WORKING THE SYSTEM: HOW TO SAVE MONEY ON SMALL BUSINESS INSURANCE (SPONSORED)
Small business owners on the Upper West Side, just like business owners in the rest of the country, are looking for solutions that help them both retain and look after their employees. Given how many decisions a small business owner must make, it can be hard to sort through the various options out there; but there tools to make finding great health insurance easier.
Instead of getting frustrating and leaving your team to find their own solution by directing them to the individual marketplace exchange offered by the Affordable Care Act (ACA), you can now tap in to the Small Business Health Options Program (SHOP) also known as the Small Business Marketplace in New York which is also offered under the ACA.
Tip #1: The program was created specifically for small businesses and offers tax credits to the employer that aren’t accessible through the individual exchange.
Tip #2: EmblemHealth has created a Health Care Reform Hub giving small business owners all they need to know about SHOP including a Tax Calculator to allow the business owner to determine the potential tax credits they are eligible for.
Below, we have summarized some of the main points we have learned about SHOP that we thought would be helpful for a small business owner to know:
1. Easy Enrollment
Any company that has fewer than 50 employees* and a primary business address in the state of New York is eligible for small business health insurance. SHOP allows you to browse and compare plans. When you’re ready, you can choose the plans you’d like to offer and SHOP will notify your employees that it’s time for them to enroll.
2. Tax Benefits
You may qualify to receive tax credits worth up to 50% of your contribution to employee premiums. To find out if your small business qualifies, you can use the simple tax credit calculator.
3. Ability to Control Costs
Since SHOP standardizes cost-sharing, it’s easy for employers to choose to contribute a fixed amount or percentage to their employees’ premiums.
4. Flexibility for Your Employees
The platinum, gold, silver and bronze levels introduced under the Affordable Care Act offer the same benefits with different premiums and out-of-pocket costs. Because you have the freedom to offer any plan from any insurer or to limit your options, you can empower employees to choose plans best suited to their needs and where they live. That freedom can contribute to a stable and productive workplace and can help with employee retention and recruitment.
To learn more about SHOP and the options available for your small business, click here.
This is a sponsored post; we have received compensation from EmblemHealth to post this information.
