Small Business Health Options Program
The Affordable Care Act (ACA) requires the establishment of a Small Business Health Options Program (SHOP exchange) in each state. The purpose of the SHOP exchange is to help small businesses find and purchase health insurance for their employees.
Illinois Health Benefits Exchange Small Business Survey & Focus Groups
The Illinois Department of Insurance is studying small business health insurance needs to determine ways that the prospective Illinois Health Insurance Exchange (SHOP) can address those needs. The Department engaged the Survey Research Laboratory of the University of Illinois and the School of Public Health at the University of Illinois at Chicago to survey the Illinois small business community.
Concept & Operational Considerations in Illinois’ SHOP Exchange
Small Business Tax Credit
Tax credits are currently available for employers with 25 or fewer full-time equivalent employees and average annual wages of $50,000 or less. For 2010-2013, the credit is valued at up to 35% of premium costs (25% for tax-exempt organizations). Beginning in 2014, the credit increases to 50% of premium costs (35% for tax-exempt organizations), but employers may only claim the credit for two years and must purchase insurance through the State's SHOP Exchange to qualify. Please see the resources linked below for more information.