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Congresswoman Robin Kelly

Representing the 2nd District of Illinois

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The Affordable Care Act: Small Businesses, Non-profits

The Affordable Care Act: Small Businesses, Non-profits

 
  • The Illinois Health Insurance Marketplace Small Business Health Options Program (SHOP) allows small businesses and small nonprofits to compare and purchase coverage options on October 1, 2013 for coverage that can begin as early as January 1, 2014. Small business and small nonprofits will be able to pool their buying power and do one-stop comparison shopping for affordable plans.
  • Small businesses and small nonprofits will have access to quality health plans in the SHOP Marketplace and will have a guaranteed set of minimum benefits. This eliminates fine print surprises and gaps in coverage that often face those who don't have the purchasing power of a large group.
  • Currently, The Affordable Care Act bans insurance companies from placing lifetime limits on coverage, from placing restrictive annual limits on coverage, rescinding coverage when one of your employees become sick, and from denying coverage to children with pre-existing conditions.
  • Beginning in 2014, the Affordable Care Act bans insurance companies from placing annual limits on coverage and from denying coverage or charging higher premiums due to preexisting conditions.
  • The Affordable Care Act provides tax credits for small businesses and small nonprofits to help them offer employee health insurance coverage to their employees. For small businesses who meet certain requirements, the tax credits currently cover up to 35% of the cost of the coverage and will increase to 50% of the cost of the coverage purchased through the SHOP Marketplace beginning in 2014. Small nonprofits who meet the eligibility requirement are currently eligible for tax credits up to 25% of the cost of coverage and will be eligible for up to 35% of the cost of providing coverage through the SHOP Marketplace beginning in 2014.
 
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Robin Kelly

 

 

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