Impact of Health Care Reform on small businesses
Since you have fewer than 50 employees (full-time + full-time equivalent), you do not have to offer health care coverage, although your employees will still be required to purchase insurance on their own.
You don't have to wait for open enrollment. Generally, you can start offering coverage to your employees at any time during the year.
Distribution of Summary of Benefits and Coverage
You're required to distribute a standard "Summary of Benefits and Coverage" form to your employees, explaining what their plan covers and what it costs.
Wellness programs tax credits
You could qualify for a tax credit of up to 30% of your cost of health care when your employees participate in approved health and wellness programs and up to 50% for tobacco cessation programs. AmeriHealth New Jersey offers both kinds of programs to employers.
Using SHOP for the Small Business Health Care Tax Credit
A number of AmeriHealth New Jersey plans are available through the Small Business Health Options Program (SHOP) Marketplace. If you choose one of our plans available on SHOP you may be able to claim up to 50% of your health care costs as a tax credit. You must also meet all three of the following criteria:
- You have 25 or fewer full-time employees
- Full-time employees make an average of $50,000 a year or less
- You pay at least half of your full-time employees' premium costs
For full information on whether you qualify for the small business health care tax credit, consult with your tax advisor or accountant or visit IRS.gov
If you have questions about the SHOP Marketplace, healthcare.gov offers customer service. Call 1-(800) 706-7893 (TTY users: 800-706-7915). Hours: Monday through Friday, 9 a.m. to 7 p.m. (EST).