Your Health Idaho’s Small Business Health Options Program (SHOP) is open to small businesses in Idaho with up to 50 employees. SHOP helps small businesses and not-for-profits provide health coverage to their employees.
You can enroll in SHOP coverage directly through a Your Health Idaho Certified agent or broker or insurance company. Click HERE For help locating an agent or broker near you.
Benefits of the SHOP Marketplace
SHOP is designed to give you access to high quality health coverage to offer your employees. When you offer your employees coverage through SHOP:
- You control the coverage you offer and how much you pay toward employee premiums.
- You can choose from four levels of coverage to find a plan that meets the needs of your business and employees.
- You can start coverage any time. Enroll by the 15th of the month and coverage can begin on the 1st of the following month.
- If you buy SHOP coverage and have fewer than 25 employees, you may qualify for a small business healthcare tax credit worth up to 50% of your premium costs. You can still deduct from your taxes the rest of your premium costs not covered by the tax credit. The tax credit is available only for plans purchased through SHOP.
Eligibility for SHOP
- In 2014, SHOP is open to employers with 50 or fewer full-time equivalent (FTE) employees. You can use this FTE Calculator from healthcare.gov to calculate the number of FTEs. Use this to find out if you qualify to use SHOP.
- In order to use SHOP, you must offer coverage to all of your full-time employees – generally those working 30 or more hours per week on average.
- In Idaho, at least 70% of your full-time employees must enroll in your SHOP plan.
- You must have an office or employee work site within Idaho to use Idaho’s SHOP marketplace.
The Small Business Tax Credit
Beginning in 2014, the small business tax credits are only available for plans purchased through Your Health Idaho. Small business owners can still deduct from their taxes the rest of your premium costs not covered by the tax credit.
Click HERE to use the calculator on healthcare.gov to see if you may be eligible for the small business tax credit.
How much will the tax credit pay?
- Up to 50% of your contribution to employee premiums if you are qualifying small business
- Up to 35% of your contribution to employee premiums if you are a qualifying tax-exempt small employer