I keep hearing that small business owners hate Obamacare. I am a small business owner and this is not my experience.
I have provided health care benefits for my employees for many years. With skyrocketing insurance costs we are forced to review our plan each year to determine the percentage of insurance premiums we can afford to pay. Under the Affordable Care Act, we are entitled to a tax credit for the money we pay towards our employees qualified health insurance premiums. Last year, this tax credit amounted to 35% of the premiums we paid. We put this windfall back into our plan and used it to increase the share we pay of our employees insurance premiums. This year we are paying 95% of the premium, reducing our staff’s out of pocket cost for insurance by 50% over the year before. Now 100% of our staff is enrolled in a health care plan.
This credit is available to businesses that have fewer than 25 employees. 90% of American businesses that employ workers have fewer than 25 employees.