Companies with less than 25 employees and with employees who make less than $30,000 per year can earn a 50% tax credit if they sign up for health insurance through the Federal SHOP marketplace. Until December 15th, there is no requirement that most employees participate. If many employees get insurance through spouses or parents, and you have only a couple of workers who need health insurance, you can do it. However, only until December 15th.
Example: Say the monthly cost for a Silver level policy for a young single worker is $400 (list price). You can pay $200.00 if that amount and get a tax credit for $100.00. Or you can pay $300.00 and get $150.00 tax credit. The employee pays what you don’t.
If you have a good worker you want to keep, this is a valuable and not-too-expensive way to show appreciation for what he or she does.
If you’re a worker, why isn’t your employer doing this? You should ask.
If you have questions, call me.