Applying For Business Health Insurance In New York 

Health insurance plays a vital role in recruiting and retaining employees for small businesses. It also plays a crucial part in determining employee satisfaction and maintaining productivity. So, all small businesses have to ensure that they not only offer health insurance but that it meets the legal standard set under the ACA (Affordable Care Act).  

The ACA regulates how businesses offer health insurance. For small businesses with 50 or more full-time employees, there must be an affordable health insurance plan made available to them. Your full-time employees should never spend more than 9.5% of their household income for the health insurance coverage you offer. If the IRS finds out that this is the case in your business, your company will be penalized and be forced to pay a penalty.  

Small business owners with between 1 and 50 employees may be eligible to get their business health insurance coverage through SHOP. In New York, buying a coverage plan through SHOP is the only way to claim your Small Business Health Care Tax Credit.  

How Does The ACA (Affordable Care Act) Affect Small Businesses? 

Small businesses that opt to buy their health insurance coverage plans through SHOP are unaffected. This changes if you own a larger business or operate in an area where SHOP is unavailable to you. You will need to take extra care to ensure that your selected business health insurance plan is in line with the ACA. In these cases, it is recommended that you reach out to a broker, licensed agent, or insurance company to help you. That way you can ensure you find the best options for your business. A list of brokers and assistors is included below to help you with connecting to a licensed agent.  

How To Apply For Business Health Insurance In New York?  

Offering business health insurance is a major decision. As such, when trying to select a plan that best suits the needs of your employees and business there are a few things you should carefully consider. These include, but are not limited to: 

A business insurance broker is an expert that offers advice to individuals and business owners alike about their coverage options. Their job is to ensure that their clients make the best decisions for their businesses, employees, and families.  

When selecting a broker, you will need to ensure that they are trained and certified for whatever marketplace you are hiring them for. That is whether it be for small businesses, individuals, or both.  

Here is a list of a few certified brokers you can consider. All the brokers featured are registered with the NY State of Health. This is in no way an exhaustive list. So, be sure to still do your due diligence to decide if the broker selected is a good fit for you and your business. 

Do I Need an Assistor to Get Business Insurance? 

Assistors are people available to help New Yorkers apply for health insurance coverages.  These are Navigators, Marketplace Facilitated Enrollers, and Certified Application Counselors. Their primary duty is to help you understand the options that are available to you. But they will also help you to enroll in a plan that is best suited for your needs. 

Here is a list of a few assistors you can consider. All the assistors featured are registered with the NY State of Health. This is in no way an exhaustive list. So, be sure to still do your due diligence to decide if the broker selected is a good fit for you and your business. 

Please Note: NAV = Navigator, AC = Certified Application Counselor 

Final Thoughts 

Deciding to buy business health insurance can be an intimidating task. However, with the right information and people to help you, your company should be able to select a plan that fits its needs without much headache or hassle.