As a new business owner, one of the biggest decisions you’ll need to make is how you’ll provide healthcare coverage for yourself, your family, and/or your employees. This can be particularly challenging for individuals and small businesses with fewer than 25 employees.
There’s a complex landscape of rules and regulations to sort through, but hopefully these two tidbits can help as you start to consider your options:
- Small Business Health Care Tax Credit — The Small Business Health Care Tax Credit helps small employers afford the cost of providing healthcare coverage for their employees and is specifically targeted for those employers with low- and moderate-income workers. A small business tax credit calculator is also available at www.healthcare.gov.
- Small Business Health Options Program (SHOP) — Open for qualified employer enrollment in the SHOP year-round, small employers with generally up to 50 full-time equivalent (FTE) employees have access to the new Health Insurance Marketplace through the Small Business Health Options Program (SHOP).
Generally, small businesses pay more than larger businesses for health insurance. The SHOP Marketplace offers small employers increased purchasing power to obtain a better choice of high-quality coverage at a lower cost. For more information, visit www.healthcare.gov/small-businesses/.
If you have any questions or would like to discuss your unique situation, give the office a call to schedule a no-cost business ownership consultation.