New Mexico Small Business Health Insurance
Understanding the Small Business Tax Credit
If you own a small business, it can pay to provide insurance for your employees. Your employees will be happier and healthier, and you might be eligible for a tax credit under the Patient Protection and Affordable Care Act. This act was designed to provide tax relief for tax-exempt organizations and small businesses that offer group health insurance in New Mexico.
To be eligible for the tax credit, you should:
- Have no more than 25 employees who work full-time
- Pay an average salary of $53,000 or less (adjusted for inflation for the tax year 2017)
- Pay at least half of the cost of the employee-only health coverage
If you meet the criteria for a small business, you can be reimbursed up to a maximum of 50% of the premiums you pay for your employees. That includes medical, dental, and vision. If you meet the criteria for a tax-exempt organization, the credit can be up to 35% of the premiums paid.
Companies can have 25 or more employees and still be eligible for the credit as long as fewer than 25 of those employees are full-time. For instance, if a company has 24 full-time employees and 10 part-time employees, it still might be eligible for the credit.
Do You Want to Purchase NM Group Health Insurance?
HealthQuoteInfo.com makes it easy to compare group health insurance rates for small businesses in New Mexico. Get a quote from multiple carriers and select the plan that fits in your business’s budgets and needs. Then, see if you qualify for the tax credit.
Keep your employees happy by offering group vision insurance. Choose from a variety of plans that offer fixed costs on eye exams, contact lenses and glasses, as well as discounts on frames. Some plans offer discounts on laser procedures.
Bear in mind some medical insurance policies include eye exams. Examine the policy prior to buying the vision insurance so you don’t end up with more coverage than your employees need.
Small businesses have many options for dental insurance. They can choose from managed-care and indemnity plans, and even get hybrid plans which allow employees to enjoy the best of both options.
Dental insurance typically has to be purchased separately from health insurance. Unlike vision insurance, health insurance usually does not include any dental benefits. Fortunately, dental plans are usually relatively inexpensive.
Get a quote from HealthQuoteInfo.com to find the best small business health insurance plans in New Mexico. You will find a plan that is competitively priced and offers the coverage you want for your employees.