For Small Businesses
The Marketplace Exchange was recently launched to help comply with Healthcare Reform (ACA) and is often referred to as The Exchange. It is a federally regulated on-line health insurance marketplace where small businesses can purchase healthcare coverage for their employees through the Small Business Health Options Program (SHOP) and individuals can purchase health insurance for themselves and their families through the individual Exchange.
Offered by top-rated carriers, there are an array of standardized plans to choose from beginning with the least coverage at 60/40 (Bronze Plan) which meets the minimum essential benefit requirement for the ACA (see below). The best coverage (Platinum Plan) is 90% insured and would have the highest premium. Because some small businesses will qualify for a tax credit which can reduce their premium up to 50%, SHOP might be a good option for purchasing attractive health insurance benefits for their employees that would not otherwise be available to them. It is important to note that not all small businesses will qualify for a tax credit or SHOP. Call us today, as there is never a fee for ABA to assist you in the Exchange. We'd be happy to help you determine your best options, both on and off the exchange.
What is Healthcare Reform and the ACA?
Healthcare reform is legislation intended to better our healthcare system in the US. Recent healthcare reform, known as the Affordable Care Act (ACA), will continue to be implemented over the next several years. It's main purpose is to ensure that all US Citizens and legal residents have access to affordable, quality healthcare. It imposes new rules and guidelines for insurance companies, individuals and employers. One of the biggest impacts it has on businesses is the employer mandate that requires businesses to obtain health coverage for their employers or possibly face a large tax penalty. To make it easier to comply with the employer mandate, SHOP (as discussed above) offers affordable health benefits to employers. However, not all businesses will qualify for SHOP and will need further assistance complying with healthcare reform. We urge you to contact an expert at American Benefit Advisors to review all of your options, both on and off the Exchange. The open market still has a wide selection of benefits that meet all the requirements of new healthcare reform and may be better suited to your needs and budget.