kynect will assist small group employers in enrolling their employees in health plans through the Small Business Health Options Program (SHOP). Small businesses can use kynect if they have 50 or fewer employees. Significant tax credits may be available through kynect for businesses that meet three requirements:
- The employer must have fewer than 25 full-time employees
- The employer must pay at least 50 percent of the premium for each employee
- The employer must have a group average annual wage less than $50,000
Companies with 50 or fewer workers will not be penalized if they do not provide healthcare coverage.
Starting October 1, small businesses can elect to purchase insurance for their employees at any time, with coverage beginning as soon as January 2014. For more information on kynect, visit their website or call 855-459-6328
SBA Webinar Series on Affordable Care Act
Looking for insight about how the Affordable Care Act, also known as Obamacare, will affect your small business and your employees? This free webinar series, provided by the US Small Business Administration, will help you understand key pieces of the law and what you should know about tax credits, cost containment and more. Join us and get the facts you need to know.