Businesses that provide health insurance can better attract and retain quality employees. Employees with health insurance can access preventive care, seek early treatment for illnesses and injuries, take fewer sick days, and ultimately be more productive. Providing health insurance is an ASSET to your business, not a liability.
Obamacare has made it easier and more affordable for small business owners in New York to offer health insurance to their employees AND maintain their bottom line. There are new limits on the higher premiums insurance companies can charge businesses with older employees, and employees with higher health care costs no longer increase the group's premium.
At JayMar we make it even EASIER for our small business clients. While the law itself may seem overwhelming and complex, we take the pain out of the process by boiling it down to the essential facts so that you can make an informed decision about how to better protect your most valuable assets – your employees!
The Small Business Health Options Program (SHOP) on the New York State of Health Online Marketplace offers exclusive advantages to small business owners that are not available off Exchange. Employers and employees enjoy access to quality insurers with robust provider networks that include HMO's, EPO's and PPO's.
Businesses can enroll anytime during the year, and while employers must offer coverage to all full-time employees – those working a minimum of 30 hours per week, there are no minimum participation rates if you enroll via the SHOP Exchange.
Below is how it works and how it can benefit your business and your employees:
Tax Credits – Do you qualify?
You could receive up to 50% in tax credits and deduct the portion of your premium contribution not covered by the credit if...
• Your business has fewer than 25 FTE (full-time equivalent) employees -(this number goes up to 50 in 2016)
• Your average employee salary is less $50,000 annually
• You contribute a minimum of 50% towards employee premiums
• You enroll through the SHOP Exchange
Employees are not eligible for a tax credit and may only deduct from their taxes the portion of their premium contribution
Choice & Control
Offer as many or as few carrier-plan combinations to your employees as you like.
If you elect to pay the entire premium
• You receive a higher tax credit
• You can attract and retain higher quality employees and reduce turnover, sparing your business the costs of hiring and training new employees
• You have control over plan options offered – i.e., you could silver plans only, even if they are with different carriers
If you elect to pay a portion of the premium:
• You could still quality for a tax credit (see above) while at the same time reducing your financial obligation
• You can still deduct from your taxes the portion of your contribution not covered by the credit
• While you must contribute equitably to each employee, or class of employees, you can potentially curb costs even further by offering more than one carrier and/or plan. Offering multiple carriers and metal levels (cost sharing ratios) can help you save further; employees who are required to contribute to their premiums are more likely to opt for less costly plans.
If your employees pay their entire premium:
• Your employees do not have to wait for the open enrollment period required on the individual exchange
• Your employees can still get great coverage at affordable prices at no expense to you
• Your employees could have access to more plan options than they would in the individual marketplace (although this is not always the case)
• Your employees will enjoy better health and thus enhanced productivity
• We explain the plans, help you choose the one(s) that fit your budget and meet your and your employees' needs, and we enroll you – minimal information gathering and no onerous paperwork
• Regardless of the number of different carriers and plans chosen among employees, the business only receives ONE BILL which comes directly from the New York State of Health each month
• No HR hassles – JayMar insurance brokers are your liaisons to both the carriers and the New York State of Health. We can handle Any and all questions or issues you may experience so you can focus on running your business
While there are clearly advantages to enrolling via the SHOP Exchange, unfortunately not every business qualifies for the benefits exclusive to SHOP. Businesses with over 25 employees whose average salary exceeds $50,000 per year are currently ineligible to receive tax credits. However, that doesn't mean that you can't still offer great coverage to your employees without cutting into your company's profits.
In fact, larger businesses with higher earning employees have a few more carriers available to them, as not all carriers offer small business plans on the Exchange. Even if your business does not qualify for a tax credit, you can still deduct your premium contributions from your taxes.
Below is a list of carriers we are currently doing business with along with their On/Off-Exchange Designations.
Aetna - (OFF EXCHANGE ONLY)
Emblem - (ON/OFF EXCHANGE)
Empire Blue Cross/Blue Shield - (OFF EXCHANGE ONLY)
Health Republic of New York - (ON/OFF EXCHANGE)
NSLIJ CareConnect - (ON/OFF EXCHANGE)
Oxford - (OFF EXCHANGE ONLY)
United Health Care - (OFF EXCHANGE ONLY)
As of January, 2015 companies with 50 or more full-time employees (including full-time equivalent) are required to offer minimum essential coverage that is "affordable" and provides "minimum value" to their full-time employees (and their dependents) or potentially make an employer shared responsibility payment to the IRS.
Most businesses will choose to provide benefits to their employees rather than pay a penalty to the IRS, and since employee benefits give businesses a competitive edge, we believe that in light of these new provisions, businesses of all sizes will follow suit.
We can get you and your employees set up with a great plan in no time. All we need from you is a census of your employees to get the ball rolling. We will come to your place of business, sit down with you and your employees, and present your options, comparing carriers and plans to determine which meet your needs at a price you can afford. The enrollment process can be completed in as little as one day. And since we are your broker, we are here to service your plan. You never need to call the carrier or the New York State of Health. Ever. For any reason. And Best of all, our services come at NO COST TO YOU! Yes, we are insurance brokers. More than that, we are educators and advocates. We love this stuff and we want our passion to be infectious! Our vision is to ensure that every individual, family and small business in New York has access to the quality healthcare at prices that don't make them sick!
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