It may no longer be possible for most individuals to find health insurance through the Obamacare marketplace, but that doesn’t mean there are no more options available. Small businesses who have fewer than 50 full time employees have access to SHOP – the Small Business Health Options Program – year round. Under the new law, companies with under 50 employees do not legally need to offer insurance to their employees – ever. But that doesn’t mean it’s not a good idea.
Formerly, when an employee became critically ill or injured, the provider could raise rates or terminate coverage for everyone under that company plan. This is no longer the case. The SHOP program aims to improve a number of issues for small business owners who wish to provide coverage for their employees, including:
- Making it easier for small businesses to provide group health insurance
- Providing more insurers to choose from
- Increasing the number of available plans
- Driving down rates through competition
In addition, business owners with less than 25 employees may qualify for a tax credit worth 50% of their premiums.
Just because the individual marketplace is closed, doesn’t mean your employees have to without health care this year. Call us at (866) 619-2407 – we’re here to answer any questions you have about health care, and will work with you to find a plan that best fits your organization – at no charge.