A simple way to find and buy heath care coverage under ObamaCare that will meet the needs of your employees and business is small business health options program commonly known as SHOP. Employers with fifty or less than fifty full time employees can make use of this program. This is not applicable if you’re self employed with no employees working for you; instead you may opt for health insurance enrollment as a self employed person.
You can enroll for SHOP online. You have the option of working with an agent or broker or you can simply complete the application, choose coverage and enroll yourself online.
Eligibility for SHOP
In order to make use of SHOP or to be eligible for it, your business needs to meet certain requirements. These include having fifty or fewer full time employees on your payroll. You must also offer health care coverage under the affordable care act/ObamaCare to all your full time employees; these include people who work for thirty or more hours a week. In most states, it is a requirement that at least 70% of your employees should be enrolled in SHOP. If you enroll between November 15th and December 15th you may not need to meet this requirement.
Enrolling in SHOP
In order for you to enroll your business into SHOP under the affordable care act/ObamaCare, you will need to follow a few steps to ensure your enrollment into the program.
Creating an account and filling out the application
The enrollment process starts by the creation of an account for health care coverage. In order to create an account, you would need to visit the health care page for small businesses, select your state and select the “apply now” key. You will be redirected to the “create a new account” page, by answering a few questions only known to you. You can easily verify your identity and set up your profile.
Creating an employee roster
You can create an employee roster for SHOP by entering your employees one at a time in the employee roster page or by downloading SHOP excel roster template and filling and uploading it.
Setting a criteria for enrollment
It would be completely up to you to decide whether to offer a single plan or a set of plans to your employees. Also you will be required to set the date of effective coverage, the enrollment period and the employee waiting period.
Deciding on premium contribution
You will need to decide, how much you are willing to contribute towards employee premiums.
Choosing a plan and making an offer to employees
Now you would be required to compare the plans on offer to you, choose one and offer it your employees.
Submitting enrollment and tracking employee participation
Once you’ve submitted your offer, an email will be sent to all your employees mentioned in the application. The email will include the participation code and a redirection link to the website where your employees can either accept or decline the offer. You can easily track your employees’ decisions online. After meeting the requirement and submitting your enrollment, pay the first month’s premium.
If you are a small business with fifty or fewer employees than enrolling in SHOP under the affordable care act/ObamaCare will be the sensible thing to do in order to get health care coverage for your business and employees.
