FFM NEWS ALERT: New Tools Launched for Agents/Brokers to Help Small Businesses
Today HealthCare.gov launched two new tools to assist agents and brokers working with small employers in the Small Business Health Options Program (SHOP) Marketplace.
The two new SHOP tools now available on Healthcare.gov make it easier for small employers to understand and take full advantage of the benefits available from the SHOP.
- The Full-time Equivalent (FTE) Employee Calculator helps small employers determine whether they’re eligible to buy SHOP coverage for their employees based on the size of their business.
- The SHOP Tax Credit Estimator lets eligible small employers learn the size of the tax credit they could receive for contributing to coverage for their employees through the SHOP.The Small Business Health Care Tax Credit was created by the Affordable Care Act in 2010 to help defray the health care expenses of small employers with low-to-moderate wage employees.
- Since this tax credit became available in 2010, small employers have claimed more than $1.5 billion in tax credits for their contributions to employee premium costs.
- Starting in 2014, the value of the tax credit increased substantially, and is now worth as much as 50% of an employer’s premium costs—but is only available for employers buying a SHOP Qualified Health Plan.
FTE Calculator: https://www.healthcare.gov/
SHOP Tax Credit Estimator: https://www.healthcare.gov/
HealthCare.gov Blog: https://www.healthcare.gov/
blog/how-much-is-your-small- business-health-care-tax- credit-worth/For more information on the FTE Calculator and the SHOP Tax Credit Estimator, please visitHealthCare.gov/small- businesses.
Questions and Answers on Employer Shared Responsibility Provisions Under the Affordable Care Act
On Feb. 10, 2014, the IRS and Treasury issued final regulations on the Employer Shared Responsibility provisions under section 4980H of the Internal Revenue Code. The following questions and answers provide helpful information about the guidance: