What’s a smaller employer to do?
The Affordable Health Care Act (ACA) has defined a small employer as a company with less than 50 full time employees. If you are that small business, you then need to determine are you a small business with less than 24 full time employees? Because if you are, you may qualify for a tax credit known as the Business Health Care Tax Credit.
Why does this matter?
The Tax Credit can be worth up to 50% of the employers’ contribution to employee health premium. To be eligible, you need to meet the following criteria: 1) employees annual wages are less than $50,000, 2) the business pays a uniform amount of at least 50% of the employees self only premium costs AND 3) you purchase your group plan through SHOP.
SHOP?
Another bonus of the ACA is that we in the benefits field have so many more acronym’s to learn! SHOP is the Small Business Health Options Program. This is the marketplace for small business health plans.
How do you get SHOP coverage? By calling your insurance advisor.
That’s us, FGMK Insurance. We are an approved broker by the Healthcare.gov marketplace and can get the quotes for you. We will begin by helping you gather the necessary information, fill out all of the forms so your company can determine if you qualify for the tax credit.
We will evaluate pricing and develop options so you can select the most appropriate plan or plans for your employees. But the most important thing we will do is communicate all of this to your employees for you!
Contact us now to get the ball rolling.