Tax savings through the Small Business Health Options Program

We are writing to you today with new and important information about how to save on your taxes and lower your health insurance costs simultaneously. March 11, 2021, the American Rescue Plan has been signed into law, enhancing the Affordable Care Act by providing new incentives.

The New York State of Health is a health plan marketplace. Individuals, families, and small businesses can use it to buy high quality health insurance and receive healthcare tax credits. The New York State of Health has two platforms to buy health insurance on:

  1. The Individual Marketplace – For individuals
  2. The Small Business Health Options Program (SHOP) – For businesses

There are new options and very competitive plans on the SHOP Exchange that should be considered. Businesses could be eligible for a 50% Tax Credit on the premiums they pay for health insurance purchased through the SHOP Exchange specifically. This essentially enables some businesses that meet the requirements to cut the net cost of their health insurance in half!

We will be happy to review your current health insurance plan with our insurance expert, Joe Monteleone, to see if you and your business can save on taxes and lower your health insurance costs. Please reply to this email if you would like to take advantage of a free consultation to review your plan at your convenience.