Employers providing health insurance - anyone use Small Business Health Options Program (SHOP)?

[Anonymous]

We ended up doing SHOP (I'm 12/02/2014 19:17) after following this thread and doing more research. We are in Georgia now.

Our nanny is not eligible for any subsidies through Obamacare, and she makes under 40K/year, so you can't assume your nanny will be eligible.

The SHOP premiums were higher ($290/month for the silver plan we offered her vs. around $225/month for many silver plans on the individual exchange). We also only had one insurance option in each level of coverage, so we asked her to check with her doctor first to make sure he took it (BCBS, and pretty good coverage at all levels). We were willing to pay 100% of the silver plan, so we offered her that and she accepted.

Disadvantages to the SHOP plans:
many fewer plan options
more expensive
employer must offer the same plan and payment to all full time employees (which means that if we had another employee, we probably wouldn't be able to do 100%)

Advantages to the SHOP plans:
tax free for both parties
much easier selection process because so many fewer plans to compare
employer gets a tax credit for up to two years as long as employer pays at least 50% of the premium, if the employee's income is under 50K

Because of the tax credit and the fact that it wouldn't be taxable income, I think we're going to come out about the same as if we had given her the $225 as taxable income, which was our backup plan.

[Anonymous]

is it possible for you to provide the name and number of your broker?

also have trouble finding a broker that will handle just one employee.

thanks!

[Anonymous]

Anonymous wrote:is it possible for you to provide the name and number of your broker?

also have trouble finding a broker that will handle just one employee.

thanks!

I didn't use a broker. I just filled out the application on the exchange.

[Anonymous]

Anonymous wrote:

Anonymous wrote:is it possible for you to provide the name and number of your broker?

also have trouble finding a broker that will handle just one employee.

thanks!

I didn't use a broker. I just filled out the application on the exchange.

Me again. I also used the customer service number when I had questions, and they were very responsive.
If you want to do SHOP, just like the individual exchange, you need to have your nanny signed up and the first payment made by 12/15 if you want coverage to start 1/1. It took us three days, I think, but you could probably get it done in one if you fill out your part of the application in the morning, let the nanny do her part once you're done, and then you go in to the bill pay part.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:is it possible for you to provide the name and number of your broker?

also have trouble finding a broker that will handle just one employee.

thanks!

I didn't use a broker. I just filled out the application on the exchange.

Me again. I also used the customer service number when I had questions, and they were very responsive.
If you want to do SHOP, just like the individual exchange, you need to have your nanny signed up and the first payment made by 12/15 if you want coverage to start 1/1. It took us three days, I think, but you could probably get it done in one if you fill out your part of the application in the morning, let the nanny do her part once you're done, and then you go in to the bill pay part.

Very helpful PP, thank you.

[Anonymous]

Has anyone been successful in Maryland for getting a SHOP plan for a nanny? Half the brokers we called pretty much hung up on us, one guy faked a 2ndemployee to get us a quote which we wouldn't sign, and another said her wholesaler said we need to have a full household staff (butleretc) or to file a Schedule C form, which is not a real requirement. We're planning on submitting the application through the state but my impression is we're stuck going through the brokers who haven't helped.

[Anonymous]

Wow! It looks like MD has made this really cumbersome. GA uses the federal exchange, and I was able to do it all online.

It looks like you can fill out the application on paper and mail it in, but I would call the state (not the broker referral line) and see if there's any way to speed up the process for doing it yourself.

[Anonymous]

I just talked to Homepay (previously breedlove) and they have now received clarification that it's okay to reimburse health insurance if you have 1 employee.
They said the IRS is going to release the formal guidance soon, but they received verbal confirmation to confidently say it was okay now.

Here's an article that led me to call them again.

http://regardingnannies.com/2014/12/a-new-wrinkle-in-the-health-care-law-and-how-it-affects-nannies/

YAY SANITY PREVAILS

[Anonymous]

Arrrgh! Well, at least that's helpful for next year, or when the tax credits run out!

[Anonymous]

Anonymous wrote:I just talked to Homepay (previously breedlove) and they have now received clarification that it's okay to reimburse health insurance if you have 1 employee.
They said the IRS is going to release the formal guidance soon, but they received verbal confirmation to confidently say it was okay now.

Here's an article that led me to call them again.

http://regardingnannies.com/2014/12/a-new-wrinkle-in-the-health-care-law-and-how-it-affects-nannies/

YAY SANITY PREVAILS

+1000 Thanks for posting this, pp.