As recent implementations of the Affordable Care Act have many business owners confused, small business owners tend to feel the most change. Until Obamacare was passed, small businesses were not required to offer their employees’ health benefits at all, nor did small businesses receive any benefit from doing so. Now, the size of your team will determine whether or not the Affordable Care Act requirements apply to you, and if you can take advantage of SHOP tax credits.
If your small business has less than 25 employees who work full-time, you may be eligible to receive employer health care tax credits if you offer your employees health care. When you pay 50% of your employees’ health care premium, you qualify for the Small Business Health Care Tax Credit, more commonly known as SHOP tax credits. If you choose to take advantage of this opportunity, it is important to note that you are not required to offer health care coverage to your part time employees.
If you are thinking about whether or not this is the right move for your small business, it is important that you contact an experienced insurance professional, such as the ones at Sackett & Associates Insurance Services for advice.
Contact Sackett & Associates Insurance Services for all of your Sonoma County, California health insurance needs. We can provide you with a comprehensive insurance policy that will adequately safeguard every member of your family from all possible perils.