Understanding the CT Marketplace 

"access health CT"

 

The Affordable Care Act (ACA) 

is well underway with the CT marketplace, access health ct, up and running.  We at eBenefits Group are certified and ready to help you with your health insurance needs on and off the marketplace or, as it is also referred to, the exchange.  There are two parts to the marketplace, individual and group which is referred to as SHOP.  There are definite benefits for some individuals and groups who may qualify for a subsidy or tax credit.

Most people are aware of the individual mandate and know that the open enrollment period will continue through 3/31/2014.  Individuals can go online through access health ct to obtain insurance and find out if they qualify for a subsidy.  We at eBenefits Group are happy to assist anyone who needs help with this process.

What most people aren't aware of is how to obtain the small business health care tax credit for small businesses and tax exempt organizations.  For tax years 2010 through 2013, the maximum credit is 35% of premiums paid for small business employers and 25% of premiums paid for small tax-exempt employers, such as charities.  The credit may equal up to 50% of the qualified premiums paid by eligible small businesses and 35% for small tax-exempt businesses in 2014.

Who is eligible for the credit?  Employers that

• Pay at least half the cost of qualified "single" (employee only) health insurance coverage for their employees,
• Have fewer than 25 full-time-equivalent employees.  For example, two half-time workers count as one full-time-equivalent employee, and
• Pay wages averaging less than $50,000 per full-time-equivalent employee per year.
• You will have to purchase insurance through the SHOP marketplace to be eligible for the credit for tax years 2014 and beyond.

How do you claim the credit?

Small businesses and tax-exempt organizations use Form 8941, Credit for Small employer Health insurance Premiums, to calculate the credit.  Your accountant can help you with this.

It is imperative that employers now begin to understand all of their health insurance options in and out of this new marketplace, and how they will be impacted going forward.  We at eBenefits group will stay abreast of these ongoing regulations and are here to help you stay informed.  As always, please don't hesitate to contact us with any questions or concerns you may have. 

eBenefits group Northeast, LLC.

860-675-4227

800-827-4227