Ways to Get Credit for Group Health Insurance
There are Three Ways to Receive Credit for Employer Wishing to Offer Group Health Insurance:
1. Small Business Health Options Program (SHOP):
Employers Can Qualify for Health Care Tax Credit (Subsidy) Given they Meet the Following Guidelines:
You have fewer than 25 full-time equivalent (FTE) employees
Your average employee salary is about $56,000 per year or less
You pay at least 50% of your full-time employees’ premium costs
You offer SHOP coverage to all of your full-time employees. (You don’t have to offer it to dependents or employees working fewer than 30 hours per week to qualify for the tax credit.)
SHOP is Available at Limited Areas, However, the Employers outside these Selective Areas, Qualify to Deduct their Paid-Cost of Health Premiums from their Gross Profit.
2. Deduction of Paid-Premiums:
Employers who Don’t Meet the Qualification Guidelines for SHOP (as explained Above), Can Deduct their Paid-Portion of the Premiums from their Gross Profit.
3. S-Corp Employee-Owners:
Under ACA rules (Affordable Care Act) S-Corp Employee-Owners Can Apply Directly for Coverage for Themselves and their Family thru Marketplace Insurance (Obamacare).