Open Enrollment for Small and Mid-Sized Businesses
Last month, we covered open enrollment which takes place from November 1 to January 31 and what can be done to ease the process for larger businesses.
There are some key differentiators for large organizations and smaller to mid-sized organizations. Let’s dive into some of the factors that makes the process different.
An In-Depth Review of Coverage for Employees
Each year, employees are presented with the decision to change their healthcare coverage. During this time, employees receive the necessary materials to review plans to enroll in a plan that works best for them. Employees can decide whether or not they want to select a new dependent, switch up their current healthcare plan, and decide if they want to add to their existing plan.
Employers at smaller organizations know what their employees need, what doctors they require, and what materials are needed to empower their employees to make the correct decision. This is important for company culture and ensuring your employees get the coverage they need.
Benefits for an Employer
The Small Business Health Options Program (SHOP) helps small businesses with 1–50 employees provide private insurance to their employees. This is the only way employers can get a small business health care tax credit. This tax credit can save employers up to 50% of their employer contribution if they are eligible. The only way to obtain this credit is through the SHOP program.
Learn How Triton Can Help You
We can help guide your employees in the right direction towards healthcare options that work for them. Let us handle your benefits and address and clarify any questions you may have so you can be ready for a January 1 start. If you are interested in receiving an instant quote for your business, or learning more about open enrollment and employment benefits, connect us today!