With Employers not having to meet a minimum participation rate (MPR) this season for SHOP Marketplace plans, the opportunity for a huge tax credit is convenient for businesses
MIami, Florida, November 11, 2016 (Newswire.com) - Recent changes to the "Small Business Health Options Program" (SHOP) Marketplace have caused many employers to engage in new plans that were never before available to them. Typically, to get a SHOP Marketplace Plan, small employers had to pass certain criteria to enroll. One of the major qualifications is meeting the minimum participation rate (MPR) between employees accepting / rejecting the SHOP plans. In most states, this participation rate has to meet or exceed 70-75%. Employers find this tough to achieve, being that most employees are far more comfortable with their individual insurance plans instead. But between November 15 - December 15, 2016, The Marketplace will bypass this qualification, allowing plenty more employers to benefit from having SHOP plans.
One enticing benefit from employers having a SHOP plan is the ability to earn a major tax credit (up to 50% of the employees premiums). Health Insurance Agents and Brokers can help walk employers through the process of finding out if they qualify and how much they’ll save. Joseph Gannon, President of BenaVest a licensed Insurance Agency, says "Over %60" of the businesses they enroll "... get rewarded with huge tax credits that overall, benefit the company where before they waived MPR it just didn't make sense".
Employers have the ability to keep 50% of the employees premiums
Jorge, Giraldo
Enrolling through Private Insurance Agencies and Brokers is made easy, being that employers can do everything start to finish online and over the phone. With the Marketplace's new portal, Agents can create employers' application hands-free to the employer, and upload documents to the Marketplace quickly at no extra cost.
Source: BenaVest
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