ACA, Small Businesses, and SHOPs

Overview

Two objectives of the ACA are to increase the number of insured Americans and provide better health security to all. To meet these objectives, the law addresses not only individual consumers but businesses as well. The majority of working Americans with health insurance coverage obtain it in one form or another through a link to employment; employer-provided health coverage has, for decades, been entrenched in workplace compensation and benefit arrangements. Accordingly, as a primary “source” of health insurance, businesses were a primary target of many of the ACA’s provisions.

This course provides an overview of the changes that the Affordable Care Act brought about for businesses and the small group health market. The provisions of the law that most directly affect businesses are the employer shared responsibility and its penalty for not offering coverage to employees, the small business health care tax credit, and the establishments of SHOPs-Small Business Health Options Programs.

Learning Objectives

Upon completion of this course, students will be able to:

  • explain the major market reforms and consumer protection measures that ACA brought about
  • explain ACA's shared responsibility provision for employers and its attending penalties: to whom the responsibility applies and when penalties may be assessed
  • demonstrate an understanding of the small business health care tax credit
  • explain the basics of SHOPs: their purpose and function
  • describe how licensed insurance producers can work with small business owners through the federally facilitated SHOP

Designed For

Life and health insurance producers; financial planners and advisors
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