Benefits Network’s Marketplace Specialists will be answering questions about subsidies and cost sharing, plan designs and networks in an effort to help individuals secure individual coverage before the March 31st deadline.
Visit with one of our Marketplace Specialists in your community at the following dates and locations:
Allegheny Valley Library – Broadview Rd. Tarentum, PA – Tuesday, February 18th from 11:30AM – 6 PM
Springdale Free Public Library – School St. Springdale, PA – Thursday, February 20th from Noon – 6 PM
Canonsburg Library – North Jefferson Ave. Canonsburg, PA – Monday, February 24th from 11:30AM – 6:00PM
Millvale Community Library – Millvale, PA – Saturday, March 8th Hours TBD
Allegheny Valley Library – Neighborhood 5 Galleria at the Mills Mall – Monday, March 10th from 11:30AM-6:00 PM
We have had many questions recently about how a business can qualify for a small business tax credit that may offset a portion of healthcare premiums. We have compiled information below from the IRS in the hopes of simplifying the process for you.*
The maximum tax credit available for tax years 2010 through 2013 is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities.
For tax years beginning in 2014 or later, there will be changes to the credit:
- The maximum credit will increase to 50 percent of premiums paid for small business employers and 35 percent of premiums paid for small tax-exempt employers.
- The credit will be available to eligible employers for two consecutive taxable years.
Businesses that are eligible for the tax credit :
- have fewer than 25 full-time equivalent employees
- pay an average wage of less than $50,000 a year, and
- pay at least half of employee health insurance premiums
In order to qualify for the tax credit, a business must offer their employees a SHOP qualified health plan. These are available from both UPMC and Highmark in Western PA . The business must also meet the following guidelines:
- Have a primary business address within the state where you are buying coverage
- Have at least one common-law employee
The application to see if you are eligible for the tax credit is fairly simple, It asks only some basic information about your business and your employees. There is no financial information required. You can download it here. SHOP Health Coverage Application for Employers
If it is determined you are eligible for a tax credit, contact a benefit adviser at 724 940 9400 for help selecting a SHOP qualified plan. As always, please seek the advice of a professional tax adviser for details on tax planning. Benefits Network Consultants are not tax professionals.