Understanding The Benefits of Small Business Insurance
The ACA's Small Business Health Options Program (SHOP) Marketplace is for small businesses who prioritize convenience and affordability in choosing benefits
Private health exchanges are mini-marketplaces that offer several insurance options for your employees to choose from
Purchasing a small group health insurance plan directly from a provider can save money - if your company is willing to put in the effort to research options
Health Reimbursement Accounts offer businesses the flexibility to contribute to their employees’ healthcare
Providing some or full coverage for employees isn’t a requirement, but it does contribute to higher employee retention
Using an insurance broker or PEO can help small businesses gain access to competitive plan rates
What Small Businesses Should Know About SHOP
To get coverage on the SHOP Marketplace, businesses must have 50 or fewer full-time equivalent employees (FTEs).
SHOP offers high-quality plans from private insurance companies.
The SHOP application and administrative process can take place online.
Businesses with fewer than 25 employees may qualify for a Small Business Healthcare Tax Credit.
Working with a Private Health Exchange (Purchasing Alliance)
Private health exchanges (also called “purchasing alliances”) are mini-marketplaces that offer a few different plan options for your employees to choose from.
Your employees pay different premium and copay amounts, depending on the specific coverage they select.
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Small group health insurance is just one option available for small businesses.
Defined contribution health plans are a great alternative to group health insurance.
The only changes under the Affordable Care Act that the self-employed need to know are an increase in options for meeting their family’s needs.