If you run a small business, you may be wondering if you have to provide health insurance. First, it’s important to note that most employees would rather work for a company that provides health insurance. Now some businesses might believe that they can’t stay competitive if they have to offer small business health insurance. So, what are the small business health insurance requirements?
Small Business Employer Health Insurance Requirements
Employers do not have to offer small business health insurance. Before 2017, there was a mandate for employers to provide insurance. While larger companies faced fines if they did not offer group coverage and small businesses did not receive a tax credit, this mandate was taken away in 2017. While companies are not legally required to provide health insurance, many still benefit from it. There are still health care tax credits. There aren’t however, any mandates requiring it.
Small Business Health Insurance Benefits
If you’re working to get the best employees, to offer health insurance puts you above the competition. There may not be small business health insurance requirements, but it does become more appealing to employees. Likewise, it helps retain employees that might move to another company simply for the benefits. The truth is that having health insurance can boost your company’s morale. Your employees are more likely to take care of their health. Those without insurance often let health problems go unchecked. For many small businesses, it is a good investment.
When it comes to small business employer health insurance requirements, you will probably not face any penalties if you do not provide insurance. While some small businesses cannot afford to provide insurance, you should know that there are tax credits for employers that do. If you want to take advantage of the tax credits, health insurance is a wise choice. Likewise, most employees appreciate a business that offers healthcare.