Do you know when open enrollment started for small businesses? Enrollment in the small employer Marketplace, known as SHOP, is year-round! Do you know if your business is eligible? What kind of coverage can your small business offer? What levels of coverage are offered?
Starting on January 1, 2016, companies with 100 or fewer employees will be eligible to provide employees with health insurance from Covered California for Small Business (SHOP). Enrollment in the small business program is available year-round. Small business owner, offering health insurance may allow your company to attract and retain employees.
Your small business may qualify to offer coverage through Covered California if you meet certain eligibility criteria such as having at least one but no more than 50 eligible employees and meet certain contribution and participation requirements. You are required to calculate its total number of “full-time-equivalent” (FTE) employees. This number determines whether the employer is eligible to participate in Covered California for Small Business.
The health insurance plans offered by Covered California have four defined levels of coverage: Bronze (Health plan covers 60% of average annual cost. Employee pays 40%), Silver (Health plan covers 70% of average annual cost. Employee pays 30%), Gold (Health plan covers 80% of average annual cost. Employee pays 20%).and Platinum (Health plan covers 90% of average annual cost. Employee pays 10%.)
Offering health insurance may help you attract and retain good employees! You may want to start looking into Small Employer Marketplace (SHOP) and see what your business can afford (Bronze, Silver, Gold or Platinum) and if your business meets eligibility criteria to offer coverage through Covered California. Is your business ready for the challenge?