SHOP: The Health Exchange Platform for Small Businesses
Small Business Health Options Plans (SHOP) is a main medical health insurance Exchange that enables small business firms to acquire group coverage for his or her employees. Since most American citizens prefer to access coverage at work, SHOP is a step by the government to encourage small firms to deliver group coverage on their workers.
SHOP will give you tax credits to prospective businesses that provide health insurance with their employees. The exact quantity of tax relief is dependent upon the quantity of premium contribution through the company along with the sized the business. However, the employer has got to pay at the very least 60% of the expenses to get qualified to receive these tax credits.
The available credits are:
- $1000 per employee who receives self-only coverage
- $2000 for each employee who receives family coverage
- $1,500 for each employee who receives health care insurance coverage for just two adults