Great news for health care costs: Small businesses can immediately combine the benefits of the the recent December 13, 2016 federal health care law with Trump’s new January 20, 2017 executive order to save money on health insurance and taxes.
The new law reverses prior IRS positions to give us new opportunities for savings. The President’s order makes it unlikely that IRS will enforce Obamacare tax penalties.
Now we have the opportunity to combine lower cost insurance with easier tax deductibility rules to save money both ways and improve employee satisfaction with employer provided health benefits.
Under the new law, small business owners must act before March 31, 2017 in order to lock in benefits for this year. I am pleased to offer remote consulting help with the planning, design, setup and administration of small business health plans.