Choosing a Health Plan for Your Business

Jun 9, 2015

Getting affordable coverage usually starts with selecting one insurance company that you trust. As you review all the options available to you, here are some things you should know:

All plans in the SHOP Marketplace carry the same set of essential health benefits.

Doctor visits, hospitalization, pregnancy, and prescriptions are just some of the core set of benefits that all plans in SHOP offer. Other plans may have vision, dental, and medical management programs for employees with special needs. Your employees can compare plans and obtain the best coverage.

Health plans are organized by metal tiers.

The health plans are put into 4 categories: Bronze, Silver, Gold, and Platinum. They cover about sixty percent to ninety percent of the total costs of care, and the employee pays about ten to forty percent depending on the plan you choose. This affects how much your employees pay for premiums, deductibles, copayments, and out-of-pocket costs.

If you prefer to offer one health plan, you’ll choose the plan category and carrier. For those who like to offer their employees a choice of plans, they can select one plan category and the employees are free to choose a plan from any insurance company. Take note that the categories don’t reflect the quality or amount of care the plans provide.

You are in control over your spending.

You can decide upfront how much you can afford to contribute towards your employees’ premiums. You may also offer and contribute to dependent coverage.

If you are considering the option to offer your employees a choice of plans, you may contribute a fixed percentage of any individual plan premium within a health plan category for each employee and dependent. Another option you have is contributing a fixed percentage of a specific reference plan premium amount that you choose.

You may qualify for tax credits.

You may be eligible for the Small Business Health Care Tax Credit worth up to 50% of your premium costs if you get coverage through SHOP.

You can enroll in SHOP coverage any time of the year.

If you have fifty or fewer employees, you can use the Small Business Health Options Program (SHOP) Marketplace to offer them coverage. You may be eligible for the tax credit that began in 2010. See the plans, compare prices, and use the FTE Calculator at Healthcare.gov

You don’t need to navigate the health care system alone. We’re here to help you get affordable coverage for your business. Whether it's your first time shopping for health insurance or have been purchasing your own in the past, we can assist you in finding an insurance solution that’s right for you.

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