New online tool helps employers calculate new small business tax credit toward the cost of employee health insurance
December 21, 2010, Wilkes-Barre, PA- Blue Cross of Northeastern Pennsylvania is taking a big step toward helping small businesses determine if a special tax credit could help them better afford health insurance for their employees.
The tax credit—for up to 35 percent of the cost of employee health insurance for tax year 2010 and increasing to 50 percent in 2014—is available to eligible small businesses, thanks to the recent federal health reform law.
Small businesses can calculate the value of this new credit through a new, user-friendly online calculator available at bcnepataxcredit.com. This new site also contains information on BCNEPA’s coverage options designed specifically to help small businesses save on health care costs.
In three easy steps, the tax calculator takes into account the number of full and part time individuals the business employs, how many plan to enroll in health care coverage, the premium amount that employees currently pay annually (either individually or for family coverage), and the amount the employer pays toward the cost of coverage on an annual basis. With that information, the calculator can estimate the amount of the credit the business is eligible to receive. And to help business owners plan for future spending and hiring, the calculator also provides the estimated credit amount for the years 2010-2013, the years 2014-2017, and 2018 and beyond.
“Small business owners are looking for ways to better manage health care costs. With the tax credit calculator and our coverage options for small businesses, we are providing the tools to help employers provide affordable coverage for their employees,” said Paul Holdren, BCNEPA’s Senior Vice President of Sales and Product Development.
The new tax credits, as well as affordable health care coverage options through BCNEPA, are good news for local small business owners. A recent study by the National Federation of Independent Businesses lists the cost of providing health insurance as the most “severe problem facing small business owners.”
“We are helping small business owners provide affordable coverage so that they can focus on what they do best – managing and growing their business,” added Holdren.
About Blue Cross of Northeastern Pennsylvania
Blue Cross of Northeastern Pennsylvania is an independent licensee of the Blue Cross and Blue Shield Association headquartered in Wilkes-Barre. It offers a comprehensive portfolio of health insurance products and administrative services to approximately 600,000 individuals in 13 counties in Northeastern and North Central Pennsylvania. The company’s mission is to provide innovative solutions that support more affordable health care, promote personal accountability for health and wellness, and offer superior service and partnership to employers, members, and providers.