Small Business Benefits Plans

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If you don't, you're responsible for paying a fee for every employee.COBRA is a federal law that requires business owners to continue to provide former employees health insurance coverage for a period of 18 months.Coverage applies to former employees and their families.These taxes are designed to pay for an employee's benefits if he or she is eligible to receive them; however, if the employee is terminated from a position for a serious offense or reason, the employee isn't eligible.In the event an ex-employee files for an unemployment compensation claim, you’ll be notified, and the funds will be taken out of the business' unemployment tax account.Also, be sure to research what additional health insurance plans are offered. Selecting a good health insurance plan for your company can be tough, and that's why we recommend working with a health insurance broker.He or she will be able to explain which plan is best for your situation and the tax benefits.If your business is in California, Hawaii, New Jersey, New York, Puerto Rico, or Rhode Island, your business is required to provide disability insurance.This insurance covers employees who become ill or injured in a non-work related incident.Small business owners have a few options when it comes to health insurance types: ) working with HDHPs are a great option for small business owners too; with HSA, once the employee is enrolled in the plan, the employer deposits money into their account every pay period.These contributions are tax deductible on the company's tax return for that year.