Small Business Health Plan

Small Business Health Plan-67
However, to be considered for these tax credits, you must purchase the plan though the Small Business Health Options Program (SHOP) Exchange.

However, to be considered for these tax credits, you must purchase the plan though the Small Business Health Options Program (SHOP) Exchange.

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Not offering this insurance when you’re an ALE will attract a $2,320 fine for every FTE employee excluding the first 30 of them.

The Affordable Care Act was supposed to encourage businesses to offer health insurance, but it didn’t work as planned.

The research was done by asking 20,000 small businesses to rank 75 problems on a scale of 1 to 7 from ‘not a problem’ to ‘critical problem.

In the report, cost of health insurance was the only one to be listed as a ‘critical problem’ among 52.3% of the respondents.

This situation is yet to improve because latest statistics from the Bureau of Statistics show that only 55% of companies with under 100 employees provide health insurance.

The health insurance problem is compounded when a small business may not have the resources to set up a complete HR department.

When running a small business, you are eligible to receive group coverage rather than letting individuals purchase individual insurance covers.

There are many options for a group coverage plan, but the specifics will depend on the demographics information.

Once a business has 50 or more FTE employees, it is considered an applicable large employer (ALE) and is required to provide health insurance to its employees.

This affordable coverage costs up to 9.86% of the employee’s annual income in 2019, up from 9.56% in 2018.

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