Questions about group insurance plans?
CoverME.gov can help! Our Small Business Decision Support Tool provides employers with estimates of both employer and employee costs when coverage is provided via a Small Group Plan, an Individual Coverage Health Reimbursement Arrangement (ICHRA), or by raising wages.
You can also visit the Maine Bureau of Insurance (BOI) website to learn more about health insurance for small businesses. BOI offers a Small Group Health Insurance Rate Calculator, which can help you estimate your Small Group premiums.
Small Business Health Options Program (SHOP)
The Small Business Health Options Program (SHOP) is for small employers who want to provide health insurance to their employees affordably, flexibly, and conveniently. If you qualify for the Small Business Health Care tax credit, you generally must purchase a SHOP plan to claim it.
What is the Small Business Health Care tax credit?
The Internal Revenue Service (IRS) may offer a tax credit to small businesses that meet certain requirements. The size and structure of your workforce determines what applies to you. An employer’s size is determined by the number of its full-time employees, including full-time equivalents. If you have fewer than 25 full-time employees, you may qualify for a small business health care tax credit.
How do I enroll?
CoverME.gov does not operate an eligibility and enrollment platform for small businesses. To select and enroll in small group insurance plans, you can reach out to an insurance Broker, or go directly to the insurance carrier. In Maine, only Community Health Options offers SHOP plans that qualify for the Small Business Health Care tax credit. To see qualifying plans offered by Community Health Options, you can use the CoverME.gov Employer Quick Quote Tool. For more information about available plans and pricing, reach out directly to Community Health Options.
Do I qualify for savings?
Enrolling in a Small Business Health Options Program (SHOP) plan is generally the only way for a small business or non-profit to claim the Small Business Health Care Tax Credit. The IRS will determine your eligibility and the amount of tax credit you qualify for when you file your taxes. If your business plans to claim a SHOP tax credit, you should complete the SHOP application form to confirm your business's eligibility to enroll in SHOP coverage, and retain the eligibility determination for your records.