With all the confusion surrounding the implications of the Affordable Care Act, it is imperative that you utilize all the available options as a business owner. The Small Business Health Options Program has been put in place to guide small businesses through the process of offering health coverage to their employees.
As a small business owner with 50 or fewer full-time employees, you are given the opportunity to take advantage of the Small Business Health Options Program Marketplace, also known as SHOP. If you are a small business owner with less than 25 employees, you may be eligible to receive tax credits when purchasing health coverage for your employees through the Small Business Health Options Program.
Benefits of The Small Business Health Options Program, Include:
- You are in control of what coverage you offer your employees and how much you pay toward employee premiums.
- Your business’ needs and your employees’ needs can be met by choosing between 4 different levels of coverage.
- You can choose to begin coverage at any time. As long as you enroll by the 15th of the month, coverage will begin on the 1st of the following month.
- As previously mentioned, as a small business with fewer than 25 employees, you may be eligible to receive a tax credit.
Qualifying Terms for The Small Business Health Options Program, Include:
- Any business with 50 or less full time employees may be qualified to offer employees coverage through SHOP.
- If you are interested in using SHOP, you must offer coverage to every single one of your full time employees.
- If you are looking to use SHOP, you may be required to have a large majority your employees enroll in your SHOP plan. This percentage is typically around 70 percent.
- You must be within the boundaries of a SHOP service area to utilize the service.
Bernardini & Donovan Insurance Services strives to provide Redlands, California residents with excellent insurance services custom tailored to meet your unique needs. Contact us today and allow us customize a unique health insurance package for your family based on your needs.