The Small Business Health Options Program, a website that offers plans for businesses looking for health insurance for their employees, has a new tool for businesses to calculate tax credits, according to a news release.
Employers with fewer than 25 employees can qualify for the tax credit if they pay at least 50 percent of full-time employees’ premium costs and the average salary is $50,000 a year or less.
The tax credit calculator is available at https://www.healthcare.gov/shop-calculators-taxcredit/.
To enroll in the SHOP, employers should contact an agent or broker who can help employers apply and compare plans.
The SHOP is a separate marketplace from the individual health insurance marketplace at HealthCare.gov. But it was set up as part of the Affordable Care Act.
Unlike the individual marketplace, enrollment in the SHOP is open year round.
For more information, go to https://www.healthcare.gov/what-is-the-shop-marketplace/ or call 1-800-706-7893.