Michigan and the Health Insurance Exchange under PPACA

Posted on 13, Sep | Posted by gabrielle

The health insurance exchange is the Web-based portal through which individuals and small employer groups can comparison shop for “qualified” health insurance plans.

In November 2011 the Michigan Senate approved SB693 to set up Michigan’s exchange however, the Michigan House decided not to consider the measure until after the presidential elections on November 6th. States are required to submit a plan to run an exchange to the Federal Government by November 16th. The exchange must be functioning and available to begin accepting enrollments by October 1, 2013.

Gov. Rick Snyder has decided that in order to meet the deadlines, Michigan will accept the Federal-State Partnership to develop and run the Michigan Exchange. This brings $9.8 billion to the table in Federal Grant money for development of the Health Insurance Exchange. With this type of State-Federal partnership that Michigan could eventually convert to a fully state-run exchange.

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Business Owners – Is your company eligible for the Health Insurance Tax Credit for 2011??

Posted on 30, Nov | Posted by gabrielle

Here is information I have shared in the past. Always good to have a refresher. This is about the Health Insurance Tax Credit.

Eligible businesses may receive a credit worth up to 35% of their premium costs this year, increasing to 50% in 2014.

Eligibility requirements:

  • Qualifying employers must pay at least half the health care cost (single employee rate) for full-time employees
  • Qualifying employers must employ fewer than the equivalent of 25 full-time workers
  • Average annual employee wages (not including the owner’s or family members’) must be below $50,000

To learn more and to verify whether your business qualifies, contact your tax professional or go to irs.gov and click on “Affordable Care Act Tax Provisions.”

To review all your employee benefit issues and health insurance needs, contact Gabrielle at (616) 732-9000.

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