Groups in ACA for 2015

[AgentStone]

Is anyone aware yet which group health insurance companies will be participating in the ACA this year (Texas)?

Thanks!

 

[kgmom219]

Are you talking about SHOP?

 

[AgentStone]

Yes...SHOP.
~Thanks

 

[Ann H]

If a carrier is one of the top in the state, they are required to offer at least one plan in SHOP. Most of them offer exactly that ---- one plan. SHOP is a bummer idea. Even if they have multi-choice this year, the carriers are doing multi-choice off-exchange too which eliminates that need for SHOP. So, really the only reason to use SHOP would be for that small business tax credit, which is so hard to qualify for, and full of "ifs, ands, & buts".

 

[AgentStone]

Thanks Ann...

I am certified to sell SHOP, but haven't found a client match for it yet.
It will be interesting to see what happened in 2014 once we roll into 2015 pertaining to how many companies benefited by it.

 

[kgmom219]

The only one I know that has confirmed is BCBSTX. The participation is dismal.

Not all of the plans are offered, its about 75% of what you would get outside of SHOP. I think there were about 20. Call your rep and get the 2015 plan list. If you need 2014, you can PM me with your email address and I can forward it to you.

 

[AgentStone]

kgmom219... I do have the 2014 plan list for BCBS and will get 2015 soon from my rep. Thanks for offer to PM me your list.

Did you sell any SHOP plans? If yes, was it difficult for your client(s) to qualify for tax credit?

Thanks~

 

[kgmom219]

kgmom219... I do have the 2014 plan list for BCBS and will get 2015 soon from my rep. Thanks for offer to PM me your list.

Did you sell any SHOP plans? If yes, was it difficult for your client(s) to qualify for tax credit?

Thanks~

No. I had two clients that qualified, but that wasn't the direction we went.

IMO, Its difficult to find clients that meet the following

1. Qualify for the tax credit
2. Are willing to risk the audit risk
3. Will jump through the hoops for SHOP (both with the gov't to qualify and at the carrier)
4. Will save enough on taxes (yes, they get the credit, but right now they are getting a deduction) to justify the hassle

They have to meet all 4. Plus, if they qualify, they need a significant number of employees who make very little money. At this wage, its better for the employees if the group terminates and they become subsidy eligible.

Hope this helps!

 

[Ann H]

No. I had two clients that qualified, but that wasn't the direction we went.

IMO, Its difficult to find clients that meet the following

1. Qualify for the tax credit
2. Are willing to risk the audit risk
3. Will jump through the hoops for SHOP (both with the gov't to qualify and at the carrier)
4. Will save enough on taxes (yes, they get the credit, but right now they are getting a deduction) to justify the hassle

They have to meet all 4. Plus, if they qualify, they need a significant number of employees who make very little money. At this wage, its better for the employees if the group terminates and they become subsidy eligible.

Hope this helps!

Very well written, Kgmom219!

 

[AgentStone]

Originally Posted by kgmom219 View Post

No. I had two clients that qualified, but that wasn't the direction we went.

IMO, Its difficult to find clients that meet the following

1. Qualify for the tax credit
2. Are willing to risk the audit risk
3. Will jump through the hoops for SHOP (both with the gov't to qualify and at the carrier)
4. Will save enough on taxes (yes, they get the credit, but right now they are getting a deduction) to justify the hassle

They have to meet all 4. Plus, if they qualify, they need a significant number of employees who make very little money. At this wage, its better for the employees if the group terminates and they become subsidy eligible.

Hope this helps!

All the reasons I haven't found a fit for SHOP!!! Thanks~ kgmom219