Small Business and Open Enrollment

For a small business, open enrollment is a great time for employees to review their insurance coverage. It’s also a great time for employers to explore additional retirement savings options that can benefit both their businesses and workplace productivity.

Finding the right insurance.

So, where do you find the right benefits plan for you or your small business? Three places:

1. An insurance agent or broker. They know their stuff, they offer personal attention, they will be there for years, and maybe, just as importantly, their services won't cost you a cent.
2. For health coverage, SHOP (Small business Healthcare Options Program). To buy coverage for small businesses (up to 50 employees) many start at the Affordable Healthcare Act's Healthcare.gov site for small business coverage.
3. Healthcare exchanges. To purchase individual insurance, you can go to your state's healthcare marketplace (if it has one), or if not, head over to Healthcare.gov.

Keeping group life and health insurance that meets your budget

Of course, shopping different plans is the first way to keep a check on your expenses. For health plans also consider options like higher deductibles and health savings accounts. Your agent or broker can really help with this.

The bottom line is that during open enrollment, it is wise to check out your options see what sort of plans and costs savings you might be eligible for. 

¹“Overview of SHOP: Health insurance for small businesses”, healthcare.gov, 2021. https://www.healthcare.gov/small-businesses/choose-and-enroll/shop-marketplace-overview/

²“When can employees make mid-year election changes to their group health insurance?”, SHRM, May 13, 2020. 

³“What is the Average Price of Health Insurance for a Small Business,” eHealth, Updated November 29, 2019. https://www.ehealthinsurance.com/resources/small-business/average-price-health-insurance-small-business