Dan Hayes began working at Purcell’s Business Products, in Campbellsville, Ky., in the 1970s. By 1980, he owned the business selling office supplies and equipment with eight employees.
A desire to “do good by our employees” led Hayes and his wife, Linda, to offer health insurance as a benefit. It was no small task for a small business owner, but it was made easier by ICARE – Insurance Coverage Affordability and Relief to Small Employers.
Purcell’s is one of the first companies to be approved for an incentive payment through ICARE, which offers monthly payments to assist businesses with the cost of providing health insurance. Gov. Ernie Fletcher and the Kentucky Legislature worked together to create ICARE.
“This will have a positive impact,” Hayes said.
ICARE began taking applications in November. To be eligible, companies must have two to 25 employees. They must pay at least half of the employee’s premium for single coverage. Salaries of eligible employees can average no more than $29,400.
Businesses meeting all eligibility requirements can receive payments of $40 or $60 per employee per month. To date, 81 Kentucky businesses have applied, representing 696 employees.
Ninety-three percent of Kentucky companies have fewer than 50 employees. But for many, health insurance has been beyond reach.
“It’s really expensive for small businesses trying to offer this benefit,” said Donna Bumgardner, of Fleming Tractor and Equipment in Flemingsburg.
“Anything is great when dealing with insurance costs. This is wonderful,” Bumgardner said.
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