Date Posted: Wednesday, May 1st, 2013
Categories: Insurance Commissioner
Commissioner Karen Weldin Stewart announced today that beginning in 2014, the Delaware Health Insurance Marketplace will operate a small business health options program, or SHOP, that offers small businesses and their employees’ new choices. In the first year, employers can offer employees Qualified Health Plan (QHP) coverage through the SHOP, where the employer will choose the plan and benefit level. It is anticipated that for future years employers will choose a set of plans offered through the Health Insurance Marketplace, and employees will be able to select coverage from among those plans.
The Delaware Health Insurance Marketplace will make it easy for small businesses to compare health plans, get answers to questions, and enroll in or offer to employees a health insurance plan that meets their needs. Small businesses may also be eligible for the tax credit for coverage purchased through the Marketplace.
Commissioner Stewart stated, “The Health Insurance Marketplace offers Delaware small businesses choice. Insurance companies will compete for business fairly, and this level of competition will drive down costs.”
Through 2013, your company may be eligible for a small business premium tax credit of up to 35 percent of your business’ share of the employees’ premium. To be eligible, your company must:
Starting in 2014, the maximum tax credit increases to 50 percent of the employer’s share of health insurance coverage, but is available only to small employers who purchase coverage through the SHOP. This larger tax credit will be available for two years. Non-profit employers meeting the eligibility criteria can receive credits for 25 percent of the employer’s share of premium costs through 2013 and 35 percent of these premium costs for two years starting in 2014. For more information on the Small Business Health Options Program (SHOP) please visit: http://www.healthcare.gov/marketplace/small-businesses/index.html.Related Topics: Delaware Health Insurance Marketplace • Health Insurance • Insurance Commissioner • small employer insurance
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