Georgia Proposes Health Insurance Bill Aimed at Small Businesses

Georgia Proposes Health Insurance Bill Aimed at Small Businesses in Group Health Insurance

Georgia Governor Sonny Perdue and other state lawmakers recently unveiled a health insurance bill that makes health insurance for small businesses more affordable. The new measure also gives small firms a tax incentive to get employees to enroll in coverage.

Small businesses, 50 or fewer employees, would get a $250 tax credit for every employee that enrolls in a high-deductible health plan (HDHP), reported the Atlanta Business Chronicle.

Plans qualify as a HDHP if the deductible is at least $1,100 for individuals and $2,200 for families.

The Georgia health insurance bill would also allow any resident enrolled in a HDHP to deduct health insurance premiums from their state tax return.

“This is a market based solution focused on empowering individuals and rewarding them for making healthy choices,” said state Senator and author of the bill, Judson Hill.

One nice advantage of a HDHP is the low premiums. For most health plans, when the deductible goes up, the monthly premiums go down.

Many HDHPs also provide coverage for preventive care.

Another feature of a high-deductible plan is the Health Savings Account, or HSA. An HSA lets you take pre-tax income and put it into a savings account to help pay for health care expenses.

Here’s a list of qualified HSA expenses from the Internal Revenue Service, starting on page 5.

“This plan will make affordable health insurance more accessible for the uninsured and working families,” Senator Hill also said.

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