New Rule For Small Businesses and Brokers On SHOP Marketplaces

New Rule For Small Businesses and Brokers On SHOP Marketplaces

The department of Health & Human Services (HHS) has just released a new 2018 rule allowing small businesses to enroll directly into Small Business Health Options Plans (SHOP) through a certified SHOP insurance Broker or Brokerage. This rule most directly affects states that have relied on the Federally Facilitated Marketplaces (FFM) or State Based Marketplaces (SBM) using the federal platform.

As the state of Maryland operates its own State Based Marketplace it has been utilizing brokers to enroll businesses directly into SHOP since the creation of its own SHOP marketplace. Additionally, Maryland’s model for SHOP and Brokers has been seen as a model for many other state marketplaces looking to do the same.

Insuraty has qualified SHOP Brokers who can help you and your small business to understand and enroll into health benefits coverage through the SHOP marketplace. 

There are several benefits to using SHOP, learn more HERE.

Contact us today to begin your Small Business Health Options Plan Enrollment 

Or call us for a free consultation at: (301)-249-9554

Affordable Care Act Marketplace Background Information 

Through mandates in the Affordable Care Act (ACA) there were a series of health insurance marketplaces created in every state across the nation. The purpose of these marketplaces is to facilitate new markets for consumers to access, compare, and obtain quality health insurance coverage. In addition, the Small Businesses Health Options Program (SHOP) is an integral part of the marketplace in each state, allowing small businesses to shop and compare health benefits plans for their employees.

Under the ACA there are four types of marketplaces that can occur:

-State Based Marketplace (SBM):  States running a State-based Marketplace are responsible for performing all Marketplace functions for both the individual market and the Small Business Health Options Program (SHOP).

-State Based Marketplace Federal Platform:  States with this type of Marketplace are considered to have a State-based Marketplace, and are responsible for performing all Marketplace functions for the individual market and the SHOP, except that the state will rely on the Federally-facilitated Marketplace IT platform.

-State Partnership Marketplace:  States entering into a Partnership Marketplace conduct plan management and may administer in-person consumer assistance; Health and Human Services (HHS) performs the remaining Marketplace functions.

-Federally Facilitated Marketplace:  In a Federally-facilitated Marketplace, HHS performs all Marketplace functions.

Source: Kaiser Family Foundation 

 Insuraty Health Tip 

Keep an oral hygiene kit in your desk or at your office for a quick cleaning and a mid-day pick me up. Brushing and or flossing your teeth after eating at the office not only ensures top notch dental hygiene, but can also leave you refreshed for your remaining daily tasks. Extra credit if you use mouthwash! 

Insuraty is a benefits brokerage and human resources outsourcing firm that supports many aspects of positive expansion and growth with its clients and their businesses. If you have questions in regards to your human resources, health insurance, life, 401k retirement savings or other benefits coverage please don’t hesitate to contact us today.