As a small business owner, how will healthcare reform affect your practice and employees in 2014 when the Insurance Benefit Exchanges begin enrollment? Will you have to begin offering health insurance to your employees? If not, will you face any penalties? Are there tax advantages to providing insurance to employees?
The good news is, if you have 50 employees or less, you will NOT pay any penalties if you choose not to offer your employees health coverage. If you have 24 employees or less and currently offer coverage, you may be eligible for a 35% tax credit immediately. This tax credit increases to up to 50% in 2014. To calculate your current tax eligibility, visit the Small Business Majority website.
Healthcare reform is very complex. As independent optometrists and small business owners, it’s vital you stay informed about healthcare reform and the risks it poses to your practice.
For additional information and to review the Patient Protection and Affordable Care Act, please contact Ann Deen at (214) 704-1181.