Small Group Special Enrollment Allows Businesses to Help Their Employees
Perhaps you would love to provide your employees with a group healthcare plan, but numerous requirements have created obstacles for your business. Contrary to individual health insurance enrollment, you could indeed begin a group policy at any time of the year. But your business would be required to meet minimum participation standards among its employees in order to qualify for a group health plan, and you would be responsible for part of the premiums as well. These requirements might have prevented you from establishing a healthcare benefits plan in the past, much to your own frustration and that of your employees.
We have some good news for those of you who have found yourselves in this situation: During Small Group Special Enrollment each fall, you have the opportunity to enroll employees into a group healthcare plan, without being subject to any of the above-mentioned requirements.
Because your company will not owe part of the premiums and will not be subject to minimum participation requirements, you could help your employees access the benefits of a group health plan and its network. Plus, if you establish a cafeteria plan, your employees can designate pre-tax dollars from their paychecks to cover their health insurance premiums. Doing this essentially provides them with a potentially valuable tax benefit, by lowering taxable income and potentially lowering their income taxes due each year. They’re happy, and you’re happy. It’s a win-win situation!
So what do you need to do next? The Small Group Special Enrollment period runs from November 15 to December 15, so that’s only one month during which you can take advantage of this opportunity. Get in touch with us right away, so that we can review your group plan options with you, and so that you have time to communicate with your employees regarding this opportunity. Then we will help you throughout the group benefits enrollment proccess.