How the ACA Impacts Small Business Health Insurance in Missouri
The Affordable Care Act (ACA) not only impacted individual and family health coverage, but it also brought significant changes to the way small businesses provide health insurance to their employees. If you own a small business in Missouri, understanding how the ACA affects your business and employees is crucial to staying compliant and offering the best health insurance options.
ACA Requirements for Small Businesses
Under the ACA, businesses with fewer than 50 full-time employees are not required to offer health insurance to their employees. However, many small business owners still choose to offer health insurance as a benefit to attract and retain talent.
For businesses with 50 or more full-time employees, the ACA mandates that they provide health insurance or face penalties. This is known as the Employer Mandate. Businesses are required to offer affordable health insurance that provides at least minimum value and covers essential health benefits.
Small Business Health Options Program (SHOP)
The Small Business Health Options Program (SHOP) is an ACA initiative that allows small businesses to shop for health insurance for their employees. Through SHOP, businesses with fewer than 50 employees can access a marketplace of affordable plans, often with tax credits to help lower premiums.
Benefits of Providing Health Insurance to Employees
Offering health insurance can improve employee satisfaction, reduce turnover, and promote overall wellness. In addition, small businesses that provide coverage may qualify for tax credits through the ACA, helping offset the cost of premiums.
Contact Us
At Riverside Insurance Professionals, we can help your small business navigate the ACA’s requirements and find affordable health insurance options for your employees. Contact us to learn more about SHOP plans and other options for small businesses.
Phone: (573) 535-6044
Email: Jennifer@RiversideInsuranceProfessionals.com
Office Hours: Monday – Friday, 9:00 AM to 5:00 PM
Visit HealthCare.gov for more information about small business health coverage.