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Does your small business qualify for health tax credit?

Offering Michigan group vision insurance can help you qualify for the tax credit. To qualify for the full credit, you must meet the following criteria:

Number of full-time workers the company employs is within

25

Average annual wage per worker must be less than

$50,000

Minimum employer contribution toward employee coverage is

50%

If you are a small business owner with 25 full-time employees or less, and pay an average salary less than or equal to $50,000 a year, you might be eligible for a tax credit.* This tax credit was created under the Patient Protection and Affordable Care Act (PPACA) in order to give small businesses and tax-exempt organizations a break on the cost of health insurance, including ancillary products like group vision insurance and group dental insurance.

The federal tax credit will reimburse qualifying small businesses for up to 50% of the premiums they pay towards employee medical, vision and dental insurance. Tax-exempt organizations may qualify for a tax credit of up to 35% of premium expenses.

*In some states, the tax credit only applies to Qualifying Health Plans (QHPs) bought through government exchanges. Other restrictions may apply.

Small businesses with fewer than 10 full-time employees that pay average annual wages of $25,000 or less may qualify for the full credit. The amount of the credit is reduced for companies with more full-time workers and higher wages, until it is phased out entirely for those with 25 or more full-time workers and average annual wages over $50,000.

Because eligibility rules are based in part on the number of full-time employees, not the total number of all employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.

eHealth is an authorized federal government partner.

Looking to purchase group vision insurance in Michigan?

We offer a broad selection of Michigan group vision plans for small businesses from some of the leading vision insurance companies like:

  • UnitedHealthcare

Michigan Resources for Small Businesses

If you have further question about operating your Michigan small business, or purchasing Michigan group vision insurance, refer to the following resources:

Small Business Local Assistance
Find local help in Michigan from the U.S Small Business Administration(SBA)

Michigan Department of Treasury
Department responsible for income taxes for Michigan for individuals and small businesses

Small Business Buyers Guide
Get tips on buying group vision insurance in Michigan

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