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What Health Insurance Exchanges Mean For Small Business Owners

Under the Affordable Care Act, all Americans must have health insurance coverage or face the consequences in the form of a tax penalty. As a result of this law, the ACA requires that states make health insurance exchange marketplaces available where health insurance coverage is available for individuals and small businesses.

In California, the small business marketplace is known as SHOP, or Small Business Health Options Program. This means that small business owners have two options when it comes providing insurance for employees. They can keep existing coverage or buy from the SHOP marketplace.

Small businesses benefit from using the marketplace as they may qualify for a tax credit to cover some of those employee health care costs. If a business has less than 25 full-time employees who make under a certain amount of money per year, then up to 50 percent of employee health care costs is available as a tax credit.

For more information on small business insurance options in the greater Los Angeles, California area, contact Save-On Health Insurance Services today.