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eHealth can help with health reimbursement arrangements
Individual Contribution Health Reimbursement Arrangement, also known as ICHRA, offers many advantages over traditional group plans. ICHRA may be right for you if you want greater control of costs while giving your employees more flexibility in choosing their ideal health plan.
| ICHRA | Group Health Insurance | |
|---|---|---|
| Reimbursement model | Employers choose contribution amounts based on employee class and family size. | Employers offer a plan, or a selection of plans to employees - and if the employer chooses - their employees' families. |
| Is minimum participation required? | No | Yes |
| Employer contribution limits | No minimums or maximums | No. However, in order to be eligible for the Small Business Health Care Tax Credit, employers must contribute 50% or more of the cost of premiums for all full-time employees. |
| Employer eligibility | Employers of any size with at least one other employer (other than their spouse). | Generally, small employers with 1-50 employees are eligible for SHOP. Employers of any size can offer group coverage. |
| Employee eligibility | Any employee classes of the employers' choosing, including part-time and seasonal workers, so long as they have minimum essential coverage. | Any employee classes of the employers' choosing |
| Coverage flexibility | Employees choose their health insurance plan and what healthcare purchases they make so long as they are qualifying expenses. If they choose to leave the company, they can keep their current plan. | Employees have a plan or selection of plans to choose from that offer minimum essential coverage based on what the employer chooses to offer. |
| Enrollment | Employers can enroll any time of the year. Employees with an ICHRA election will be offered a special enrollment period. | Small businesses can generally enroll during any time of the year. |
| Tax information | ICHRA reimbursements are not taxed to the employee. However, if an employee accepts an ICHRA offer they cannot receive premium tax credits. | Group health plan contributions are generally not taxed to the employee. However, in order to offer a SHOP plan the employer must be eligible for the Small Business Health Care Tax Credit - which means they must contribute 50% or more of full time employees' premiums. |
| ICHRA |
|---|
Reimbursement modelEmployers choose contribution amounts based on employee class and family size. |
Is minimum participation required?No |
Employer contribution limitsNo minimums or maximums |
Employer eligibilityEmployers of any size with at least one other employer (other than their spouse). |
Employee eligibilityAny employee classes of the employers' choosing, including part-time and seasonal workers, so long as they have minimum essential coverage. |
Coverage flexibilityEmployees choose their health insurance plan and what healthcare purchases they make so long as they are qualifying expenses. If they choose to leave the company, they can keep their current plan. |
EnrollmentEmployers can enroll any time of the year. Employees with an ICHRA election will be offered a special enrollment period. |
Tax informationICHRA reimbursements are not taxed to the employee. However, if an employee accepts an ICHRA offer they cannot receive premium tax credits. |
| Group Health Insurance |
Reimbursement modelEmployers offer a plan, or a selection of plans to employees - and if the employer chooses - their employees' families. |
Is minimum participation required?Yes |
Employer contribution limitsNo. However, in order to be eligible for the Small Business Health Care Tax Credit, employers must contribute 50% or more of the cost of premiums for all full-time employees. |
Employer eligibilityGenerally, small employers with 1-50 employees are eligible for SHOP. Employers of any size can offer group coverage. |
Employee eligibilityAny employee classes of the employers' choosing |
Coverage flexibilityEmployees have a plan or selection of plans to choose from that offer minimum essential coverage based on what the employer chooses to offer. |
EnrollmentSmall businesses can generally enroll during any time of the year. |
Tax informationGroup health plan contributions are generally not taxed to the employee. However, in order to offer a SHOP plan the employer must be eligible for the Small Business Health Care Tax Credit - which means they must contribute 50% or more of full time employees' premiums. |
To learn more about your options, call 1-, or click here to get a quote.
Does your small business qualify for Colorado health tax credit?
If you're a small business owner in Colorado, you may qualify for a tax credit that could cover some of the costs you pay for employees' premiums. If you qualify, eHealth can help you obtain your tax credit and find a small business health insurance plan that works best for you and your employees.
Number of full-time workers the company employs is within
25
Average annual wage per worker must be less than
$50,000
Minimum employer contribution toward employee coverage is
50%
If you are a small business owner with 25 full-time employees or less, and pay an average salary less than or equal to $50,000 a year, you might be eligible for a tax credit.* This tax credit was created under the Patient Protection and Affordable Care Act (PPACA) in order to give small businesses and tax-exempt organizations a break on the cost of group health insurance for their employees.
The federal tax credit will reimburse qualifying small businesses for up to 50% of the premiums they pay towards employee medical, vision and dental insurance. Tax-exempt organizations may qualify for a tax credit of up to 35% of premium expenses.
*In some states, the tax credit only applies to Qualifying Health Plans (QHPs) bought through government exchanges. Other restrictions may apply.
Small businesses with fewer than 10 full-time employees that pay average annual wages of $25,000 or less may qualify for the full credit. The amount of the credit is reduced for companies with more full-time workers and higher wages, until it is phased out entirely for those with 25 or more full-time workers and average annual wages over $50,000.
Because eligibility rules are based in part on the number of full-time employees, not the total number of all employees, businesses that use part-time help may qualify even if they employ more than 25 individuals.
This article is for general information and is not tax, accounting, or legal advice. Please consult a tax, accounting, or legal advisor for advice on your specific situation.
Frequently asked questions
How much does Small Business Health Insurance cost in Colorado?
Colorado group health insurance starts for as little as about $230 per employee.* Actual prices will vary based on age, gender, and a number of other factors. Get a free quote and compare coverage options to find a plan that suits your needs.
* This is based on the lowest-price plan available from eHealth in Colorado, but actual prices available depend on zip code, age, gender, and other factors. Get a personalized quote to see what may be available for you.
What types of small business health insurance plans are available in Colorado?
In Colorado, small businesses have varioustypes of small business health insurance options, including SHOP Marketplace plans, traditional group health insurance plans, Health Maintenance Organization (HMO) plans, Preferred Provider Organization (PPO) plans, Exclusive Provider Organization (EPO) plans, High Deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs), and Catastrophic Health Insurance Plans. These options offer a range of coverage levels, provider networks, and cost structures, allowing employers to tailor health benefits to their employees' needs and financial considerations. Consulting with a licensed insurance broker or agent can aid in navigating these options and selecting the most suitable plan for the business and its workforce.
What are the Colorado-specific regulations for Small Business Health Insurance?
In Colorado, small businesses must adhere to specific state regulations and requirements when offering health insurance to their employees. Notably, insurance carriers are mandated to provide guaranteed issue small group health plans, ensuring that coverage cannot be denied based on the health status of employees or their dependents. Additionally, Colorado requires small group health plans to include essential health benefits as outlined by the Affordable Care Act, encompassing services like preventive care, maternity care, mental health services, and prescription drug coverage. There are also guidelines regarding the eligibility of small businesses for certain health insurance options, such as the Small Business Health Options Program (SHOP) Marketplace, which caters to businesses with 1-50 employees. Furthermore, Colorado offers tax credits through its Health Insurance Premium Tax Credit Program to assist small businesses in offsetting the costs of providing health insurance to their employees. Comprehending and adhering to these state-specific regulations is vital for small businesses navigating health insurance offerings in Colorado.
How can small businesses navigate Affordable Care Act (ACA) compliance in Colorado?
Navigating ACA compliance for small businesses in Colorado involves understanding employer mandate requirements, exploring SHOP Marketplace options for coverage, choosing qualified health plans that meet ACA standards, communicating benefits to employees clearly, monitoring employee hours for eligibility, staying informed about regulatory changes, and considering consulting professionals for guidance. By following these steps, small businesses can ensure compliance while providing valuable health insurance benefits to their employees.
What is the Small Business Health Options Program (SHOP) in Colorado and how does it work?
The Small Business Health Options Program (SHOP) in Colorado serves as a marketplace where small businesses with 1-50 employees can compare and purchase health insurance plans from various carriers. It offers potential tax credits to qualifying businesses, simplifying the process of obtaining financial assistance. Additionally, SHOP provides employers with the flexibility to offer their employees a range of health insurance plan options, empowering them to select coverage that aligns with their needs. Overall, SHOP facilitates access to affordable health insurance options, assists with tax credits, and offers flexibility in plan selection for small businesses in Colorado.
Can small businesses in Colorado offer different health insurance plans to different employees?
Yes, small businesses in Colorado generally have the flexibility to offer different health insurance plans to different employees. This flexibility allows businesses to cater to the diverse needs and preferences of their workforce. Employers can choose to offer multiple health insurance plan options from various carriers through the Small Business Health Options Program (SHOP) Marketplace or other private insurance providers. Employees can then select the plan that best suits their individual healthcare needs, budget, and preferences. This approach empowers employees to have more control over their healthcare coverage while allowing businesses to provide a range of options that accommodate the diverse needs of their workforce. However, it's essential for employers to ensure compliance with any applicable state and federal regulations regarding health insurance offerings and employee benefits.
What are the consequences of not providing health insurance for employees in Colorado?
In Colorado, businesses that opt not to provide health insurance for their employees may encounter several potential consequences. Firstly, under the Affordable Care Act (ACA), applicable large employers—those with 50 or more full-time equivalent employees—may face penalties for failing to offer affordable health insurance coverage that meets minimum essential coverage requirements to full-time employees and their dependents. Moreover, the absence of health insurance benefits can diminish a company's competitive advantage in attracting and retaining top talent, as many job seekers prioritize health benefits. This lack of coverage may also adversely affect employee morale and productivity, as workers without access to affordable healthcare may experience financial stress and concerns about their well-being. Additionally, without health insurance benefits, there's an increased risk of employee turnover, leading to higher recruitment and training costs for the business. Lastly, non-compliance with state and federal regulations regarding employee benefits, including health insurance, may expose businesses to legal consequences such as fines, penalties, or legal action from employees or regulatory authorities. Thus, it's crucial for employers in Colorado to carefully evaluate the impact of health insurance offerings on their workforce and ensure compliance with relevant regulations to mitigate potential penalties and risks.
Are there resources or assistance programs available to help small businesses navigate health insurance in Colorado?
Yes, there are several resources and assistance programs available to help small businesses navigate health insurance in Colorado: 1. Connect for Health Colorado: This is Colorado's official health insurance marketplace where individuals and small businesses can shop for and compare health insurance plans. Connect for Health Colorado provides assistance to small businesses in understanding their coverage options, eligibility for tax credits, and enrollment processes. 2. Small Business Development Centers (SBDCs): SBDCs offer free or low-cost consulting services to small businesses, including guidance on health insurance options and compliance with state and federal regulations. They can provide personalized assistance tailored to the specific needs of each business. 3. Health Coverage Guide Program: Connect for Health Colorado offers a Health Coverage Guide Program to help individuals and small businesses navigate the health insurance marketplace. Health Coverage Guides provide in-person assistance, answer questions, and help businesses understand their coverage options. 4. Insurance Brokers and Agents: Small businesses can also seek assistance from licensed insurance brokers or agents who specialize in health insurance. These professionals can help businesses compare plans, understand coverage options, and navigate the enrollment process. 5. Small Business Assistance Programs: Some nonprofit organizations and advocacy groups may offer assistance programs specifically tailored to small businesses in Colorado. These programs may provide educational resources, workshops, and guidance on health insurance and other business-related matters. 6. Colorado Small Business Navigator: The Colorado Small Business Navigator is a government program that provides resources and assistance to small businesses in the state. While not exclusively focused on health insurance, the Navigator can offer guidance on various aspects of running a small business, including employee benefits and compliance with regulations. By leveraging these resources and assistance programs, small businesses in Colorado can access the support and guidance they need to navigate health insurance options, understand their obligations, and make informed decisions that best suit their business and employees.
Colorado Resources for Small Businesses
Business owners in Colorado can expand their health insurance offerings to include group dental insurance and group vision insurance. Colorado small business owners can also refer to the following resources about owning and operating a small business in Colorado:
What people are saying
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"Before working with eHealth I thought buying group health insurance would be difficult. I didn't expect it to be as EASY as eHealth made it. My advice, work with eHealth - it's easy."
- MS Glass LLC, Texas
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- Tabatha, Nevada
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