OPEN ENROLLMENT: WHAT SMALL BUSINESS OWNERS NEED TO KNOW

It’s been estimated that there are greater than 5.7 million small-business staff or self-employed employees are enrolled within the Reasonably priced Care Act (ACA) marketplaces. As well as, greater than half of all ACA market enrollees are small-business house owners, self-employed people, or small-business staff.

That is a powerful quantity when you think about that small companies, in line with the ACA tips, are these corporations using lower than 100 staff. States have had the choice of limiting swimming pools to firms with 50 or fewer staff, as California has performed, for instance.

The rationale that is important is that house owners of companies with lower than 100 full-time equal staff (FTEs) are usually not required by the ACA to supply medical health insurance choices to their employees.

And no matter what definition one makes use of to outline a “small enterprise”, the very fact is that they make up the majority of all companies in the US. 

But tens of hundreds of those enterprises just do that. And if you happen to’re studying this text, odds are that you just, too, present employer-sponsored healthcare in your staff – otherwise you’re contemplating it now.

OPEN ENROLLEMENT, SMALL GROUP HEALTH COVERAGE, AND THE ACA

Chances are you’ll be aware of the idea of “open enrollment” for medical health insurance. In accordance with one authorized website,

“Open enrollment is the time of 12 months when people and households can enroll in a medical health insurance plan for the subsequent calendar 12 months. That is the one time annually when present staff could make adjustments to their medical health insurance coverage, except they’ve a significant life change (typically known as a qualifying life occasion or QLE).”

Nonetheless, whereas your present staff should look ahead to the open enrollment interval to make adjustments to their plans or join the primary time, most small enterprise employers can start providing well being protection plans any time of the 12 months.

The HealthCare.gov web site explains that the Small Enterprise Well being Choices Program (SHOP) is for small employers who need to present well being and/or dental insurance coverage to their staff. If eligible, house owners wouldn’t have to attend for an Open Enrollment Interval and may begin providing SHOP protection to their staff any time of 12 months.

The SHOP choice is obtainable for small employers, usually these with 1 to 50 full-time and full-time equal staff.

The opposite choice for small enterprise house owners seeking to begin providing medical health insurance for his or her employees is to work immediately with an agent or dealer. J.C. Lewis, for instance, gives medical health insurance plans solely from main medical health insurance carriers. We’re licensed and authorized by every provider to supply protection to small group employers with 1 to 50 staff.

Open Enrollment 2022 – 2023

In accordance with HealthCare.gov, Open Enrollment for 2023 begins November 1, 2022, and can finish on January 15, 2023, in most states. Some states, resembling California, usually have an prolonged finish date. 

Throughout this time, staff usually make any adjustments or select to proceed with their present plans. Nonetheless, small companies can enroll in medical health insurance at any time. Simply consider the advantages might begin on the primary or fifteenth of the next month for many insurance coverage firms.

If you have already got an present small group well being plan, that is the time to tell your staff of the upcoming open enrollment interval.

• In October, create worker packets with vital info and notify staff to overview packets and make choices
• In November, remind staff to make choices
• In December/January, submit paperwork to carriers

On January 1, 2023, all adjustments, additions, or deletions staff have made to their plans will usually go into impact.

SMALL GROUP HEALTH INSURANCE BENEFITS

Offering medical health insurance choices for workers additionally offers advantages for the employer.

For instance, small enterprise house owners who decide to purchase SHOP plan might also be eligible for a well being care tax credit score. The utmost tax credit score covers 50 p.c of the premiums paid for well being protection. To be eligible, nonetheless, you should:

• Have lower than 25 full-time equal staff (FTE)
• Pay a mean wage of $56,000 per 12 months or much less per FTE
• Supply a professional SHOP plan to your staff
• Pay 50% or extra of prices of protection (employee-only) for every worker

One other profit for employers is acquiring inexpensive well being protection for each themselves and their households.

And offering inexpensive, high quality healthcare insurance coverage for workers leads to a more healthy workforce, much less sick days, larger productiveness, stronger worker retention, and a extra aggressive advantages package deal providing.

CALL J.C. LEWIS INSURANCE TO PLAN YOUR SMALL GROUP HEALTH INSURANCE

At J.C. Lewis Insurances Providers, we perceive that you just need to present your staff with the perfect advantages package deal that you may supply. However we additionally perceive that there are a lot of elements and issues concerned when selecting a well being protection plan.

As a family-owned and operated California medical health insurance agent licensed to do enterprise in California, we focus on medical insurance policy for small companies and for Medicare supplemental and prescription drug plans for seniors.

We are able to tailor our suggestions to your specific wants since we’re licensed with most main carriers in California. And, with J.C. Lewis Insurance coverage Providers, you save money and time, and we will rapidly outline your specific wants and advocate the perfect merchandise and costs to satisfy these wants.

While you’re selecting medical insurance coverage for you and your staff you might be prone to have a number of questions and considerations. JC Lewis Insurance coverage Providers welcomes your questions on small group well being protection, and you may be assured that we’ll assist you discover the suitable options.