10 things to know before buying employee coverage thru the Marketplace

While individuals looking for affordable health insurance can only sign up for coverage in the Marketplace during open enrollment, small business owners are able to buy coverage year-round.

Employers just need to activate their policy by the 15th day of the current month in order for it go into effect on the first day of the following month.

In order to be eligible for coverage in New York state through its Small Business Marketplace, companies must have no more than 100 full-time employees; a physical business address in the state; at least one common-law employee enrolled in coverage; offer the plan to all employees who work 30 hours or more per week; and be eligible to purchase insurance on behalf of the business and its employees.

Should your company meet these requirements, the next step is to shop around. Here are 10 tips that can make looking for insurance through the Marketplace a little easier.

1. Set a budget based on how much you can afford to pay for group coverage that takes into account both the amount you can put toward employee premium costs (if any), which you can use to stipulate a cost sharing ratio.

2. Decide whether or not you plan to cover dependents, which isn’t required by law under the Affordable Care Act (ACA).

3. Talk to your employees about what types of coverage they’re most interested in receiving — as in health, dental or vision. Not only will it help you ensure the policy you pick meets their needs, it’ll also give you a gauge of how many employees plan to sign up for coverage.

4. Figure out which plans are being offered in your area for the year ahead by using an online plan finder tool at either healthcare.gov or nystateofhealth.ny.gov (New York State residents only).

5. Then determine if you want to offer your employees a single insurance option or the ability to select from multiple policies.

6. Schedule a free appointment with a Marketplace licensed broker or agent to get help assessing your options if you find navigating options online confusing.

7. Pick a date for your plan to start — keeping in mind that applications for coverage must be completed by the 15th of the month in order for plans to go into effect on the first of the following month. Once a plan is active, it will last for 12 consecutive months.

8. Prior to submitting your application, run it by your employees and confirm that at least one is still planning to participate (you can have at least one non-business owner to enroll in order to activate your policy).

9. Put money aside to pay your first month’s premium, which you’ll be responsible for paying in full once employees enroll in your policy.

10. Find out if you’re eligible for a Small Business Health Care Tax Credit by using the Tax Credit Estimator at healthcare.gov.