New York Health Insurance Exchange Information
If you are a small business and need information about the NY Health Insurance Exchange we can assist you. As a small business owner with 2 to 50 employees you will be able to shop for health insurance in the Exchange or from the private market. the Health Insurance Exchange will offer several plans. The plans will be signified by a metal name. The platinum level benefit will be the top benefit option followed by the gold, silver and Bronze plans.
Your business may qualify for tax credits. To qualify for tax credits you must employee no more than 25 employees and fund the health insurance a minimum of 50%. The tax credits will help offset the businesses portion of the premium payment. The largest tax credits will go to businesses who employee 10 or fewer employess and who's average employee earns less than $25,000 per year. The credits can be applied for a maximum of 2 years. In practice most businesses will not benefit that greatly. The one benefit of the exchanges is that it will bring 70% and 60% benefit plans to the NY market. Before the Exchanges the NY market only had 100%, 90% and 80% benefit plans available. The lower benefit options will be less expensive and may be adequate for younger healthier employees. By law all of the plans in the exchange will also be offered outside of the exchange, so if your business doesn't qualify for tax credits, it will be much easier to buy the plans outside of the exchange.
The exchange will start taking applications October 1, 2013 for a January 1 effective date. We should be getting exact pricing, benefits and carrier information very soon. Please check back for up to date information.