How marketplace takes care of business

While most individuals are only able to sign up for health insurance through the Affordable Care Act during its annual open enrollment period, smallbusiness owners can sign up year-round for group coverage through the Small Business Health Options Program (SHOP). A SHOP marketplace (known as the Small Business Marketplace in New York State) offers insurance plans in the same metal tiers as an individual marketplace.

The entire process — from choosing and applying for plans, managing your coverage and paying your premiums — can be completed online at nystateofhealth.ny.gov (healthcare.gov for employers outside New York State).

The main goal of a SHOP marketplace is to offer small-business owners more options and flexibility in selecting insurance. Through SHOP, employers can choose to offer their workers a single plan or several. They can also opt to offer either health insurance or dental insurance on their own, as well as a combination of the two.

“One advantage of the marketplace is that its one-stop shopping aspect can make some of those side-by-side comparisons easier,” says Eric Gascho, vice president of Government Affairs for the National Health Council. “It’s going to depend on the business. For some, the marketplace is going to be better. For (others), going through a broker might be,” he adds. Most small-business owners still prefer to use a broker rather than go through the marketplace, Karen Pollitz of the Kaiser Family Foundation says. But the two options don’t need to be mutually exclusive. You can still work with a broker or agent in SHOP, either your current one or one registered through the marketplace.

If you’re not already working with a broker, “it’s worth taking a look to see what’s out there without having to pay a broker’s fee,” Gascho says.

In order to enroll in the Small Business Marketplace in New York, you must employ 100 or fewer full-time employees; have a physical business address in New York State; have 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.