Do I Have to Offer Health Insurance to My Employees?
Can I Use the Marketplace to Buy Insurance for My Employees?
Beginning November 2014, small businesses with 50 or fewer employees may use the Small Business Health Options Program (SHOP) to buy insurance for workers. SHOP is like a Marketplace for small businesses. Like the Marketplace, you will be able to easily compare plans based on price, coverage, quality, and other features.
Beginning in 2016, businesses with 100 or fewer employees may use SHOP to buy health insurance for employees.
Where Can I Find the SHOP Marketplace in My State?
To find your state’s SHOP Marketplace, go to: https://www.healthcare.gov/marketplace/shop
Can I Cover Myself Through a SHOP Plan That I Offer My Employees?
Can I Get Tax Credits to Help Pay for Insurance?
You may qualify for tax credits to help pay for the cost of providing insurance if:
You can only get the tax credit if you buy coverage through the SHOP Marketplace. The amount of the credit depends on whether you have a non-profit or for-profit business.
Amount of Tax Credit for Small Businesses
|For profit business||Up to 50% of your contribution to your workers’ premiums|
|Non-profit business||Up to 35% of your contribution to your workers’ premiums|
For more information, go to: https://www.irs.gov/Affordable-Care-Act/Employers/Small-Business-Health-Care-Tax-Credit-and-the-SHOP-Marketplace
Where Can I Find More Information?
A great site developed by the U.S. Small Business Administration that breaks down how the ACA will affect you depending on the number of employees you have: http://www.sba.gov/healthcare
A comprehensive fact sheet about how the ACA affects small businesses developed by the Kaiser Family Foundation: http://kff.org/health-reform/fact-sheet/explaining-health-reform-how-will-the-affordable-care-act-affect-small-businesses-and-their-employees/
Information for small businesses created by HealthCare.gov: https://www.healthcare.gov/how-does-the-affordable-care-act-affect-me/#question=small-businesses-question