As a business owner, one of the biggest decisions you’ll need to make is how you’ll provide health care coverage for yourself, your family, and/or your employees. While health care coverage is costly for businesses of all sizes, it can be particularly onerous for individuals and small businesses with fewer than 25 employees. And sorting through the complex rules and regulations governing today’s health care landscape can be confusing and time-consuming. The following information can help you get started as you consider your options.
Healthcare Marketplace – Under current law, the Patient Protection and Affordable Care Act (PPACA), also called the Affordable Care Act (ACA) or Obamacare, requires that individuals, their children, and dependents claimed on taxes must have qualifying health insurance in 2017 or pay a penalty. The penalty for not having coverage is paid on your Federal Income Tax Returns for each full month you or a family member does not have health insurance or an exemption, and is based on your Modified Adjusted Gross Income (MAGI).
The fee has increased each year since 2014, making it more important to look into coverage and exemptions options each year. Individuals and sole-proprietors can log on to the Healthcare Marketplace at www.healthcare.gov to learn more and view plan options.
Small Business Health Care Tax Credit – The Small Business Health Care Tax Credit helps small employers afford the cost of providing health care 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/.
We welcome the opportunity to discuss your unique situation and provide a no-cost business Health Insurance consultation. Give us a call today 623-237-3481