Small business owners in Florida are required to offer their employees health insurance by 2015, or take a tax penalty on their business taxes. This does not mean that some small business owners aren’t choosing to offer insurance to their employees earlier than the mandated deadline. As small business owners are signing up for an ObamaCare plan for their employees, they can also choose to sign up for a plan for themselves as well. This is a nice way to get both situations rectified in one swoop.
There are tax credits available for small business owners that help employees obtain and pay their premiums through the health care Marketplace site. Detailed below are both the companies eligible and those that aren’t:
- <25 full-time employees with annual average wages of less than $50,000 are eligible for tax credits to assist in helping them pay a portion of their employee’s premium.
- >50 full-time employees with annual average income more that $250,000 do not receive a tax credit, and must provide all employees health coverage by 2015 as part of the “the employer mandate.”
The official ObamaCare enrollment period ended on March 31, 2014. Important Notice: Its urgent, to avoid future fines and penalties, to sign up for health insurance under the Affordable Health Care Act.
Florida Individuals & Families: Find out the most cost efficient healthcare insurance for you.
Some small business owners do have the same right as individuals in the sense that they can opt to pay a tax penalty at the end of the year instead of offering a health care plan to their employees. However, these individual employers will be eligible to apply for health care on their own through the healthcare Marketplace. The best way to find out if your business qualifies for this is to speak to someone at the health care Marketplace 1-(800)-318-2596.