Kudos on being the world’s greatest boss! Offering a good benefits package (including health insurance) is a key strategy in keeping your prized employees from seeking greener pastures. This prevents the negative effects that accompany the departure of valued staff members. Happy employees = continued smooth operation of your organization.
It’s also a smart way of recruiting new talent, making your organization a top pick among gifted individuals!
I run a small organization or business
The government provides a tax credit as a serious incentive to offer healthcare for your employees. To be eligible for these credits, you must contribute at least 50% of the total health premium. If you employ less than 25 employees, with average annual wages of $50,000 or less, you qualify for a 35% tax credit effective immediately.
On Jan. 1, 2014, the tax credit increases to 50%.
If you employ 10 or fewer employees with average annual wages of $25,000 or less, you would still qualify for the full tax credit of 35% effective immediately or 50% in 2014.
If you are a nonprofit organization, a tax credit of 25% is effective immediately and 35% in 2014.
If you employ less than 50 employees, you will not be required to provide health insurance. You are exempt from the mandate to contribute or pay a fine.
It’s true, I am an amazing boss! How else will reform affect me? Better Protections Now
