The tax credits offered through the health insurance exchange are being called one of the biggest missed opportunities for small businesses. Business owners who think they cannot afford insurance or that insurance costs will not change, may want to think again.
- Only through MNsure can businesses with 50 (or fewer) employees qualify for a tax credit that can lower costs.
- Businesses with fewer than 25 full-time employees may also qualify for tax credits to help pay for employees’ coverage.
- Special requirement exemptions for small businesses signing up with MNsure between Nov. 15 – Dec. 15 . (see next bullet)
- Starting in 2014, the tax credit covers up to 50% of employer-paid premium costs for taxable organizations (35% for tax-exempt organizations). Businesses signing up between Nov. 15 – Dec. 15 do NOT have to meet these standard requirements.
- Provide health insurance to your employees
- Pay at least 50% of employee-only health insurance premiums
- Pay average annual wages of less than $50,000
Visit the IRS small-business health insurance tax site for more information and/or consult your tax advisor. MNsure allows small business owners to set the dollar amount they want to spend, gives their employees more choice in selecting a plan that is best for each, and provides a seamless shopping experience to compare and purchase plans.
- Businesses with 50 (or fewer) employees can find one-stop shopping with a broad choice of plans from multiple insurance companies.
- No matter how many plans selected, the business receives one monthly bill.
- Business owners can manage everything through MNsure
- Employers unable to provide health insurance can refer employees to MNsure to find a plan and apply for financial help.
Visit MNsure to learn more and sign up for updates. Call MNsure toll-free at 1-855-3-MNsure (1-855-366-7873). Language assistance available.