How To Navigate Open Enrollment as a Small Business

Some business owners treat the benefits packages they provide as a set-it-and-forget-it system. However, what might seem like the best benefits to you might not meet the needs of your current employees or the top-performers you hope to attract. This is why it’s so important to make the absolute best of the open enrollment period. Your health insurance broker in Santa Rosa can help, but it’s important to understand a few things first.

 
What Is Open Enrollment?

Open enrollment for health insurance coverage refers to the period that usually lasts from the start of November to mid-December. Small businesses also benefit from a special period which lasts from mid-November to mid-December. At the start of the following year, options chosen during that period become active for that calendar year. This is why re-evaluating the company’s needs and that of its employees is so important.

 
What Should Small Business Look For?

Many business owners agree that it’s important to use the enrollment period to re-evaluate, but knowing what to look for can seem confusing. Every business is different, but the following pointers provide a good starting point:

Savings: If you provide fewer benefits than employees can obtain via other means, not as many might enroll. This drives up the cost per person. Talk to your employees to see how to get more people to enroll to decrease the per-person costs, especially for health and health insurance.Taxes: Some small businesses allow employees to choose more benefits and less take-home pay as part of their own tax-planning strategy. Business owners can also take advantage of tax planning strategies, such as ensuring eligibility for the small business health care tax credit.Life Events: Employee demographics of a business change over time, especially if your employees remain for years. Some people might have gotten married, had children or are taking care of older parents. Revise benefits with applicable life events in mind.Preferences: People can share the same demographic data and still have different priorities and make opposite lifestyle choices. Avoid the temptation to make assumptions. Employees’ preferences might also change after getting a first-taste of certain benefits.

 
How Do I Get the Right Information?

The only way to get accurate information for making the right benefits decisions is to have an honest conversation with your employees. If you have HR professionals in your organization, consider delegating this role to them. Note that you might receive the most honest responses when people can submit their opinions anonymously.
 
For instance, you might find that some health and wellness benefits employees might be interested in include counseling for depression or substance abuse recovery. However, very few might feel comfortable sharing this in a one-on-one setting.

 
How Do I Enroll My Small Business?

If you haven’t yet enrolled your business, then note that there are a few key criteria it needs to meet. Your business must meet legal requirements as a business as decided by state and federal laws. It should have at least one full-time employee and you should contribute at least 50% toward the monthly premiums your employees pay.
 
We understand that this guide only scratches the surface of the information you might need to move forward. Contact Sackett & Associates Insurance Services for more information today.