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Health insurance coverage protection will be pricey, and the price appears to go up from one yr to the subsequent, with some years extra so than others. It’s dangerous sufficient for the person or head of a household to purchase their very own insurance coverage. It’s a fiscal problem that’s multiplied tens of instances over for companies.
Despite optimistic guarantees from authorities officers and others, insurance coverage premiums did go up and have continued to take action for the reason that passage of the Affordable Care Act, generally known as Obamacare.
One research by The Heritage Foundation famous that Obamacare greater than doubled medical insurance prices for employees and households, with the nationwide common premium rising by 129 p.c from 2013 to 2019.
And the Kaiser Family Foundation (KFF) has decided that whereas premiums for this yr had been totally on par with final yr’s, this may change considerably going into 2023.
“In 2022, the average annual premiums for employer-sponsored health insurance are $7,911 for single coverage and $22,463 for family coverage. These amounts are each similar to the average premiums in 2021. In contrast to the lack of premium growth in 2022, workers’ wages increased 6.7% and inflation increased 8%. This difference may be due to the fact that many of the premiums for 2022 were finalized in the fall of 2021, before the extent of rising prices became clear. As inflation continues to grow at relatively high levels, we could potentially observe a higher increase in average premiums for 2023 than we have seen in recent years.”
They additionally famous that the typical premium for household protection has elevated 20 p.c over the past 5 years and 43 p.c over the past ten years.
HEALTHCARE COVERAGE DATA FOR SMALL BUSINESS OWNERS
The Heritage Foundation report famous, as effectively, that the nationwide common month-to-month premium paid within the particular person market in 2013 was $244, whereas by 2019 it was $558 – greater than doubling with a 129 p.c improve from 2013 to 2019. In distinction, over the identical interval, the typical month-to-month premium paid within the large-group employer market elevated by solely 29 p.c, from $363 in 2013 to $468 in 2019.
An article at NerdWallet factors out that,
“Businesses with fewer than 50 full-time equivalent employees may choose to provide health insurance to their employees using small-group health insurance plans. Small-group insurance providers assess risk for a pool of employees rather than one individual. This allows them to offer lower premiums than many employees would be able to get if they purchased health insurance independently.”
And, whereas companies with fewer than 50 workers are usually not legally required to supply medical insurance, an estimated 53 p.c of those measurement companies did so in 2020. In addition, 48 p.c of these companies with simply three to 9 workers additionally supplied medical insurance protection.
Also, a fiscal benefit for these actually small companies is potential tax advantages.
According to the Affordable Care Act, employers with fewer than 25 workers that earn common wages of $52,000 or much less – and pay for a minimum of half of their workers’ medical insurance premiums – could also be eligible for tax credit that may assist offset the price of small enterprise medical insurance.
These tax credit can probably add as much as 50 p.c of your prices on your workers’ premiums.
On the HealthCare.gov web site, small enterprise house owners are suggested that enrolling in a Small Business Health Options Program (SHOP) plan is often the one method for a small enterprise (or non-profit) to say the Small Business Health Care Tax Credit.
The web site goes on to notice that, to qualify for the tax credit score, all the following should apply:
- You have fewer than 25 full-time equivalents (FTE) workers
- Your common worker wage is about $56,000 per yr or much less
- You pay a minimum of 50% of your full-time workers’ premium prices
- You provide SHOP protection to your entire full-time workers. (You don’t have to supply it to dependents or workers working fewer than 30 hours per week to qualify for the tax credit score.)
J.C. LEWIS INSURANCE SERVICES – YOUR SMALL GROUP HEALTH COVERAGE EXPERTS
One certain approach to cut back your prices and lower your expenses is to work with an skilled dealer.
Working with a agency like J.C. Lewis means we’re working with you, not the insurance coverage firms. We are capable of examine the protection of assorted insurers present in order to seek out you one of the best charges and protection available in the market.
Simply put, we’ll offer you essentially the most unbiased, cost-effective, and best-fit well being protection coverage suggestions.
J.C. Lewis Insurance is a family-owned agency that has been based mostly in Sonoma County since 1979. Our skilled brokers provide small enterprise insurance policy, and our mission is to offer skilled recommendation and help to small enterprise house owners for group medical insurance and group medical plans.
In addition, our agency solely offers small enterprise medical insurance plans from the main medical insurance carriers licensed to do enterprise within the states the place we function.
As a staff of skilled, skilled brokers, we’re licensed and authorized by every insurance coverage provider to supply protection to small-group employers along with Medicare supplemental and prescription drug plans for seniors.
When you’re considering of purchasing medical insurance for your self and your workers, and presumably imaginative and prescient and dental protection, you’ll probably have a number of questions and considerations.
At J.C. Lewis Insurance Services, we’re blissful to reply all of your questions on medical insurance protection. And you will be assured that we’ll aid you discover the suitable resolution.
