Although you can always enroll in a small business health insurance plan at any time throughout the year, Open Enrollment is a great opportunity to review health insurance options for yourself and your employees. This Small Business Open Enrollment Guide provides an overview of key factors for both employers and employees to consider when signing up for a new group health insurance plan or renewing current group health coverage.
While small businesses can enroll in group health insurance plans at any time during the year, the Open Enrollment period serves as an optimal occasion to reevaluate medical coverage benefits.
After the Open Enrollment period for 2019 ends, any updates that employers or workers have made to their health insurance coverage become implemented starting on January 1, 2020.
Small business owners and their employees can use the Open Enrollment period to reevaluate their group health plan each year to find out if their current medical coverage still fits their needs.
Here are several important financial considerations that small businesses can think about as they shop for health plans and benefits during the Open Enrollment season.
During Open Enrollment, employees often have questions about their health benefits, such as whether they should keep their current plan or make needed adjustments. Here are a few key factors for both small business owners and employees to consider when thinking about making changes to their group health plan.
To qualify for small business health insurance coverage, an employer typically needs to meet the following 3 requirements:
Note that group and employee definitions may vary by state and insurance company, so be sure to check with a licensed health insurance agent or broker for your specific situation.
To sign up for a group health plan during Open Enrollment, consider using the services of a small business health insurance broker or online health insurance marketplace, which is a public or private health exchange. These sources often provide quotes, tools, and resources to help you shop for and compare different health plan options. Other ways to enroll in a small business health plan include association health plans or professional membership organizations.
As employers begin the enrollment process, they should gather together the necessary paperwork and documentation for a small business health insurance application, which you can learn more about by consulting this helpful preparation checklist for small business health insurance.
To streamline the enrollment process, small business owners should:
Overall, Open Enrollment serves as an excellent opportunity for both small business owners and employees to update and personalize their health insurance coverage benefits. To learn more about your options for quality, affordable health plans, visit eHealth.com or speak with one of our licensed health insurance agents.
This article is for general information and may not be updated after publication. Consult your own tax, accounting, or legal advisor instead of relying on this article as tax, accounting, or legal advice.