Have you heard the water cooler talk? Group health insurance plans are the big thing for small businesses!
In a nutshell, a group health insurance plan is an insurance plan offered by an employer, or an employee organization, that provides health coverage to employees and their families.
From fresh start-ups with two employees to established companies with bustling offices, there is a group plan for every type of business out there. And for small business owners, the benefits of offering group coverage can be enormous! Having a group health insurance policy in place can help businesses:
- Earn substantial tax benefits
- Allow employees to save on healthcare costs
- Offer a benefits package to attract and retain talent
What’s one of the major advantages of a group health insurance plan? If you’re a qualifying small business, you can get started at any point in time!
When Is the Enrollment Period for Group Health Insurance?
When purchasing an individual health insurance policy, you generally need to wait for the open enrollment period, unless you have experienced a qualifying life event (QLE), such as getting married or having a child.
Group health plans work differently! Instead of having to wait for a set period within the year to enroll, you may apply for small business group health insurance at any time, provided that your business meets the qualifications (more on that in a second).
When Can I Make Changes to a Group Health Insurance Plan?
Once you have a group health plan, you can remove former employees, or add new hires, at any time, as individuals come and go from your company.
Similarly, if someone covered by your group insurance plan gets married, adopts a child, suffers a loss, or has another qualifying life event, you may also add or remove dependents from the plan at any time during the year, within a window of 30 days from the QLE.
Once you’ve enrolled, you can generally make significant changes to your existing plan once per year. Typically, this open period for changes starts a few weeks prior to the renewal date for your policy. During this time, you can do things like reassess your policy or add additional offerings.
Qualifying for Group Health Insurance
It’s important to keep in mind that rules and qualifications do differ slightly from insurer to insurer, and from plan to plan. But, with that said, you are typically eligible for group health insurance if you meet the following criteria:
- You are able to provide information that proves that you are a legitimate business (like articles of incorporation, or a current business license)
- You have at least one common-law employee who chooses to enroll in the plan (this employee cannot be yourself or a spouse)
- As an employer, you are willing to contribute to your covered employees’ monthly premiums (typically, employers cover 50 percent or more of their employees’ premiums)
Keep in mind that you must offer coverage to all of your qualified employees. This means that if you offer coverage to one full-time worker, then all of your full-time workers must be given the same chance to enroll in the plan. The same goes for your part-time employees. Basically, you are not allowed to pick and choose who gets the option of enrolling in your group health plan.
Ready to Talk Group Health Insurance with the Pros?
Every business is unique, and it’s important to find the group health insurance policy that will work best for your company.
When it comes to minimizing costs, maximizing coverage, and making sure that you and your employees are fully satisfied with your plan, “cookie cutter” care won’t cut it.
That’s where the Enrollment Specialists come in!
Led by our founder and principal consultant Matt Peebles, the Enrollment Specialists can help you find the right group health plan for your business.
With hundreds of satisfied clients all over the country, Matt has the experience to tackle all of your questions about group health insurance. Whether your concerns are big or small, this health insurance superhero has seen it all — and he’s got the answers to help you find just what you’re looking for.
At the Enrollment Specialists, we make getting started with group health insurance as easy as 1-2-3:
- Get in touch, and Matt will make time to sit down with you. He’ll figure out what makes your business special, and will start designing and customizing the right group health plan for you and your employees.
- Matt and the Enrollment Specialists will highlight the value of your potential plan, and help you understand every piece of the puzzle, including rates and benefits. And we encourage you to ask as many questions as you want to! Working together, we’ll make sure that you’re making the best decision for your business, at every step of the way.
- You’ll enroll in the group health plan that’s the right fit for you, comfortable knowing that your costs are minimized, and your coverage is at its peak!
Even better? Whenever you have questions, for the life of your policy, we’ll always be just a quick email or phone call away! Whether you need new insurance cards, have a question about your benefits, or just want an insurance expert to help set your mind at ease, Matt will be there and ready to help.
Your Next Steps
With Enrollment Specialists, you’ll always be able to say “I’ve Got A Guy!” for all things group health!
Ready to get started finding the right policy for your business? Curious about how the process works? Drop us a line today to get the conversation started!