The SHOP Marketplace health insurance you offer your employees does not continue automatically each year. To stay enrolled in your health insurance, whether you want to keep your offer or change it, you must take action to renew.
You can renew by yourself or with the help of an agent or broker — one you used last time or a new one.
Keep your offer — or change it
If you like your offer and it's still available, you can keep it for the new plan year. But you can also change your coverage any way you want. Among the things you can change:
- Your plan, insurance company, or plan category
- How much of your employees' premiums you pay
- Whether to offer coverage to dependents
- Whether to offer employees a choice of plans
- Whether to offer dental coverage
- Whether to offer, or contribute to, a Health Savings Account
Your costs could change, even if you keep the same plan
Even if you keep the same offering, your costs could change for the new plan year. When you update your SHOP Marketplace application, you'll see the new price. You can then decide whether to keep or change your offer of coverage.
- Your plan's premium may change. Most plans adjust their premiums every year.
- If you've gained or lost employees, and (if you offer dependent coverage) they've gained or lost dependents, your monthly costs could go up or down.
- If it's within 45-60 days of the date your plan year ends, you can preview plans and prices for the coming plan year — for your current offer and other available plans. Preview plans and prices.
Employee participation rate
- If you've added or lost employees recently, your employee participation rate — the percentage of certain employees who must accept your insurance offer — may change. Or you may find employees who bought your coverage last year no longer want it.
- This could cause you to fall below the minimum participation rate in your state. Learn more about minimum participation rate.
- If this happens you can still offer SHOP Marketplace insurance, but only if you enroll from November 15 to December 15. You can enroll during this period any year, even if you don't reach your minimum participation rate.
Small Business Health Care Tax Credit
- The tax credit is based on your employee count and average employee salary. If either of these have changed since you last enrolled, your tax credit may also change.
- In some cases, you could no longer be eligible for the tax credit, or become eligible for the first time. Learn more about the Small Business Health Care Tax Credit.
IMPORTANT: Multiple plans and multiple states
If you have multiple HealthCare.gov accounts for multiple business locations, you'll need to go through the renewal process for each business. This is true whether your businesses are all in the same state or different states. Learn more about multiple plans in multiple states.