If you own a small business, you understand how critical it is to provide high-quality, inexpensive health and dental coverage that meets the need of your company and its employees. The SHOP (Small Business Health Options Program) Marketplace can assist you in this endeavor by providing options, flexibility, and ease of online application and record management.
Furthermore, The SHOP Marketplace coverage is currently available to companies with 50 or fewer FTEs (full-time equivalent employees), including non-profit agencies. In 2017, the SHOP Marketplace will be open to larger businesses with almost 100 or fewer FTEs.
Benefits of The SHOP Marketplace Coverage
Here are the five key benefits of SHOP coverage:
1) Everything Is Available Online
Browse Insurance Shopping to apply for the SHOP health insurance coverage, select a program or programs, complete your insurance offer, manage employee cooperation and pay your costs. Your enrollees can also apply online.
2) Flexible Insurance Options
You have complete control over the coverage you provide and the amount you pay toward employee premiums. You decide whether or not to provide dependent health insurance and dental coverage. You select how long your workers’ Open Enrollment Period is and how long they must wait before new employees sign up.
3) Help Is Available on How to Enroll and Apply
Licensed brokers and agents registered with the SHOP Marketplace can help you apply and enroll in health coverage. You can also keep working with your current broker or agent as long as they meet the SHOP Marketplace registration requirements. Working with a SHOP-registered broker or agent is free of charge for you and your employees.
You can search by name and ZIP code for agents and brokers registered to sell SHOP Marketplace plans when you apply.
4) Employee Selection
In all regions, you can provide one dental and one health plan to your employees. In some states, you can select a coverage category, such as Bronze or Silver, and let your employees choose the plan that best meets their needs within that category.
5) You Might Be Able to Claim A Tax Credit
The SHOP Tax Obligation Credit Estimator can help you determine if your company qualifies for the Small Business Health Plan Tax Obligation Credit, which can be worth up to 50% of your premium costs. The tax obligation credit is only available for plans purchased through the SHOP Marketplace coverage.
Learn if you are eligible to offer SHOP Marketplace coverage to your employees and how to enroll.