Open Enrollment is a great opportunity to review your small business health insurance. While you can always enroll in a small business health insurance plan at any point throughout the year, this is the perfect time to ensure your health insurance plan meets your needs. We’ll dig into important coverage questions to ask your employees.
When is Open Enrollment?
Open Enrollment generally runs from November 1st to December 15th, although certain states extend the timeline. Open enrollment for health insurance coverage often begins on January 1st and runs through December 31st.
Why Explore Health Insurance Options During Open Enrollment
Small businesses are not required to enroll in their health insurance benefits during Open Enrollment. However, this is a useful time to reevaluate and ensure you are meeting the needs of the employees and the business.
What Should Employers Consider When Choosing Small Business Group Insurance Coverage?
Here are a couple of important financial considerations to think through for small businesses during Open Enrollment:
Cost
We recommend looking at all the plans available to make an educated decision for your budget. How much are you willing to pay in monthly premiums? For your employees, a small business health insurance plan will likely be more affordable than an individual one.
Life Events
Have you added new employees over the past year? Lost a few employees? Do you have employees who recently had a child, married or divorced? Life events are transitions in personal situations and are often a catalyst for evaluating health insurance options. It is something to keep in mind as you search for a small business health insurance plan.
Coverage Questions to Ask Employees
Employees often question their health benefits and what they should do during Open Enrollment. Here are a few key factors for small business owners and employees to consider when evaluating their small business health insurance plans.
Dependents
Will employees be adding or removing any dependents from their health plan? Will the employer contribute toward health benefits for dependents?
Coverage
Can you find a plan with similar coverage for a lower cost? Is there a need for a dental plan or vision coverage? Is there a variety of employee needs where a plan package with different tiers makes more sense? Is there a need for expanded coverage?
Location
Is the business in one state, or do employees live across multiple states? Do employees travel often?
Other Areas to Consider
Does an employee have a condition that requires a certain doctor network? Do you want to find a plan that has great mental health benefits? Is there a need for certain specialists (e.g., chiropractor, acupuncturist)?
Contact Insurance Enterprise for Group Health Insurance
If you have questions about group 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.