities.

For tax years beginning in 2014 or later, there will be changes to the credit:

  • The maximum credit will increase to 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers.
  • The credit will be available to eligible employers for two consecutive taxable years.

Businesses that are eligible for the tax credit :

  • have fewer than 25 full-time equivalent employees
  • pay an average wage of less than $50,000 a year, and
  • pay at least half of employee health insurance premiums

In order to qualify for the tax credit, a business must offer their employees a SHOP qualified health plan. These are available from both UPMC and Highmark in Western PA .  The business must also meet the following guidelines:

  • Have a primary business address within the state where you are buying coverage
  • Have at least one common-law employee

The application to see if you are eligible for the tax credit is fairly simple,  It asks only some basic information about your business and your employees.  There is no financial information required.  You can download it here. SHOP Health Coverage Application for Employers

If it is determined you are eligible for a tax credit, contact a benefit adviser at 724 940 9400 for help selecting a SHOP qualified plan.   As always, please seek the advice of a professional tax adviser for details on tax planning.  Benefits Network Consultants are not tax professionals.

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*Source: http://www.irs.gov/uac/Small-Business-Health-Care-Tax-Credit-for-Small-Employers