Small Business Health Insurance Brokers Can Help
Open registration for health insurance cover refers to the period which usually lasts from the beginning of November to the middle of December. Small businesses can also benefit from a special period that lasts from mid-November to mid-December. At the beginning of next year, the elections chosen during that period will be active for that calendar year. That is why it is so important to re-evaluate the needs of the company and the needs of the employees.
What should small businesses look for?
Many business owners agree that it is important to use the application period to re-evaluate, but knowing what to look for can be confusing. Every company is different, but the following pointers provide a good starting point:
- Savings: If you provide fewer benefits than employees can get in other ways, not many people can sign up. This increases the cost per person. Talk to your employees to see how to get more people to sign up to reduce the cost per person, especially for health insurance .
- Taxes: Some small businesses allow employees to choose more benefits and less home pay as part of their own tax planning strategy. Entrepreneurs can also benefit from tax planning strategies, such as ensuring eligibility for tax breaks for small business health care.
- Life events: Employee demographics of change work over time, especially if your employees stay for several years. Some people may have married, had children, or cared for elderly parents. Keep in mind the benefits of applicable life events.
- Settings: People can share the same demographic data and still have different priorities and make opposite lifestyle choices. Avoid the temptation to make assumptions. Employee preferences can also change after getting a first taste of certain benefits.
How do I get the right information?
The only way to get the right information to make the right benefit decision is to have an honest conversation with your employees. If you have HR staff in your organization, consider delegating this role to them. Note that you may get the most honest answers when people can submit their opinions anonymously.
For example, you may find that certain health and wellness benefits employees may be interested in include counseling for depression or substance abuse. But very few feel comfortable sharing this in a one-on-one setting.
How do I register my small business?
If you have not yet registered your business, you should note that there are some important criteria that it must meet. Your company must meet legal requirements as a company governed by state and federal laws. It should have at least one full-time employee and you should contribute at least 50% to the monthly premiums that your employees pay.
We understand that this guide only scratches the surface of the information you may need to move forward. Contact Sackett & Associates Insurance Services for more information today.