Small groups can use our tax credit calculator to add up savings
One provision of the health care reform law was written with small business owners in mind. Based on certain criteria, some eligible small businesses (25 and fewer employees) may get a tax credit of up to 35% (25% for tax-exempt eligible small groups) in 2010. To help you estimate a tax credit amount, we worked with H&R Block to bring you a small business tax credit calculator. Just plug in the requested information to get an estimate on potential health insurance savings under the health care reform law.
This calculator, powered by H&R Block, can help you understand the potential financial effects of the following health care legislation on small businesses:
- Small business health care premium credit (effective 2010)
- Requirements of provider coverage for employees (effective 2014)
- Penalties for not providing coverage (effective 2014)
- Excise taxes on high-cost health plans (effective 2018)
Navigate the calculator by clicking on the "Continue" button at the bottom of each section, or you can skip around by selecting the blue bars for the different sections.
Letting members know about certain re-enrollment rights
This week, we sent letters to our fully insured members, fully insured employers and ASO employers to explain re-enrollment rights under two health care reform provisions: removal of lifetime dollar limits on benefits and adding dependents under the age of 26. We sent you copies of those letters in last week's update. Please note that insured funding groups were not included in the mailing.