If you offered coverage through SHOP Marketplace to your employees last year, you’ll need to manage the renewal online or work with your agent to update your coverage.
As you plan your renewal offering, consider the following points:
- Give your employees at least one week to decide if they want to keep the coverage you offer.
- For the coverage to start at the first day of the next month, you must complete your enrolment by the 15th of the month.
- If you now have additional FTEs, you should attest to the statement indicating your business has 50 or less FTEs based on last year’s attestation. This applies only if you received a determination of eligibility from SHOP in 2014
- The SHOP Marketplace will allow you to continue participating in SHOP this year if you meet the eligibility requirements, had 50 or fewer FTEs in 2014, or now have more than 50 FTEs. If all these apply to you, you can attest to the statement about your employer size
For more information, contact your IBG agent today to assist you in renewing your health plan.