Important Coverage Questions For Your Employees

Open Enrollment is a great opportunity to review your small business health insurance. While you can always enroll in a small business health insurance plan at any point throughout the year, this is the perfect time to ensure your health insurance plan is meeting your needs. We’ll dig into important coverage questions to ask your employees

When is Open Enrollment?

Open Enrollment generally runs from November 1st to December 15th, although certain states extend the timeline. Following Open Enrollment, health insurance coverage often begins on January 1st and runs through December 31st.

Why Look at Options Now?

Small businesses are not required to enroll in their health insurance benefits during Open Enrollment. However, this is a useful time to reevaluate and ensure you are meeting the needs of the employees, as well as those of the business.

Here are a couple of important financial considerations to think through for small businesses during Open Enrollment:

• Cost – We recommend looking at all of the plans available in order to make an educated decision for your budget. How much are you willing to pay in monthly premiums? For your employees, a small business health insurance plan will likely be more affordable than an individual health insurance plan.
• Life Events – Have you added new employees over the past year? Lost a few employees? Do you have employees who recently had a child, were married, or divorced? Life events are transitions in personal situations and are often a catalyst to evaluate health insurance options. This is something to keep in mind as you search for a small business health insurance plan.

Coverage Questions to Ask Employees

Employees often have questions about their health benefits, and what they should do during Open Enrollment. Here are a few key factors for small business owners and employees to consider when evaluating their small business health insurance plan.

• Dependents – Will employees be adding or removing any dependents from their health plan? Will the employer contribute toward health benefits for dependents?
• Coverage – Can you find a plan with similar coverage for a lower cost? Is there a need for a dental plan or vision coverage?  Are there a variety of employee needs where a plan package with different tiers makes more sense? Is there a need for expanded coverage?
• Location – Is the business in one state, or do employees live across multiple states? Do employees travel often?
• Other Areas to Consider – Does an employee have a condition that requires a certain doctor network? Do you want to find a plan that has great mental health benefits? Is there a need for certain specialists (e.g., chiropractor, acupuncturist)?

Closing Thoughts

Every small business will have different needs and budgets. We always recommend exploring all of your options when you look into your small business health insurance coverage. Get your quote with us today in just a few simple clicks, or set up a free consultation with one of our licensed representatives to talk through any of your questions.