WMDT 47 News - Under the Affordable Care Act, small businesses with 50 or more employees are required to provide coverage. But for the businesses with fewer than 50 workers, Obamacare offers some incentives through the Small Business Health Options Program, also known as SHOP.
It encourages small businesses to buy coverage by offering tax credits. It's important to note these credits are more geared toward lower-wage earners. So the smaller the business, and the less money employees earn, the more tax credit incentives.
"The incentives are based on the new federal tax credits that are available to small employers that are under 25 employees, and materially the biggest incentives are for those that have less than 10 employees. however it's also allowing the marketplace to be what they consider more fair and give small employers the same options that large employers have now," insurance agent at Atlantic Smith, Cropper & Deeley Chris Carroll said.
Maryland's SHOP marketplace is open for enrollment on April 1st 2014. The SHOP programs in both Delaware and Virginia are currently up and running.