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If you’ve
decided to offer your employees health coverage, you may be wondering if
traditional group coverage—like a plan offered through the Small Business
Health Options Program (SHOP)—or a Health Reimbursement Arrangement (HRA)
is right for your small business.
A group health insurance plan,
including SHOP, is offered by an insurance company for
eligible small employers. An employer offers a plan, and in some cases can
offer a selection of plans to their employees and, if the employer chooses,
to employees’ dependents. These plans offer minimum essential coverage
based on what the employer offers, and small businesses can generally
enroll in coverage at any time of the year. Visit the see plans and
prices feature on HealthCare.gov to find a list of all available
SHOP plans in your area.
An individual coverage Health Reimbursement
Arrangement (HRA) allows employers of any size to reimburse
employees’ qualifying medical expenses, like premiums for individual
coverage or Medicare, on a tax-free basis. Employers can select how
much money to contribute to their employees and, if they choose, to
employees’ dependents. Employees can generally choose how they use an
individual coverage HRA as long as they use it for qualifying health care
expenses, and have individual health insurance coverage, like a plan from
the Individual
Marketplace. Small business employers (generally businesses with
fewer than 50 employees) also have access to an exclusive HRA option. Learn more about Qualified Small Employer Health
Reimbursement Arrangements (QSEHRAs).
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