Affordable Care Act Resources
Affordable Care Act Resources
To enroll or learn more about the New Health Insurance Marketplace, click here. Cover Virginia offers resources to help individuals learn about Virginia’s Medicaid, FAMIS and Plan First programs. To enroll, or find more information about programs and eligibility, click here.
The Small Business Administration, Department of Health and Human Services, and Small Business Majority are producing weekly webinars in which they will specifically focus on what the ACA means for small businesses and their employees, including the employer mandate provisions and the Small Business Health Options Program (SHOP) Marketplace. These webinars provide a good overview of recent regulations and an opportunity to ask questions.
Click to register for any of the webinars at the links next to each date:
- Thursday, October 16 at 2:00 PM ET: Click to Register
- Thursday, October 23 at 2:00 PM ET: Click to Register
- Thursday, October 30 at 2:00 PM ET: Click to Register
Instructions for Employer Reporting:
Employers must begin collecting required information for reporting purposes when the employer mandate takes effect on January 1, 2015, and information returns will be filed for the first time in 2016. Many employers will find that they do not need to fill out all of the forms. The Internal Revenue Service (IRS) has also created a helpful question and answer document on the mandate and who it does and does not apply to, which can be found here.
On August 28, the IRS released draft instructions for employers to use in completing information reporting forms under the ACA. You can find the draft instructions here. The forms were released in July 2014. The IRS is accepting comments on these instructions and forms here.
Small Business Marketplace and Tax Credits:
When you buy health coverage for your employees through the Small Business Health Options Program (SHOP) Marketplace, you may qualify for a tax credit worth up to 50% of your premium contributions. SHOP is open to employers with 50 or fewer full-time-equivalent employees (FTEs) and enrollment is open year-round. The SHOP Tax Credit Estimator can tell you what that credit might be worth to your business. Businesses can apply for SHOP coverage any time, all year. You can access other information or apply for coverage in the SHOP Marketplace here.
Here are some key things you should know about the tax credit and applying for SHOP:
- Employers with fewer than 25 full-time equivalent employees may be eligible for the Small Business Health Care Tax Credit, worth up to 50% of employer premiums contributions, if their employees make an average of $50,000 a year or less.
- The tax credit will be available to eligible employers for two consecutive taxable years.
- The tax credit may be available to eligible tax-exempt employers who could receive up to 35% of employer premium contributions, and can access the credit as a refund.
- Generally, the Small Business Health Care Tax Credit is available for eligible employers purchasing SHOP health plans.
- To enroll in a SHOP plan in most states, you’ll use an agent, broker or insurance company. You’ll also need to complete a SHOP eligibility application.
- Visit IRS.gov for the most up to date information and guidance on claiming this tax credit.
- Even if you’re a small employer who does not qualify for a small business tax credit, you may still purchase coverage through SHOP.
If you have questions about the SHOP Marketplace call 1-800-706-7893 (TTY: 1-800-706-7915), Monday through Friday, 9 a.m. to 7 p.m. ET. Agents and brokers may also use this number.
Other pertinent information:
The primary resource page for SHOP and businesses is located on HealthCare.gov: https://www.healthcare.gov/small-businesses
Links to specific questions below:
- Small Business Health Care Tax Credit
- SHOP Marketplace and Employer-Based Coverage
- Self-Employed and Health Care Coverage
- Employer Shared Responsibility Rules
- Affordable Care Act Tax Provisions Questions and Answers
- Affordable Care Act Tax Provisions for Employers
- Affordable Care Act Tax Provisions for Large Employers
- Affordable Care Act Tax Provisions for Small Employers