No. The ACA does not force small businesses to participate in the SHOP marketplace. Companies are free to buy insurance in the private market, but for a large number of small businesses, the cost of group health insurance premiums remains too high to offer health benefits to new employees. The intent of the SHOP marketplace is to improve access to affordable health care for small-business employers and control the rising cost of group health insurance premiums. However, due to Obamacare changes, many employers are instead seeking Defined-Contribution plans as a more affordable insurance solution.
As a small-business owner, you can choose to purchase a custom group health plan that better suits the needs of your employees and the financial realities you face. For instance, if your company lies near the 50-employee threshold – and you plan to expand in the next few years – the SHOP marketplace will do you no good. You will need a more comprehensive solution.
Managing the cost of group health insurance for your small business is certainly a huge challenge today. For the foreseeable future, the ACA is the law of the land, so to meet your company’s health insurance needs you will need to understand how the law affects small businesses.
To determine if a Group Insurance plan is right for you, please see our Group Insurance plans page.
There are a variety of plans available that will help you meet your business’s specific financial and benefit level requirements. Contact us today to get expert advice about which group insurance option is best for you, or compare group insurance plans right now to get started.