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Health Care Planning

November 17, 2015

SHOP Exchanges: In 2016, the Small Business Health Options Program is available for employers with 100 or fewer full-time equivalent employees. Coverage must be offered to all full-time employees working 30 or more hours per week. Each exchange will offer its own SHOP marketplace. Self-employed persons with no employees cannot use the SHOP Exchange.

Premium Health Care Credits: Small businesses with less than 25 employees may qualify for health care tax credits using the health insurance marketplace. These premium tax credits can cover up to 50% of the cost of employee health insurance. The uncovered amount can be deducted from your taxes as usual. The tax credits are available through plans offered on the SHOP marketplace exclusively.

Pay to Play Excise Tax: For the 2016 plan year, if you have 50 or more employees, you could be subject to an excise tax, which could be as much as $2,000 per employee, for failure to provide an adequate health care plan to your employees. The first 30 workers are excluded from the penalty excise tax. Larger employers, should be considering their health care plan needs in light of this potential excise tax liability.

Health Care Reporting: The first mandatory filings for 2015 Forms 1095-C, 1095-B, 1094-C and 1094-B are due in early 2016. Paper filings are due February 29, 2016, or March 31, 2016, if filing electronically. Employee statements are due February 1, 2016.

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