If you’re a small employer with fewer than 25 full-time equivalent employees, we have good news.
Did you know you may qualify for a tax credit worth up to 50% of your premium costs when you buy health insurance through the Small Business Health Options Program (SHOP)? Non-profit employers may qualify for a tax credit worth as much as 35% of premium costs.
Here’s how the tax credit works. If you had 10 employees making $25,000 each and your contribution to employee premiums was $70,000, your tax credit amount would be $35,000— 50% of your contribution. For non-profit employers, the tax credit amount would be $24,500—35% of your contribution.
This means you get health insurance for your workers, and keep more of your cash in your business.
Want to learn more? Find out how you can get health insurance for your employees.