Tip 187- Small Business Health Options Program (SHOP)

Last week I reviewed the Medicare and ACA ‘Marketplace’ Open Enrollment dates. You can review those (Tip 186) here.

Most of us think of the Marketplace in terms of individuals shopping for coverage. But the HealthCare.gov website is also a virtual market for businesses with up to 50 full time equivalent (FTE) employees. [Learn how to calculate FTEs here.]

There are two distinct advantages to buying coverage through SHOP:

Employers with fewer than 25 FTE’s who make on average less than $50,000, may be eligible for a tax credit of up to 50% of their health premium.

The freedom for employees to choose plans from more than one insurance company.

New insurers are participating in the (SHOP) Marketplace this year. But until they release their rates – November 15th, at the latest – there’s no way for employers or ACA certified brokers to compare premiums.