Small Business Health insurance in Illinois

Small Business Health insurance in Illinois

Small Business Health Insurance in Illinois

If you own a small business in Illinois, it may be time to consider purchasing health insurance for your business. In addition to a personal policy, many plans offer group insurance and allow employers to pool their employees to get better rates. In addition, some policies offer tax credits to small businesses. Here are some things to consider when buying your first health insurance plan:

Tax credit for small businesses

If you own a small business in Illinois, you can take advantage of a tax credit to reduce the cost of hiring new employees. This credit is equal to fifty percent of the income tax withholdings from new employees. It is a nonrefundable tax credit that is phased out in 2025. However, you should not wait until that time to apply for this tax break. While you can apply now, it is important to understand the rules and eligibility requirements.

First, you must hire new full-time employees to qualify for the tax credit. The new employee cannot be an employee of a subsidiary or other business in another state. Additionally, the new employee cannot have previously worked for the business. The credit is also not available to those who are former employees of the business or who are 5% owners or “related” to the owner. Nevertheless, this credit is worth the extra effort if you hire a new employee, so don’t let the tax code limit you!

Another tax credit for small businesses in Illinois is the R&D tax credit. This credit is available to small businesses that invest in research and development (R&D) activities. The credit applies to businesses with fewer than 100 employees. Companies engaging in R&D activities include developing proprietary products and manufacturing processes, or improving existing business processes. These activities may result in a tax credit equal to five percent of the business’s total income.

Pooling of employees to negotiate better rates

Small businesses in Illinois can now pool their employees to get better rates on their health insurance. A law signed on May 28 allows small employers to negotiate better health insurance rates. The law is called SB 4014. It encourages small employers to buy health insurance and helps them save money. The new law is set to go into effect in 2014.

The law allows small businesses to participate in CO-OPs and SHOP exchanges, which are state-based health insurance purchasing pools. In Illinois, small businesses have to employ less than 500 employees in order to be eligible. About half of states allow this type of insurance, but the state may limit participation to firms with 50 or fewer employees. Larger companies are grandfathered in, so they will have to purchase coverage for their employees separately.

Blue Cross Blue Shield

Small businesses in Illinois can obtain a group health plan at an affordable rate. There are several carriers that offer group health plans, and the cost per employee can range anywhere from $100 to $500, depending on their age and the type of plan chosen. If your company is a sole proprietorship, you might consider enrolling your employees in a PPO plan. Blue Cross Blue Shield has a large network of hospitals and medical providers that accepts these plans.

The Blue Cross Blue Shield of Illinois has recently been named America’s best insurance company by Forbes magazine. The company provides small businesses with group health insurance that ensures access to Chicago Teaching hospitals. Individual health insurance plans no longer cover treatment at Northwestern Memorial Hospital, Rush University Medical Center, Lurie Children’s hospital, or University of Chicago medical center. However, small group health insurance policies still give you access to national PPO networks and Chicago teaching hospitals.

The best small business health insurance provider should offer competitive rates, flexible coverage options, and a large network of medical providers. These insurance companies can help you navigate the complexities of health insurance plans, which is a common concern for small business owners. Whether you are a sole proprietor or have fifty or more employees, offering health insurance is a benefit that employees often appreciate. However, you may need to find affordable health insurance coverage for the company’s employees to reap the maximum benefits.

Based on 19 reviews.
Cassandra Heitman
Cassandra Heitman
March 14, 2022.
Verified
It's a pleasure to work with Tarek El Ali! He helped me successfully get medical coverage for my small business. He made the process very easy and he responds to all concerns promptly. Thank you, Tarek.
arron draper
arron draper
January 8, 2022.
Verified
I worked with Tarek to find a suitable Medicare plan for my husband. We got it handled in one phone call. I was so impressed! Now I am becoming eligible for Medicare and worked with Tarek again. He was amazing! We found an affordable plan that meets all of my needs. I highly recommend him and will use his services again in the future.
Erika Vevang
Erika Vevang
January 5, 2022.
Verified
I was previously working with someone through my franchise company to set up insurance for my employees. Low and behold after weeks of working with her she was not able to complete my process and was not very responsive when I asked her questions. She referred me to Tarek to finish up and he immediately contacted me and got my plan completed within the day! He was super nice and made sure my account was set up and ready to go before we missed our deadline. Highly recommended!
Kyle Lanza
Kyle Lanza
January 4, 2022.
Verified
Healthcare.gov can be a little confusing so I called them up for help figuring everything out when I turned 26. Tarek is excellent at what he does. He had everything figured out for me in less than 15 minutes on the phone with him. I was so impressed that he will continue to be my go to guy for anything heath insurance related. I can not recommend him enough.
Jeffrey Walker
Jeffrey Walker
December 30, 2021.
Verified
This is our 2nd time working with Tarek to find the right health insurance policy for my small business. In both cases the knowledge of the changing insurance landscape in Illinois has helped us greatly.
Craig Baglien
Craig Baglien
December 19, 2021.
Verified
Smart Insurance Agents especially Tarek were extremely helpful in selecting and also answering follow questions on the offering I selected.
Peter Ward
Peter Ward
December 15, 2021.
Verified
Tarek has help me multiple times with finding appropriate insurance options. He listens to specific needs and helps find fitting plans. The process is smooth and quick but also informative. He is very professional and responsive.
JeongHun Paik
JeongHun Paik
December 14, 2021.
Verified
Very professional and trustworthy! As all the other reviewers posted, Tarek did an awesome job! Thank you!
Paulina Pietras
Paulina Pietras
December 11, 2021.
Verified
Jessica Wheeler
Jessica Wheeler
December 11, 2021.
Verified
Tarek El Ali was amazing! He is so helpful and I finally have an insurance plan that I truly believe is right for me! Thank you!! Highly recommended!
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