NY State of Health, the state’s official health plan Marketplace, announced a boost in participating employers in New York’s Small Business Marketplace (SBM) due to significant changes made earlier this year.
State officials said it’s now easier for small businesses to access the federal Small Business Health Care Tax Credit, and there are more health plans for employers to choose from through New York’s SBM.
In the first five months of New York’s re-vamped SBM, the number of participating small employers increased by over 300 percent and now exceeds 9,000.
“New York’s small businesses have the opportunity to provide employees with health coverage and potentially save money at the same time,” said NY State of Health Executive Director Donna Frescatore. “We’re trying to raise awareness about the tax credit and we’ve made it easier than ever for businesses to sign up.”
This fall, NY State of Health will launch a statewide small business-focused marketing effort including new materials, partnerships with state agencies, and digital and print advertising. Outreach to the broker community is ongoing through webinars and in-person meetings.
Eligible employers can access tax credits by completing a short application at nystateofhealth.ny.gov/employer and enrolling in Marketplace-certified plans directly with insurers of their choice. Previously, small businesses could access tax credits if they enrolled through the NY State of Health website and selected from a limited number of plans.
Today, there are nine insurers offering more than 2,000 products through NY’s SBM.
The SBM is open to businesses with 100 or fewer full-time equivalent employees. The Small Business Health Care Tax Credit is available to businesses with fewer than 25 full-time equivalent employees with an average annual employee salary (not including the owners) of $53,000 or less in 2018; that contribute at least 50 percent toward the lowest cost employee only coverage; and offer coverage to all full-time employees.
Officials said the maximum tax credit is 50 percent of the employer contribution (35 percent for non-profit employers). For example, an eligible employer receiving the maximum tax credit of 50 percent who contributed $30,000 towards employees’ premiums would be eligible to receive $15,000 back as a tax credit.
To learn more about New York’s Small Business Marketplace contact a NY State of Health-certified broker or navigator, call the Marketplace at 1-855-355-5777 or log onto nystateofhealth.ny.gov/employer.