Hurry! Small Group Annual Special Open Enrollment is Happening Now
Many employers want to provide a quality, group healthcare plan for their employees, but worry about the expense and their ability to meet participation requirements. But that doesn’t mean you have to give up on this very important goal. The Affordable Care Act (ACA) actually provides a special enrollment window for group healthcare plans, that allows for smaller businesses to get employees covered even when they can’t meet certain criteria.
It’s called the Small Group Annual Special Open Enrollment (SOEW) and it’s happening right now. From November 15 to December 15 each year, your employees can enroll into a group healthcare plan even if you’re unable to meet participation ratios or other requirements. And you (the business owner) can enroll, too!
The benefits of group healthcare plans extend not only to each worker, but to the business as a whole. Healthcare plans help your employees and their families to obtain quality medical care at a price that is more affordable for their budgets. But it also translates into fewer sick days and disruptions for the business owner. And of course, healthy employees are happy employees. Those who receive valuable benefits through their jobs are motivated to remain loyal to the company, cutting down on the amount of employee turnover you experience.
Sounds great, right? So what do you need to do now?
Start by talking to your employees about the concept of group healthcare plans. They always appreciate being included in the conversation. Assess interest and needs, and go from there. How much can you contribute to group healthcare plans? How much do your employees hope to pay? Would they be interested in options like a health savings account, which allows them to set aside pre-tax dollars to be used for healthcare expenses that can occur alongside a low-premium, high-deductible policy?
After gauging company interest, give us a call. We can walk you through your group healthcare plan options, and help you make the right decisions for your company.