Insurance Plans For Small Businesses

Insurance Plans For Small Businesses-3
One Marketplace is for individuals looking for insurance.If you do not offer health insurance through your business, your employees can buy coverage through the individual Marketplace.

For example, if the plan makes major changes, such as significantly cutting benefits or raising the premium or cost sharing, it will lose its "grandfathered" status. Insurance companies can't deny coverage to your business due to the health of an employee or a family member.

And if someone who's covered develops a serious condition later, your insurer can't cancel your plan.

In the past, if you had an employee who was seriously ill, the premiums in your company's health plan might have gone up.

Health insurance plans can no longer raise premiums based on the health of anyone in your company.

These plans won't need to offer some of the new benefits that are required by the health reform law if they are "grandfathered." Your company's plans may be considered "grandfathered" if they existed on March 23, 2010, and have not substantially changed.

However, there are situations that could make the health plan you offer lose its "grandfathered" status.Learn More Schedule a free consultation with a local agent.Call us at You’ve probably been thinking about how to offer small group health insurance that meets your employees’ needs without it costing a fortune.The Small Business Health Options Program (SHOP) helps businesses provide health coverage to their employees.SHOP insurance is generally available to employers with 1-50 full-time equivalent employees (FTEs).You will be able to compare the costs and benefits of the plans in SHOP and then select the plan or plans to offer your workers (employee choice options vary by state).All the plans that are offered in SHOP will use a standard format to explain their coverage and prices.If you have the equivalent of 50 or more full-time workers, you still only have to offer insurance to the full-time workers, not part-time workers.There are two types of Marketplaces, available in each state.And they may qualify for a tax credit to help them cover the cost.The other Marketplace, called SHOP (Small Business Health Options Program), is for small-business owners like you.


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