The Covering Beauty Blog

Everything you need to know about insurance for your beauty business.

New Health Insurance Laws & You

Posted January 2nd, 2013 by Jeff Pulford

There are many questions looming about how and when the health insurance Affordable Care Act will impact businesses and individuals alike.  You may be wondering how the new laws will affect your beauty business and employees.  This weeks’ blog is dedicated to helping shed some insight to the new health insurance laws and your small beauty business.

 

A place to start your quest for answers about your business is HealthCare.gov, a website created to help you:

  • Find insurance options by your state and situation
  • Get help using insurance
  • Learn about the new health care law and you
  • compare care providers
  • Access prevention and wellness resources

Key features of the law are outlined here.  The section most pertaining to you Beauty Pros is the Small Employer Tax Credits section:

Small Employer Tax Credits

The Affordable Care Act helps small businesses afford the cost of covering their employees.

What This Means for You

If you have fewer than 25 employees with average annual wages below $50,000 and provide health insurance, you may qualify for a tax credit of up to 35% to offset the cost of your insurance. This credit will increase in 2014 to 50%. This will make the cost of providing insurance much lower.

Claim this tax credit for your small business at IRS.gov.

Under the health care law, employer-based plans that provide health insurance to retirees ages 55-64 can now get financial help through the Early Retiree Reinsurance Program. This program is designed to lower the cost of premiums for all employees and reduce employer health costs.

In 2014, small businesses with generally fewer than 100 employees can shop in an Affordable Insurance Exchange, which gives you power similar to what large businesses have to get better choices and lower prices.  For small employers, the Exchange is a way to level the playing field, where you have better choice of plans and insurers at a lower cost, the way larger employers do now.

Independent Resource

Another great resource can be found at www.healthinsurance.org – an independent (non-government) source for your state-by-state coverage options, including medical, dental and small group insurance, health and wellness information. Personalized insurance quotations are also provided.

Health Insurance for Independent Contractors / Booth Renters.

Top Things to Know for Healthy Individuals

Under the health care law, insurance companies can no longer drop you when you get sick just because you made a mistake on your coverage application.

Starting in 2014, if your income is less than the equivalent of about $88,000 for a family of four today and your job doesn’t offer affordable coverage, you may get tax credits to help pay for insurance.

Starting in 2014, if your employer doesn’t offer insurance, you will be able to buy insurance directly in an Exchange that gives you power similar to what large businesses and members of Congress have to get better choices and lower prices.

Top Things to Know for Individuals with Health Conditions

Under the health care law, if you have been uninsured for at least six months and have a health condition, you may be able to get health insurance through the Pre-Existing Condition Insurance Plan.

If a new insurance plan doesn’t pay for services you believe were covered, you now have new, clear options to appeal the decision.

Insurance companies can no longer drop you if you get sick just because you made a mistake on your coverage application.

Starting in 2014, job-based and new individual plans won’t be able to exclude you from coverage or charge you a higher premium for a pre-existing condition, including a disability.

Starting in 2014, if your income is less than the equivalent of about $88,000 for a family of four today, and your job doesn’t offer affordable coverage, you may get tax credits to help pay for insurance.

Most content of the article taken from HealthCare.gov website.



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Health Insurance Laws

Posted December 16th, 2012 by Jeff Pulford

Happy Monday Beauty Pros!  You may know that we are experts at insurance when it comes to covering your beauty business with Professional Liability, General Liability, Property Coverage, and Workers’ Compensation.  We’d also like to let you know that we are currently researching and doing our best to help you with the new health insurance laws affecting salons, spas and barbershops.

We’ll do our best to keep up with this topic and keep you informed.  If you have a question in the meantime, please don’t hesitate to contact us.

 



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