Small Business Health Options
Find your path to affordable group health insurance with beWellnm for Small Business.
*Small business owners can start a plan anytime throughout the year.
Why Offer Health Insurance to Employees
Before enrolling in small group health insurance, employers want to know: Will the benefits outweigh the costs? Here are four reasons to offer coverage through beWellnm for Small Business:
- Retain employees. Offering employee health insurance may help attract and retain valuable workers. That saves money on recruiting and training.
- Reduce absenteeism. Employees with insurance may be more likely to take advantage of preventive care and screenings. That can help keep employees healthy and on the job.
- Boost morale. Providing health insurance shows your commitment to the health and well-being of employees and their families. In return, employees may feel a greater sense of security and loyalty.
- Gain tax advantages. Employers can take a tax deduction for the cost of health insurance premiums paid on behalf of employees. In addition, employers with fewer than 25 FTE (full-time-equivalent) employees may be eligible for small business health care tax credits.
Review Tax Credits for Your Business
If you qualify for the Small Business Health Care Tax Credit, you may get a break on the costs you pay for group health insurance. You may be eligible for a tax credit if:
- You employ fewer than 25 FTE (full-time-equivalent) employees.
- You purchase group health insurance through beWellnm for Small Business.
- You pay at least half of the premium costs for employees’ insurance coverage.
- You haven’t claimed the credit in the past two years. (Employers can claim the tax credit for no more than two consecutive tax years beginning in 2014 or later.)
How much is the credit?
Use the Tax Credit Estimator available at beWellnm.com. The maximum credit is 50% of premiums paid on behalf of employees. The maximum credit for small nonprofit employers is 35%. The tax credit phases out based on the number of employees and average wages. Consult a tax advisor or attorney for more information.
It’s easier than ever to offer group health insurance through beWellnm!
There are exciting enhancements to beWellnm for Small Business! These new enhanced options are to support businesses and their employees by providing more flexibility and choice in budget friendly options!
- Employers have more options to choose from and their employees have a broader choice of coverages to select from. The employee is able to buy up or buy down, based on his/her budget and what is most appropriate for their family.
- Employers are able to cover any amount of the premium, based on their budget.
- Employers are able to contribute either a set dollar amount or percentage of the employees’ premium.
- The percentage of employees who must participate to be eligible for coverage is reduced from 50% to zero percent.
Compare Small Business Health Insurance Plans
BeWellnm for Small Business offers competitively priced health plans that cover essential health benefits, as well as preventive care, with no pre-existing condition restrictions.
- The Employer can control how much they pay toward employee premiums.
- Choose a base plan for the employees. Then employees select any plan from four metal levels of coverage. Plans with the lowest premiums (bronze and silver levels) generally have higher out-of-pocket costs. Plans with higher premiums (gold and platinum levels) typically have lower out-of-pocket costs.
- The employees’ costs depend on the metal level they choose and the amount the employer decides to pay toward their premiums.
Browse affordable plans.
Search for health insurance coverage available from participating insurers including Presbyterian Insurance Company, Presbyterian Health Plan and True Health of New Mexico. Compare plans now.
Check Small Business Eligibility
BeWellnm for Small Business is open to New Mexico businesses and nonprofit organizations. If you can answer YES to all of these questions, you’re ready to go!
- Do you employ between 2 and 50 full-time employees?
Note: You must have at least 2 employees (other than yourself, a spouse, family member or owner) to purchase a plan through beWellnm for Small Business. If you’re self-employed, you may purchase individual insurance through beWellnm.com.
- Do you offer coverage, at a minimum, to all full-time employees?
Note: In addition, you may choose to cover part-time employees and dependents.
- Is your worksite address within the state of New Mexico?
Note: You must have a valid Employer Identification Number (EIN).
When can I enroll?
Can I appeal a decision?
If you believe any decisions about your eligibility are incorrect, you can file an appeal. Call beWellnm for the Business Engagement Team at 1-833-862-3935 – select option #3 to begin your appeal process.
Get Ready to Enroll
Whether you’ve been down this road before or not, it always helps to have someone on your side. When you’re ready to explore small business health insurance options, take the next step:
- Work with a Certified Broker. Agents and Brokers understand the New Mexico health insurance market and can help you choose the coverage that’s right for your organization. Their services are free to small business owners. Find an agent or broker.
- Employer groups have choice when enrolling on the marketplace with the Official Carriers for 2021. Click on the company to learn more.
- Apply online. Small business owners also have the option to apply for or renew
coverage directly through the Marketplace. Set up your employer account.
When can I enroll?
How can I renew coverage?
Employers that signed up for coverage last year will receive notification 75 days before their coverage expires. You may renew your coverage or switch to a new plan. If you need help navigating the renewal process, contact an agent or broker, or call our business engagement team at 1-833-863-3935.