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Health Care Reform Tax Credit for Small Businesses Sparks More Interest in SeeChange Health's Value-Based Insurance Plans
May 27, 2010 | By
SAN FRANCISCO--(BUSINESS WIRE)--SeeChange Health CEO Martin Watson today applauded the federal government’s healthcare tax credit for small businesses and said the company’s prospective customers are taking advantage of the provision, which was enacted into law last month as part of the U.S. federal government’s healthcare reform package.
The small business healthcare tax credit calls for a maximum tax refund of 35 percent on health insurance expenses incurred by small businesses that employ 24 or less workers during tax years 2010-2013. It is one of the first healthcare reform provisions to go into effect.
“The fact is healthcare reform, thanks to this tax credit, is very attractive for thousands of small business owners,” Watson said. “This valuable tax credit incentivizes small employers to offer affordable health plans, and promote a healthier workforce. Many small employers are citing the tax credit as one of the main reasons they are considering a change in health insurance carriers. Our approach dovetails with the new law. We’re aiming to drive down healthcare costs and improve the quality of care that its participants can avail with preventive measures."
After launching in Fresno last month, SeeChange Health is expanding its offering next month to other markets in California including Monterey, Santa Clara and San Benito. Over the upcoming months, SeeChange Health will have healthcare insurance plans available in Los Angeles, San Diego, Bakersfield, Sacramento and the San Francisco Bay Area.
SeeChange Health’s value-based insurance plans allow small and medium businesses to offer affordable health plans wherein individuals have preventive care covered at one hundred percent and plan participants receive financial incentives for completing personalized health actions. SeeChange Health’s proactive approach to health management identifies looming health problems before they become serious – and expensive. Unlike typical health insurance companies, SeeChange Health has designed its benefit plans to encourage individuals to see their doctor and take an active role in managing their health.
In addition to providing enhanced benefits for completing preventive examinations and related screenings, SeeChange rewards its members with additional financial incentives for completing health actions necessary for proactively managing chronic conditions, such as diabetes, asthma and coronary artery disease.
Per the U.S. federal government, the new healthcare tax credit is available to small employers that pay at least half the cost of single coverage for their employees in 2010. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ low- and moderate-income workers.
About SeeChange Health
SeeChange Health Insurance Company provides value-based health insurance to employer groups. The company combines value-based benefit designs, data analytics and an interactive personal health record to consistently improve the health profile of individuals. Preventive health actions are assigned and tracked at an individual level. Individuals with disease states such as pre-diabetes, diabetes, asthma and heart disease receive specific health actions based on their medical condition. SeeChange Health rewards its members for completing both preventive and condition-specific health actions by depositing money into a Health Incentive Account and reducing the plan participants’ out of pocket expenses for health care services. SeeChange Health is headquartered in San Francisco and is focused on reducing health care costs through proactive health management and early detection of health conditions.
Source: http://eon.businesswire.com/news
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