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Small Business and The New Health Care Exchange in Colorado and What it Means to Your Business

Small Business and The New Health Care Exchange in Colorado and What it Means to Your Business

October 1, 2013, is a big day for small businesses and the health care reform. Small business employers can now offer their employees quality health insurance through the Connect for Health Colorado, or the new health care exchange. Depending on the size of your company, you can now offer your employees health care through the exchange that will make insurance easier, reduce costs for your business and a dedicated personal shopper to help you navigate the new law. The new law, which was passed in 2011, provides options to people who struggled to get insurance because of a pre-existing condition or because of financial restraints.

Federal tax credits are available for small employers and non-profits to help cover the cost of health insurance for employees and their families. To qualify for these tax credits employers must: offer health insurance to all full-time employees and cover at least 50% of the cost of single coverage, employ fewer than 25 full-time workers and pay average annual wages below $50,000 (not including the wages of owners and their families).

The Connect for Health Colorado offers small businesses many ways to improve the process of covering employees. Simple choices and more options give employees more choices of multi-carrier and multi-plan choices previously not available for smaller businesses. You’ll still be able to set a benefit budget so you can choose the level of contribution toward your employees’ coverage.

Connect for Health Colorado also offers a personal shopper for health insurance that can guide you and help you pick the right plan for you employees. They also online decision support tools to guide you through the online shopping process if you feel more comfortable shopping on your own.

How to use this Information

Health care exchanges will have an immediate impact on small businesses starting October 1, 2013. Our Colorado CPAs at KKB will help answer any questions that will impact your small business, including advice on financial planning, wealth management and other tax services. We’ll take care of all the questions you have so you can start enjoying your life!

Inviting Feedback, Comments and Interactions What questions, concerns or feedback do you have regarding the new health care exchange in Colorado?

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