By Richard Sorian, Assistant Secretary for Public Affairs U.S. Department of Health and Human Services
If you’re a small business owner, there are a few deadlines approaching that you won’t want to miss in order to help provide health coverage for your employees.
As you might know, if you have up to 25 employees, pay average annual wages below $50,000, and provide health insurance, you may qualify for a small business tax credit of up to 35% (up to 25% for non-profits) to offset the cost of your insurance. This will bring down the cost of providing insurance.
In order to take advantage of these tax credits, you must file by a certain date. Here are two important tax filing deadlines in coming weeks that you should be aware of:
• September 15. Corporations that file on a calendar year basis and requested an extension to file to September 15 can calculate the small employer health care credit on Form 8941 and claim it as part of the general business credit on Form 3800, which they would include with their corporate income tax return.
• October 17. Sole proprietors who file Form 1040 and partners and S-corporation shareholders who report their income on Form 1040 have until October 17 to complete their returns. They would also use Form 8941 to calculate the small employer health care credit and claim it as a general business credit on Form 3800, reflected on line 53 of Form 1040.
The Department of Health and Human Services (HHS), along with the IRS, wants to make sure that businesses who qualify take advantage of the credit. In order to get the word out, there is a big outreach effort that will include IRS YouTube videos in English, Spanish and American Sign Language. Targeted e-mails and tweets will be sent to the small business community and tax preparers. The goal is to remind employers about the upcoming extension deadlines and also provide details on other important information about the credit, including:
• Businesses who have already filed can still claim the credit: For small businesses that have already filed and later determine they are eligible for the credit, they can always file an amended 2010 tax return. Corporations use Form 1120X and individual sole proprietors use Form 1040X
• Businesses without tax liability this year can still benefit: The Small Business Jobs Act of 2010 provided that for Tax Year 2010, eligible small businesses may carry back unused general business credits (including the small employer health care tax credit) five years. Previously these credits could only be carried back one year. Small businesses that did not have tax liability to offset in 2010 should still evaluate eligibility for the small business health care tax credit in light of this expanded carry back opportunity.
• Business that couldn’t use the credit in 2010 can claim it in future years: Some businesses that already locked into health insurance plan structures and contributions for 2010 may not have had the opportunity to make any needed adjustments to qualify for the credit for 2010. So these businesses may be eligible to claim the credit on 2011 returns or in years beyond. Small employers can claim the credit for 2010 through 2013 and for two additional years beginning in 2014.
The Administration will also continue to work with and encourage private-sector outreach. For example, a number of Blue Cross Blue Shield plans implemented a wide variety of innovative outreach initiatives to promote the program and encourage small employers to offer insurance coverage to their workers. Blue Cross Blue Shield of Kansas City is a leading innovator with a promotion campaign built around the H&R Block tax calculator and the small business tax credit on its site www.BlueKCTaxcredit.com. Since April 2010, they have enrolled over 9,000 new members covered in over 400 new employers. Thirty-eight percent of these employers previously did not offer insurance.
Additional information about eligibility requirements and calculating the credit can be found on the Small Business Health Care Tax Credit for Small Employers page of IRS.gov.
Showing posts with label Health News. Show all posts
Showing posts with label Health News. Show all posts
Friday, September 9, 2011
Monday, June 20, 2011
Small Business Health Insurance Tax Breaks Available
The Frederick County Health Department and Frederick Board of County Commissioners will hold a press conference to make small business owners aware of new tax breaks. The conference will be held Wednesday, June 22, at 10:00 a.m. in the first floor hearing room of Winchester Hall, located at 12 East Church Street, Frederick, Md.
Board President Blaine Young said, “We promised the voters that our board would be pro-business and do everything possible to promote a business-friendly environment in Frederick County. The board’s strategic plan includes a goal of improved predictability for businesses. Informing the business community of opportunities such as health insurance tax credits will enable small business to better predict and respond to rising health insurance costs. These tax breaks are applicable to businesses with less than 25 employees whose average salaries are less than $50,000 per year.”
At the event, the Maryland Health Care For All! Coalition and American Association of Retired Persons (AARP) Maryland will announce a print ad running in the local newspaper to inform small businesses about these tax creditsFor additional information, visit http://healthcareforall.com.
“Maryland small businesses are the engines for job growth in our state, but year after year they are being overburdened by the skyrocketing cost of health insurance,” said Lt. Governor Anthony Brown. “These tax credits are just one of the many ways health care reform will help Maryland businesses access more affordable coverage for their employees, and we are fully committed to ensuring small businesses have the information they need to maximize every advantage that the Affordable Care Act provides.”
The press conference will be broadcast live on FCG TV, cable channel 19, and on the Frederick County Government webcasting page, www.FrederickCountyMD.gov/video.
For additional information, contact Maryland Citizens’ Health Initiative at 410-235-9000 or text HEALTH to 877877.
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Board President Blaine Young said, “We promised the voters that our board would be pro-business and do everything possible to promote a business-friendly environment in Frederick County. The board’s strategic plan includes a goal of improved predictability for businesses. Informing the business community of opportunities such as health insurance tax credits will enable small business to better predict and respond to rising health insurance costs. These tax breaks are applicable to businesses with less than 25 employees whose average salaries are less than $50,000 per year.”
At the event, the Maryland Health Care For All! Coalition and American Association of Retired Persons (AARP) Maryland will announce a print ad running in the local newspaper to inform small businesses about these tax creditsFor additional information, visit http://healthcareforall.com.
“Maryland small businesses are the engines for job growth in our state, but year after year they are being overburdened by the skyrocketing cost of health insurance,” said Lt. Governor Anthony Brown. “These tax credits are just one of the many ways health care reform will help Maryland businesses access more affordable coverage for their employees, and we are fully committed to ensuring small businesses have the information they need to maximize every advantage that the Affordable Care Act provides.”
The press conference will be broadcast live on FCG TV, cable channel 19, and on the Frederick County Government webcasting page, www.FrederickCountyMD.gov/video.
For additional information, contact Maryland Citizens’ Health Initiative at 410-235-9000 or text HEALTH to 877877.
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Wednesday, May 4, 2011
New Web Portal Helps Maryland's Small Businesses Choose Employee Health Care
VIRTUAL COMPARE simplifies shopping for health insurance plans
Baltimore, MD (May 3, 2011) - Today, the Maryland Health Care Commission launches a new web portal to help small business owners choose a group health plan for their employees. The web portal, known as VIRTUAL COMPARE, provides information about plans available to small employers in Maryland, allowing a side-by-side comparison of benefits, premiums, and out of pocket costs. The portal also includes guidance about choosing health insurance; information about federal tax credits and state subsidies for small, low wage companies; and assistance in finding an insurance broker to apply for coverage.
"VIRTUAL COMPARE is an important piece of our commitment to transparency, assuring that information about the quality and cost of health plans and providers is available to the public," said Marilyn Moon, Chair of the Health Care Commission.
VIRTUAL COMPARE includes both standard and high-deductible versions of HMO and PPO plans. For each plan category, the web portal provides information about the base plan, the two most frequently sold base plans with riders, and two additional benefit designs selected by the carrier.
The web portal arose from 2009 legislation sponsored by Senate Majority Leader Rob Garagiola. The legislation requires benefit and premium comparisons of health benefit plans issued in the small group market. Employers with up to 50 full time employees are eligible; self-employed individuals are not.
"Small businesses face real challenges choosing health insurance for their employees," said Senator Rob Garagiola. "I think they will appreciate a web portal that allows side by side comparisons of premiums, benefits, deductibles and out-of-pocket costs for plans in the small group market."
The web portal will allow the user to compare up to four health plans at a time. Since different plan features are important to different employers, the site includes a variety of sort functions, such as the lowest premium, ideal deductible, or the preferred delivery system. The employer can also choose to view only those products offered by one of the five largest carriers participating in Maryland's small group market.
VIRTUAL COMPARE provides estimated premiums and does not accept applications for coverage. Employers who want additional information or want to apply can contact the carriers directly, or can use the services of a health insurance broker. Employers who do not have an existing relationship with a broker will find information about brokers in their area by clicking on the "Find a Broker" button on VIRTUAL COMPARE. To be listed on VIRTUAL COMPARE, brokers must register using the "Broker Registration" link on the portal. To date, more than 600 brokers have pre-registered on VIRTUAL COMPARE.
VIRTUAL COMPARE also provides a wealth of additional information to help employers as they consider their purchase of a group health plan. Consumer Guides to Health Insurance for Small Employers provide advice to guide employers. A link to the IRS website will help small, lower wage employers determine their eligibility for a federal tax credit that recently became available through federal health reform. The site also includes information on the Health Insurance Partnership, Maryland's premium subsidy program for smaller, lower wage businesses who have not been offering health care benefits, and health plan quality and performance reports that compare the quality of services offered by each carrier.
The Commission awarded a competitive contract to Benefitfocus to design and develop VIRTUAL COMPARE.
To access the VIRTUAL COMPARE web portal go to: http://mhcc.maryland.gov/virtualcompare
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Wednesday, March 30, 2011
Frederick County Ranked #3 Healthiest County in MD
County Health Rankings say Frederick County #3 for health in Maryland. New Rankings give communities a snapshot of how healthy their residents are so they can see where they are doing well, where they need to improve, and then act together to remove barriers to good health. www.countyhealthrankings.org
Wednesday, September 29, 2010
Healthiest Maryland Businesses
Join CEOs from across the state who are leading by example in making health promotion and disease prevention an integral part of their business strategy. It's easy to join Healthiest Maryland Businesses:
Sign a Healthiest Maryland Commitment Letter - Declare your commitment to take action to improve your employee health and wellness because a healthy, productive workforce is a core part of your business strategy. Please email a copy of your signed commitment letter to HealthiestMaryland@dhmh.state.md.us. Or fax to 410-333-7106.
Complete the Healthiest Maryland Businesses Assessment - Identify your organization's employee health management strengths and areas for improvement. Also, available is a PDF format of the assessment for you to print out and use for your reference.
Check out the resources - Get prepared to take your business and your employees on the road to a healthier, more competitive level.
Why would businesses want to join the Healthiest Maryland movement?
In addition to saving money, you will receive:
Education and technical assistance
Peer-to-peer support from our Ambassadors
Resources from our supporting organizations
Recognition from the Governor and Lt. Governor
Media features and highlights
Tuesday, March 9, 2010
Frederick - A Healthy County
By Lena H. Sun, Washington Post staff writer:
Fairfax, Arlington and Loudon are the healthiest counties in Virginia, and Howard, Montgomery and Frederick top the list in Maryland, according to a set of reports recently released. The reports rank U.S. counties and cities based on how long people live and how healthy they are. The three Northern Virginia counties get top marks within the state for overall health, but they compare poorly with other parts of Virginia for air quality. Fairfax ranked 132 -- last among Virginia's counties and cities included in the study -- in that category because of the region's horrendous traffic. Fairfax had 37 unhealthy air quality days in 2005; rural counties such as Craig and Cumberland had none.
In Maryland, Prince George's County ranked 17 out of the state's 23 counties and Baltimore City for overall health, in large part because the rate of people dying before age 75, which is more than twice that of Howard County. The County Health Rankings (available at http://www.countyhealthrankings.org/) are the first reports to rank the overall health of almost every county in all 50 states. The District was not included.
The health rankings were done by the University of Wisconsin's Population Health Institute and the Robert Wood Johnson Foundation. Researchers rated overall health based on five measures that included the rate of people dying before age 75; the percentage of people who reported being in fair or poor health; and the rate of low-birth-weight infants. They also gave a separate grade to factors that influence health. Those include: smoking, obesity, binge drinking, access to primary care providers, high school graduation rates, violent crime rates, air pollution levels and liquor store density. Researchers relied on federal health, census and crime data compiled from 2002 to 2008.
Counties and cities are ranked within each state; there is no overall score for which county is the healthiest in the nation. Researchers said they hope public health officials, community leaders and consumers compare their county with others in the state and find ways for improvement. "Rather than pointing the finger at the least healthy places in the country, which tend to be in the Southeast and Appalachia, this is a Polaroid snapshot that allows every state to look within their own boundaries, down to the county level," said Patrick Remington, associate dean for public health at the University of Wisconsin School of Medicine and Public Health.
"People tend to rank health based on life expectancy," said Jim Marks, a senior vice president at the Robert Wood Johnson Foundation. "But so many things that are important for health are outside the responsibilities of the doctors and hospitals we traditionally think of as public health."
Community interest could increase pressure for change. "When people move to a neighborhood, they want to know how good are the schools and expect to get some answer," Marks said. "They almost never ask how healthy is this a place to live and raise a family." It's also to an employer's advantage, he said, to draw from a healthier population so health insurance costs are less.
Fairfax, Arlington and Loudon are the healthiest counties in Virginia, and Howard, Montgomery and Frederick top the list in Maryland, according to a set of reports recently released. The reports rank U.S. counties and cities based on how long people live and how healthy they are. The three Northern Virginia counties get top marks within the state for overall health, but they compare poorly with other parts of Virginia for air quality. Fairfax ranked 132 -- last among Virginia's counties and cities included in the study -- in that category because of the region's horrendous traffic. Fairfax had 37 unhealthy air quality days in 2005; rural counties such as Craig and Cumberland had none.
In Maryland, Prince George's County ranked 17 out of the state's 23 counties and Baltimore City for overall health, in large part because the rate of people dying before age 75, which is more than twice that of Howard County. The County Health Rankings (available at http://www.countyhealthrankings.org/) are the first reports to rank the overall health of almost every county in all 50 states. The District was not included.
The health rankings were done by the University of Wisconsin's Population Health Institute and the Robert Wood Johnson Foundation. Researchers rated overall health based on five measures that included the rate of people dying before age 75; the percentage of people who reported being in fair or poor health; and the rate of low-birth-weight infants. They also gave a separate grade to factors that influence health. Those include: smoking, obesity, binge drinking, access to primary care providers, high school graduation rates, violent crime rates, air pollution levels and liquor store density. Researchers relied on federal health, census and crime data compiled from 2002 to 2008.
Counties and cities are ranked within each state; there is no overall score for which county is the healthiest in the nation. Researchers said they hope public health officials, community leaders and consumers compare their county with others in the state and find ways for improvement. "Rather than pointing the finger at the least healthy places in the country, which tend to be in the Southeast and Appalachia, this is a Polaroid snapshot that allows every state to look within their own boundaries, down to the county level," said Patrick Remington, associate dean for public health at the University of Wisconsin School of Medicine and Public Health.
"People tend to rank health based on life expectancy," said Jim Marks, a senior vice president at the Robert Wood Johnson Foundation. "But so many things that are important for health are outside the responsibilities of the doctors and hospitals we traditionally think of as public health."
Community interest could increase pressure for change. "When people move to a neighborhood, they want to know how good are the schools and expect to get some answer," Marks said. "They almost never ask how healthy is this a place to live and raise a family." It's also to an employer's advantage, he said, to draw from a healthier population so health insurance costs are less.