Find Health Insurance options for your Business and Employees that make sense
We know the new health care laws are confusing, especially when it comes to your business and employees. We here at Insuraway want you help you navigate through your legal requirements as well as find plans that fit your needs and budget. There are many different types of plans out there but we are here to make it simple to understand and to implement coverage. Our consultation services are FREE to you. Contact us Today for your FREE Review!
Here are some of the basics:
Small Business Health Care Tax Credit
The Small Business Tax Credit helps small businesses afford the cost of health care coverage for their employees and is specifically targeted for those businesses with low- and moderate-income workers. Businesses that have fewer than 25 full-time equivalent employees, pay average annual wages below $50,000 (indexed annually for inflation), and contribute a uniform 50% or more toward employees’ self-only health insurance premiums may qualify for the small business tax credit. We can help estimate your potential tax credit.
In order to use the SHOP Marketplace to offer coverage to your employees, your business needs to meet certain requirements:
You must have 50 or fewer full-time equivalent (FTE) employees. Use our FTE Calculator to see if you have 50 or fewer FTEs as they’re counted for SHOP eligibility.
You must offer coverage to all of your full-time employees. Generally this means those working 30 or more hours per week on average. You don’t have to offer coverage to your part-time employees – generally those who work 29 hours per week or fewer.
In most states, at least 70% of your full-time employees must enroll in your SHOP plan. To see what percentage applies in your state, see the question “How many of my employees must enroll in SHOP?” at the bottom of this page.
Employers who enroll in SHOP coverage between November 15 and December 15 each year can offer SHOP coverage without meeting this percentage requirement.
You must have an office or employee work site within the SHOP's service area. Use the dropdown menu on this page to find out if your SHOP Marketplace is operated by the federal government or your state. If it’s operated by your state, we’ll send you to the right place. If it’s operated by the federal government, we’ll tell you your next steps.
This flowchart illustrates how those employer responsibilities work:
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