The Affordable Care Act (ACA) is the national health reform, which includes new responsibilities and opportunities for employers.
The bill provides incentives to help make offering health insurance coverage to workers easier and, in some cases, more affordable.
The official ObamaCare enrollment period ended on March 31, 2014. Important Notice: Its urgent, to avoid future fines and penalties, to sign up for health insurance under the Affordable Health Care Act.
Maryland Individuals & Families: Find out the most cost efficient healthcare insurance for you.
What you need to know
Businesses with 50 or fewer full-time equivalent (FTE) employees can use the Small Business Health Options Program (SHOP) to offer coverage to their employees.
Through SHOP you control the coverage you offer and how much you pay toward premium costs.
* Employers of this size don’t face a penalty for not offering health coverage.
- You can’t be turned down based on the health status of your employees or their dependents, even if they have pre-existing conditions.
- You can’t be charged higher premiums for women, or have your group’s premium increased for employees with high medical costs.
If you have fewer than 25 full-time equivalent employees making an average of about $50,000 a year or less, you may qualify for a small business health care tax credit.
- To qualify for the Small Business Health Care Tax Credit, you must pay at least 50% of your full-time employees’ premium costs.
- You don’t need to offer coverage to your part-time employees or to dependents.
- The tax credit is worth up to 50% of your contribution toward employees’ premium costs (up to 35% for tax-exempt employers).
- The tax credit is highest for companies with fewer than 10 employees who are paid an average of $25,000 or less. The smaller the business, the bigger the credit.
- You can find out if you qualify for the small business health care tax credit by visiting IRS.gov or by consulting with your tax advisor or accountant
If you have more than 50 employees, you may face payments in 2015. This applies only to employers with 50 or more full-time equivalent (FTE) employees that don’t offer coverage or whose coverage doesn’t meet certain minimum standards.
Employers and their Employees
If your company is covered by the Fair Labor Standards Act, you must have provided a written notice to employees informing them:
- About the Health Insurance Marketplace.
- That, depending on any coverage you offer, they may be able to get lower costs on private insurance in the Marketplace based on their income.
- That if they buy insurance through the Marketplace, they may lose the employer contribution (if any) to their health benefits.
You can apply for ObamaCare Health Insurance in Maryland online.
If you are an employer or employee with questions please call:
Available Monday through Friday, 9 a.m. to 7 p.m. EST.