816-400-4477Small Business Health Insurance in Ohio
Affordable Coverage for Your Employees
Individual Health Insurance
Insurance can be complicated. Between the dozens of providers, changing laws, different kinds of insurance, and so many options, it's a challenge to navigate and find the right plan for your budget and needs.
That's where an insurance broker can help. Apollo are the experts in health insurance and will fight for you. There's no extra cost to you and you'll have an insurance person to always turn to.
Group Health Insurance
Do you want to provide an affordable insurance option for your employees?
Or maybe your employees are already insured but the cost has increases. It may be time to shop for a better group plan. Having health insurance through an employer is an additional way to acquire and keep talent. Connect with Apollo to find the best group insurance plan for you and your employees.
Life Insurance
Let's be honest, we often don't think about the extremes of what could happen in life. Life insurance is the least purchased kind of insurance even though plans start at only a few dollars a month. If you want to make sure your family is taken care of, this simple insurance can have a huge effect in case of death.
Dental Insurance
A good smile can be worth a million dollars.
Everyone can benefit to good oral care and the cost of emergencies can be quite large. Luckily there are flexible dental insurance plans for everyone. Contact us to get a dental plan that works for your budget.
Vision Insurance
Our eyes are one of our most precious organs, and we only have two, so proactive protection and care is key to maintaining these vital organs! Particularly for children, they don’t yet know how beautiful the world is through perfect vision, it is our responsibility as parents and caretakers to be in-tune with the world through their eyes. On the flip side, as we age our eyes do as well, and thus the frequency for vision checks increases exponentially.
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What is a Small Business?
In Ohio, a small business is defined as a business with fewer than 50 employees. This definition is used by the Small Business Administration (SBA) and by the state of Ohio for a variety of purposes, including eligibility for government programs and tax breaks.
There are many different types of small businesses in Ohio, including:
- Retail businesses: Retail businesses sell goods directly to consumers. Examples of retail businesses in Ohio include grocery stores, clothing stores, and hardware stores.
- Service businesses: Service businesses provide services to consumers or businesses. Examples of service businesses in Ohio include restaurants, hair salons, and accounting firms.
- Manufacturing businesses: Manufacturing businesses produce goods. Examples of manufacturing businesses in Ohio include food processing plants, furniture factories, and electronics manufacturers.
- Construction businesses: Construction businesses build or renovate buildings. Examples of construction businesses in Ohio include general contractors, plumbers, and electricians.
Small Business Health Insurance in Ohio – What You Need to Know
Purchasing small business health insurance in Ohio can be complicated, but there are ways to make it easier. The first step is to learn about the laws and regulations for small businesses. Then, you can choose a health plan that fits your needs. Then, you can find out more about tax credits for small employers, as well as the Chamber health benefit program and SHOP exchanges.
Affordable Care Act
Providing health insurance to employees is a cost-effective and time-saving tool for small businesses. The Affordable Care Act has improved the health coverage options available to small businesses. However, the Trump administration continues to undermine the ACA’s progress.
In the past, small business owners were often unable to offer employer-sponsored coverage. Today, many states require state-licensed health insuring organizations to provide coverage to small employers.
Small businesses are also eligible for tax credits to offset the costs of purchasing coverage. The Small Business Health Care Tax Credit can help cover up to half of the cost of premiums. Currently, the credit can only be claimed by small businesses with fewer than 25 full-time equivalent employees.
The Affordable Care Act also changed the definition of “small employer.” Before the law, a small business was defined as one to 50 employees. The new definition includes two to 100 employees. In addition, the law allows small employers to create alliances with other companies to purchase health insurance.
This new measure was intended to help create a more affordable health plan for small businesses. Before the ACA, health insurance companies charged higher rates to people with preexisting conditions.
The ACA’s marketplaces have had a significant impact on the uninsured rate of the small-business community. In fact, recent analyses show that as a result of the marketplaces and Medicaid expansion, the number of uninsured has declined significantly.
In addition to the marketplaces, the law also allows for states to set up online exchanges to enable small businesses and individuals to pool their buying power. While the ACA has improved health coverage for many small businesses, the Trump administration has announced changes to undercut the individual marketplace.
Medicaid Expansion
Currently, Medicaid provides coverage for a total of 40 million children. It also covers adults, parents, and caretakers, and disabled individuals. It is administered by the Department of Health Care Policy and Financing. It is a public entitlement program that is jointly funded by the federal government and each state.
The income limits for children and adults under age 65 are based on the family size. For example, a family of four must have a household income between $2,330 and $4,793 in order to qualify for a child’s coverage. The limit for an adult without dependent children is 133 percent of the federal poverty level (FPL). The age of the child is not a factor in the family income.
For pregnant women, the income limit is $1,429 for a single person and $2,146 for a couple. Infants up to age 1 qualify for a limited amount of Medicaid coverage.
Other adults without dependent children must be covered up to the state’s 1996 AFDC level. The income limit for an individual is based on the person’s modified adjusted gross income.
In addition to the child’s eligibility for Medicaid, there are many other reasons that a parent or caretaker may need to enroll. For example, a parent or caretaker may be unemployed, working at low wages, or receiving employer-sponsored health insurance that is too expensive.
Depending on the state, the age of a child may also affect the family’s eligibility for Medicaid. For instance, a family with a child who is born prematurely or has an illness that requires special care might lose their child’s coverage.
The continuous coverage requirement is designed to protect Medicaid beneficiaries from being involuntarily disenrolled. The requirement applies to individuals who are enrolled after March 18, 2020.
SHOP Exchanges
Designed as a marketplace for small employers, the SHOP exchange is part of the Affordable Care Act. It provides a way for small businesses to compare health insurance plans and apply for tax credits. Using the website, an employer can browse plan information, as well as prices based on their employees’ sizes. It’s like a travel website for small businesses.
Unlike the individual market, which offered only one plan for all employees, SHOP exchanges let businesses choose from a variety of health insurance plans. Whether an employer wants to purchase a health plan for all its employees or is interested in offering a defined-contribution model, the exchange offers a simple way to find and compare coverage options.
The Affordable Care Act mandated that small employers offer a minimum level of health insurance coverage for their workers. If an employer does not offer coverage, they are subject to a penalty. The IRS has issued transitional relief for eligible small employers. However, it’s still unclear how many small businesses will actually participate in the exchanges.
In addition to the SHOP exchange, small businesses can also participate in state-based health insurance purchasing pools. These pools allow smaller employers to obtain the same benefits as larger firms. Those with fewer than 25 full-time equivalent workers may qualify for a tax credit. This credit is worth up to 50% of the premiums. If the employer has a tax-exempt/non-profit status, it can claim a tax credit of 35%.
In addition to the SHOP exchange, there is another program that can help small businesses lower their taxes. It’s called the Small Business Health Care Tax Credit. This credit reimburses an employer up to 50% of the premium costs for employee health insurance.
Tax Credit for Small Employers
Buying health insurance in Ohio can be expensive, but a tax credit may help to lower the costs. The Affordable Care Act created the Small Business Health Care Tax Credit, which is available to small employers. In addition, non-profits may also qualify for a tax credit. The credit is phased out for companies with more full-time employees.
To claim the tax credit, eligible small employers must purchase group health insurance through a qualifying arrangement. This means buying from an accredited health insurer, such as an HMO. The credit is equal to half of the employee premiums and is not limited to plans purchased through a government exchange.
The credit is available to small businesses with fewer than 50 full-time equivalent employees. However, Congress can adjust the size of the allowance in the future. As of September 2008, there were about 10,000 employees enrolled in the health-care program.
To claim the credit, an eligible small employer must submit Form 8941, which is an income-tax return, and attach a calculation of the credit. For hourly employees, employers can use the actual hours worked method or weeks-worked equivalency method. For salaried employees, employers can use weeks-worked equivalency or weeks-worked equivalency with weeks-worked equivalency, which is a pro-rated calculation of the employee’s hours.
The average annual wages for an FTE is adjusted for inflation each year. For employers with less than 25 FTEs, the credit is reduced by the number of FTEs in excess of 10. If an FTE is over 10, the credit is capped at 10 times the average annual wages.
For tax-exempt organizations, the credit is 35 percent of premiums. The tax credit is refundable, but refunds cannot exceed the Medicare tax liability.
Factors to Consider When Choosing Small Business Health Insurance in Ohio
- The cost of premiums: The cost of small business health insurance premiums can vary depending on the size of the business, the number of employees, the age of the employees, and the health history of the employees.
- The level of coverage: Small business health insurance plans offer a variety of levels of coverage, from basic plans with low premiums to comprehensive plans with high premiums.
- The deductible: The deductible is the amount of money that an employee must pay out of pocket before the insurance company starts to pay for covered services.
- The copayment: The copayment is the amount of money that an employee must pay for covered services after the deductible has been met.
- The out-of-pocket maximum: The out-of-pocket maximum is the maximum amount of money that an employee will have to pay for covered services in a single year.
If you are a small business owner in Ohio, you should carefully consider your options when choosing small business health insurance. By understanding the key factors involved, you can choose a plan that is the best fit for your needs and budget.
Frequently Asked Questions for Small Business Health Insurance
When is it required to offer health insurance to employees?
It is required to offer health insurance when you have 50 FTE (full-time equivalent) employees. Full time equivalent can be the combined full-time with part-time. For instance, 50 Part timers generally is considered 25 Full time equivalent.
How much does group health insurance cost for a small business?
The first step is to figure out what’s important to you. Do you need a plan with a low monthly premium? Does your budget allow for a plan with a lower deductible? Are you looking for a PPO or EPO plan? Do you have any preexisting conditions that must be covered? Once you know what’s important to you, it’ll be easier to find the right health insurance plan.
What are ways a small business owner can save money on health insurance?
There are a few different ways that people can save money on their insurance premiums. One way is to purchase a plan that is not based on the individual’s income. These plans can be found on the private market, and they typically have lower premiums than the traditional group or ACA plans.
Another way to save money on insurance is to shop around for the best deals. Different insurers offer different rates, so it’s important to compare and contrast the different options available.
Finally, it’s also important to be aware of the subsidies that are available through the Affordable Care Act. Many people are eligible for subsidies, which can help reduce the cost of premiums.
Ohio Small Business Health Insurance – Find a Plan That’s Right For You
Health Insurance Testimonials
I don't know much about insurance, but I know these are the people I want to work with. My rep has been Matt Sisk for the last two years and I hope he's my rep for the next fifty. Best customer service I've ever received, very quick responses, and very personable. He even asked me about my cat. Can't exaggerate it enough, if you get the opportunity ask for Matt Sisk. 10/10, he's so great
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I had the pleasure of working with Jacob Katzfey during Open Enrollment. He directed me to the right policy for my situation. His professionalism and ability to explain all the policy benefits made the process super easy and stress free. Thanks you for all your help.
Randy - Happy Client
Austin has been fantastic to work with. This was my first time getting an individual plan and he really helped me through out the whole process. I have already recommended him to many friends and family because I was so impressed with the high quality service he provided me. Thank you so much Austin for all your help and hard work.
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Stacia's Story: Overcoming Cancer Treatment Costs with Apollo Health Insurance
Apollo Insurance Group is a health insurance brokerage located in Lee’s Summit, Missouri and Chicago, Illinois. We have been around since 2010, and our mission is to positively impact people’s lives. We do this by fighting to find the best option for our clients, create relationships with our employees, and give back to our communities. Apollo also specializes in Medicare, life insurance, dental, and vision plans. We have agents that are experts on group health insurance and are ready to help you find the right plan. Fill out our contact form to get in touch with an agent today.