Offering a SHOP plan can provide several benefits to both employers and employees. For employers, SHOP plans can help attract and retain talented employees by offering comprehensive health benefits. Small businesses may also qualify for the Small Business Health Care Tax Credit, which can cover up to 50% of the…
SHOP Plans
The Small Employer Health Options Program (SHOP) provides a marketplace for small employers to purchase group health insurance. While they offer a potential tax credit for eligible small employers, the popularity and availability of these plans have varied since the introduction of the ACA. Today, there are no health plan options available through the SHOP Exchange in most states, so it’s not an option for most small groups.
How does a business qualify for a SHOP plan?
To qualify for a SHOP plan, a business must meet certain criteria. It must have 1 to 50 full-time equivalent employees (FTEs). The business must also operate within a state that offers a SHOP plan and offer coverage to all full-time employees. In most states, at least 70% of the…
What are SHOP plans and who can use them?
The Small Business Health Options Program (SHOP) plans are health insurance plans specifically designed for small businesses and non-profit organizations. They are available to employers with 1 to 50 employees. SHOP plans offer a variety of coverage options and allow small business owners to provide health and sometimes dental insurance…