Open enrollment is an excellent time to reevaluate your small business health insurance benefits, as this is the time of year when your employees can make any necessary changes to their benefits plans. A lot of life changes can happen throughout the year, such as marriage, the birth of a child, the death of a family member, and more, and it is essential to plan for these periods so your employees can make any necessary changes to their benefits plans. Below, Unity Insurance discusses how to set your small business up for success during the open enrollment period.
Considerations During Open Enrollment
The day-to-day operations of your small business may change throughout the year. The open enrollment period is the perfect time to reassess your company’s needs. Current health insurance plans may need to be revised because of internal company changes and developments.
When it comes to making changes to a group health plan, there are a few crucial factors that a small business owner and their employees should consider.
Ask Employees About Dependents
Over the course of the year, employees may experience familial changes that impact their coverage. For example, they may have had a divorce, and their ex-spouse is no longer a dependent. Their children may have reached a certain age where they are no longer covered by the health insurance plan. Based on your employees’ needs and preferences, you need to evaluate your current plan and and provide different options.
Expanded coverage includes, but is not limited to, dental coverage, vision coverage, life insurance and disability insurance. Like their basic health insurance coverage needs, your employees’ expanded coverage needs may have changed over the course of the year, which means they may submit changes to their coverage during the open enrollment period.
Additional benefits, such as telemedicine or wellness programs, may be in high demand due to the COVID-19 pandemic and the new normal of working from home. Ask your employees about their preferences on these additional benefits and adjust plans accordingly.
Does My Small Business Qualify for Business Health Insurance?
An employer typically must fulfill the following three standards to qualify for small company health insurance coverage:
- Your small business must have at least one full-time employee, excluding yourself or your spouse.
- Your small business must be legally registered with your state as a business.
- You must subsidize a minimum of 50% to monthly employee premiums.
Enroll For Small Business Health Insurance with Unity Insurance
As a busy small business owner managing open enrollment requests during a hectic time of year, it can be difficult to manage a smooth and efficient open enrollment period alone. Unity Insurance’s educated and experienced benefits professionals can assist you in selecting the best benefits plan for your employees’ needs, as well as ensuring a smooth and effortless open enrollment process. To discover more about open enrollment assistance and small business health insurance plans available to you, call Unity Insurance at (410) 539-6642 today.