An Easy Guide to Open Enrollment for Small Businesses

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Are you ready to give your employees the gift of insurance?

Open enrollment allows your workers to choose which health insurance plans they want. It’s the only time of the year people can enroll in a health insurance plan unless they have an extenuating circumstance. For businesses with group plans, open enrollment comes with several mandatory steps.

So, how do you navigate small business open enrollment?

We’ll go into everything you need to know about open enrollment for businesses. Keep reading so you can navigate offering small business health insurance with ease!

Open Enrollment Has an End Date

In most states, open enrollment begins on November 1st, 2021, and ends on January 15th, 2022. If you miss open enrollment, you won’t be able to enroll your employees at a later date.

As such, it’s important you’re ready for open enrollment. Small business open enrollment may also come with extra considerations. Some small businesses are new and need to choose their first group plan. Others may have reconsidered their budget and need to switch insurance companies.

No matter your circumstances, you should start planning for open enrollment several months in advance. Decide which plans will work best for your budget and your employee needs. Often, companies will offer employees 2 or 3 plans to pick from. This provides some degree of flexibility. It allows you to offer satisfactory benefits without overextending your budget.

You’ll also need to determine what percentage of the premium you’re willing to pay. Some employers pay all an employee’s premium, while others split the cost with the employee.

Prepare Open Enrollment Packages

Once you’ve determined which plans you’ll offer, put together open enrollment packages for your employees. These should include information from the insurance companies about the plans. Your workers will also need clear instructions about how to choose a plan and when they should return the paperwork to you.

Have employees whose native language isn’t English? You might want to consider putting together packages in their first language, too. Many insurance companies offer their materials in a broad range of languages, so ask if they can send you materials in every language spoken in your office!

Some businesses choose to have insurance agents come to their offices to discuss the plans with their employees. This is helpful if you have people who have questions about which plans are best for them.

What Happens If an Employee Misses the Enrollment Window?

Did one of your employees miss their opportunity to submit their enrollment paperwork?

If so, you should check your state’s guidelines. Some allow for a 30-day grace period. Still, you should encourage your employees to complete their paperwork before the deadline. Schedule reminder emails to decrease the likelihood they’ll forget.

Did your workers miss the grace period, too? Encourage them to enroll in a short-term insurance plan.

Ready for Small Business Open Enrollment?

Now that you know these tips, you’re ready to take on small business open enrollment.

If you’re looking for insurance plans, you’ve come to the right place! We provide short and long-term insurance plans for businesses and families. Looking for dental, vision, life, or Medicare insurance? We can help you with that, too.

Learn more about our group insurance plans today!