Health care reform is expected to lower costs for Kentucky small businesses, allowing them to attract and retain good employees with affordable group health insurance plans. For details on Kentucky health plans and free quotes, visit: http://www.kyfreehealthquotes.com/ or call toll free number: 877-549-1212.
What does Health Care Reform Really Mean for Kentucky Small Business Health care reform is expected to lower costs for Kentucky small businesses, allowing them to attract and retain good employees with affordable group health insurance plans. Small businesses are those with no more than 100 employees. Health care reform is expected to lower costs for small businesses in Kentucky, allowing them to attract and retain good employees with comprehensive group health insurance plans. Kentucky is one of the states that have gone ahead with establishing a Health Benefit Exchange. There is a lot of debate on whether the Affordable Care Act has lowered the costs of Kentucky group health insurance for small employers. The Kentucky health exchange which was established in July, 2012, is expected to create a virtual marketplace for small businesses and individuals to compare coverage, provider networks and costs when shopping for insurance plans. Carrie Banahan, director of the exchange office says that Kentucky will receive about $60 million in grants to develop and implement Medicaid and exchange systems which will be supported by federal funds through 2014. The KY health insurance exchange is expected to be self-sustaining. Health care reform makes small employers eligible for a health care tax credit. Starting in 2014, the small-business tax credit will go up to 50% for qualifying small businesses. The tax credit is expected to help businesses afford the cost of covering their employees’ health insurance. Small business owners can choose from affordable private Kentucky health plans available through the state health exchange. To qualify for the tax credit, small businesses must satisfy the following conditions: • The employer should have fewer than 25 full-time employees or its equivalent (for instance, less than 50 half-time employees) • The employer should provide at least half of the cost of health care coverage for some of its workers based on the single rate • The average annual wages that the employer pays is below $50,000. The exchange is therefore expected to help small businesses save money, allowing them to hire and retain good workers. Small businesses with 50 or more employees are required to offer health insurance to their full-time employees. Plans available through the Kentucky health insurance exchange will include categories such as Bronze, Silver, Gold and Platinum. The Bronze level represents the minimum coverage requirement, with the Kentucky health insurance plan covering at least 60 percent of the cost of each health service or treatment. Silver, Gold, and Platinum represent higher levels of coverage. However, questions still remain as to the program’s management costs, which critics say, will be very high. Kentucky group insurance plans are now available in the open market. A licensed and experienced health insurance broker can help you purchase group coverage from leading KY health insurance companies such as Anthem Blue Cross Blue Shield, Humana, Aetna and UnitedHealthOne. About the Author Tracy McManamon is a licensed health insurance consultant offering low cost, comprehensive Kentucky Health Insurance plans. Visit his website www.kyfreehealthquotes.com for free quote on all health plans. Toll free number: 877-549-1212.
Pages to are hidden for
"What does Health Care Reform Really Mean for Kentucky Small Business"Please download to view full document