Community Bankers of Iowa Monthly Banker Update November 2013 | Page 14

Enrollment Deadline Approaching for Small Employers Using the
New SHOP Exchange
Written By: Rick Krueger, Manager, Employee Benefit Plans for CliftonLarsonAllen

December 15 Deadline for Small Business Health Option Exhcange
As part of the Patient Protection and Affordable Care Act, the government recently
opened new health insurance exchanges.
Although much of the news on the new
exchanges has focused on individual
health insurance, small employers with 50
or fewer full-time employees may also be
able to take advantage of new options offered by the Small Business Health Option
Program (SHOP) exchange.
The SHOP is currently open, and employers can complete their application and officially set up a plan. For employers looking
to begin coverage on January 1, enrollment must be completed by December 15,
2013. Small employers on a non-calendar
year plan can initiate this process at any
time and still be eligible for the tax credit in
2014.
“This first year may have a limited number of insurers participating in SHOP in certain states and geographies,” says Richard
Krueger, a manager in CliftonLarsonAllen’s employee benefit
plan practice. “But small employers should still explore the
SHOP exchange to see what the market looks like.”

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SHOP is scheduled to fully open to small employers in November 2013, when they can complete their application and officially
set up a plan. For an employer looking to begin coverage on
January 1, enrollment must be completed by December 15,
2013.
“Some small employers have previously qualified for a Small
Business Health Care Tax Credit if they met certain coverage,
income, and headcount requirements,” Krueger says. “Another
reason to explore
SHOP is that
going forward, employers that want
Keith W.
to claim the credit
Designer
Movie buff
will need to offer
a plan through
SHOP.”

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States that use the
federal exchange
will use the SHOP
website for the
entire process.
For states that
run their own
exchanges, the
website contains
links to each
state’s specific
SHOP site. State
exchanges may
have their own
specific participation requirements
and may also offer
a broader array of
plan options in this
first year.