Three Issues Small Enterprise House owners Ought to Know

AFP PHOTO / Karen BLEIER (Photo credit should be KAREN BLEIER / AFP via Getty Images)

AFP via Getty Images

Last year was one of the toughest in American history, especially for small business owners. Not only was it difficult to keep afloat financially, but a public health crisis compounded the many challenges of running a small business, maintaining health insurance, and everything related to it. A Small Business for America’s Future survey of 1,000+ small business owners, conducted in May, found that 75% said health coverage for employees has increased over the past four years, and nearly one in three small business owners are considering canceling health insurance, with the most common reason therein lies high cost. With that in mind, small businesses across the country could think about what’s next. The same pandemic that created many of these challenges has also shown the importance of public health, healthcare, and the new insurance options under the Affordable Care Act (ACA) that are making it easier for small business owners and their employees to access insurance coverage.

In fact, the Affordable Care Act (ACA) has given millions of individuals, small business owners, and their employees access to health care who otherwise could not afford it. President Biden’s American Rescue Plan (ARP) then expanded eligibility under the ACA and added tax credits for health insurance, making coverage more accessible and affordable than before. Despite these advantages, small business owners still have to meet their diverse needs in providing insurance coverage for their employees, such as: B. Tax credits and finding the right plan, tackle while running a business.

Here are three things small business owners should consider in order to obtain coverage under the ACA.

1. The SHOP marketplace is tailored for small business health insurance plans

The Small Business Health Options Program (SHOP) Marketplace provides detailed guidance on the types of plans available through Healthcare.gov for small businesses with fewer than 50 full-time employees. The plans offer high quality, affordable health and dental insurance, but also give small employers choice and flexibility in choosing the right insurance for their employees. The Small Business Administration (SBA) provides a resource for understanding the options available to small business owners and the self-employed in 36 states, five US territories, and the District of Columbia through the HealthCare.gov platform.

2. SHOP plans are the best way to get the small business health tax credit

The SHOP plans are also generally the only way to qualify for the Small Business Health Care Tax Credit, which can be up to 50% of the employer’s contribution towards the premium cost. There are a number of requirements to get the loan, but it is generally available for businesses of 25 for fewer employees who have a SHOP plan.

3. Self employed can also find plans on Healthcare.gov. acquire

Self employed such as gig employees, freelancers, consultants, independent contractors, and business owners without employees can also purchase insurance coverage on Healthcare.gov. For self-employed people who were not entitled to insurance coverage in the past, it is important to note that the ARP has extended the insurance coverage so that they are now entitled to insurance coverage. Most people currently enrolled on a Marketplace plan may be eligible for more tax credits, which will make health insurance premiums lower than ever after these new savings.

Small business owners often work at least 12 hours a day just to keep the lights on and operations going. Whether you are self-employed visiting the custom marketplace or a small employer looking at the SHOP marketplace, it may be an easier option for you to find the right health insurance options for your business and employees, as well as SHOP registered agents and Select brokers are also available. Employers can visit healthcare.gov/small-businesses/ to learn more.

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