Unlike with individual health insurance, employers can establish a group healthcare plan at any time of the year. There is no wait for an open enrollment period. However, your business is required to meet minimum participation requirements, and you might be required to contribute a certain amount toward premiums. 

We have good news: The Small Group Special Enrollment period makes it easier for small businesses to establish a healthcare plan for their employees, because your company will not owe a premium and only one employee must enroll in order to establish a group plan. 

In other words, a small business can utilize this opportunity to establish a group healthcare plan at no cost to themselves. And your employees can take advantage of this opportunity to enroll in a group plan, which might allow them to take advantage of the larger networks of hospitals and providers often associated with such arrangements. 

As a bonus, if you have established a cafeteria plan for your employees, they can use pre-tax dollars to cover their healthcare plan premiums. This benefit allows them to lower their taxable income for the year and potentially earn a significant tax break which they are sure to appreciate. 

Smaller employers, take note: If you don’t meet Affordable Care Act participation or contribution requirements, you do have the opportunity to enroll in a healthcare plan specifically geared to small businesses. 

The Small Group Special Enrollment Period begins November 15 and continues through December 15. That means you have one month to evaluate your options and complete your small group enrollment, so let’s get started today. Give us a call to learn more about what’s available to you, and we’ll walk you through your options. Then you will be well prepared to make a decision for yourself and your employees when enrollment opens next month.