Every year, employees have the option to change their medical coverage during “open enrollment.” Open enrollment for small employers usually is the month before the policy’s renewal date and lasts about one or two weeks. During this time, employees receive plan materials, have a chance to ask questions about plan choices, and enroll in a plan. They may add or drop dependents, choose a different medical plan, or sign up for new offerings, such as optional chiropractic or dental plan.
Coverage begins at a specified date after open enrollment and usually runs for a full year. Some companies hold open enrollment in the fall, and coverage is effective from January 1 through December 31. If you want the best service from your agent or broker and the insurer, you may want to avoid the rush by planning your open enrollment period off-peak. That way getting small business health insurance during open enrollment is easier.
What is Open Enrollment?
Were you healthy when you first bought health insurance? You pay your health insurer a little bit every month, and they give back a lot when you need care. If everyone waited until they were sick to buy insurance, there would be no money for insurers to give back.
The Affordable Care Act created the national Open Enrollment Period to solve this enrollment problem. During this annual health insurance open enrollment, everyone is supposed to buy or re-enroll in health insurance all at once. Outside of this Open Enrollment Period, buying healthcare becomes difficult.
Don’t Forget About the Open Enrollment Extension in 2022
So far, 11 states and Washington, D.C. have extended 2022 open enrollment for health insurance beyond the federal deadline. Instead of ending health insurance open enrollment on January 15, 2022, every health insurer in these states must participate in open enrollment for the 2022 plan year through the following deadlines:
State |
Enrollment Period |
| California | November 1 – January 31 |
| Colorado | November 1– January 15 |
| Connecticut | November 1 – January 15 |
| Massachusetts | November 1 – January 23 |
| Minnesota | November 1 – December 22 |
| Nevada | November 1 – January 15 |
| New Jersey | November 1 – January 31 |
| New York | November 1 – January 31 |
| Pennsylvania | November 1 – January 15 |
| Rhode Island | November 1 – January 23 |
| Washington: | November 1 – January 15 |
| Washington, D.C | November 1 – January 31 |
Know the Basics of Health Insurance
When enrolling in health insurance, remember the basics of insurance costs, as they can affect how much you pay for coverage and medical treatment.
Monthly Insurance Premium
The monthly cost you must pay to maintain your health insurance coverage. It is a monthly premium.
Copayments and coinsurance
Payments you make each time you get a medical service.
Deductible
How much do you spend on covered services before the insurance company pays a portion of the covered services (except for free preventive services)?
Out-of-pocket maximum
The most you spend on covered services in a year. After you reach this amount, the insurance company pays 100% for covered services.
It is important to understand how your health insurance policy works to know what you will be paying for every time you visit the doctor. Your health insurance broker can go over the different types of plans available (HMO, PPO, etc.) and help you understand what your plan will cover and what it will not cover. They can also help you save money while maximizing your coverage through the right provider.
Which Health Insurance Plan is Best for Me?
You may be wondering which health insurance company is the best? When choosing a plan, you first need to assess your personal healthcare needs, look at all your options, and choose a health insurance plan that fits your budget. How do you determine which health insurance is best? Ask yourself these questions:
- How often do you visit your doctor?
- What type of treatment do you need in the next 12 months?
- What prescription drugs do you currently take?
- Which healthcare providers/physicians do you prefer?
Once you decide on your healthcare needs, you can narrow your search to health insurance companies in your state.
Do I Have to Wait for Open Enrollment to Get Small Group Health Insurance?
There is no open enrollment period for small group health insurance. You can enroll anytime during the year if your company or employees qualify. You do not have to wait until open enrollment to get the coverage you need for your team. Simply contact your health insurance broker and let them help you find the right provider and group plan.
Small group health insurance plans typically offer insurance plans at a lower rate than employees could get when enrolling in an individual plan on their own. If you are a small business owner, you might be wondering when you can set up group health insurance for yourself and your staff. Read below to learn about qualifying for group health insurance plans and how you can get the coverage you need.
Contact Insurance Enterprise for Premier Health Insurance
If you have questions about health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.