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The Small Group Special Enrollment Period Opens November 15

Small business owners understand the value of providing group health insurance benefits to employees, but they don’t always feel capable of doing so. Between the high cost of premiums and the level of required employee participation (70 percent) many small business owners give up on the idea entirely.

If you know someone in this situation, please pass along this news: During Small Group Special Enrollment each fall, your employees can overcome these limitations and establish a group health insurance plan.

How does it work? It’s pretty simple. Only one employee needs to enroll in a plan. That’s it! There’s no minimum enrollment criteria, so each employee can make the decision that feels best for them, without any pressure.

As for the business owner’s part, they are not required to contribute to premiums. Or, they can contribute what they are able, and allow employees to pay for the rest. So if affordability has been an obstacle in the past, the Small Group Special Enrollment Period will allow employees to access a group healthcare plan of their choosing.

Aside from contribution and participation guidelines, all other normal underwriting guidelines are still in force. This means employees can still access high quality group plans while sidestepping what would normally be burdensome obstacles.

As a bonus, employees can access yet another benefit of these group plans. If the employer has established what is called a “cafeteria plan”, workers can pay for their premiums using pre-tax payroll deductions. This essentially serves as a significant tax deduction and savings, which any employee appreciates.

There is just one downside to this news: The Small Group Special Enrollment Period is only open for one month, between November 15 and December 15 (with plans taking effect January 1). Business owners must act fast to help their employees access these group healthcare plans, along with the potential tax savings. Contact us to learn more about how to get started.