Small business owners may benefit from Obamacare

One of the challenges of being a small business owner is trying to be competitive with other, larger employers when it comes to benefits. Health insurance is one of the benefits where many small business owners have fallen short since it has been cost prohibitive to this point. One Illinois small business owner is hopeful that Obamacare will change that for him and his employees.

The flower shop owner qualifies as a small business with fewer than 25 full time employees. Since he also has fewer than $500,000 in wages each year, if he contributes 50 percent of the premiums for his employees health coverage, he may qualify for a tax credit. He believes that this may make it possible for him to provide coverage for his employees.

Registration in Illinois and around the country began Oct. 1. Coverage will begin on Jan. 1. The unveiling of the online system on that day caused some problems with the system that are supposedly now fixed. Both business owners and employees can peruse the website.

Health insurance for employees is just one of the challenges that face small business owners. Either starting or maintaining a small business involves a lot of planning, and often a lot of sacrifice. There are many business and legal decisions that have to be made, particularly to stay in compliance with federal and state laws. Being able to provide a competitive benefits package to employees that offers health insurance may now be part of that planning. It may be some time before the costs and benefits of this new health insurance program are quantifiable for small business owners.

Source: centralillinoisproud.com, Flower Shop Embraces Small Business Incentives in Obamacare, No author, Oct. 1, 2013

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