Most employers recognize the importance of offering a group benefit plan to their workers, but for smaller companies the idea can seem out of reach. The cost of premiums, participation minimums, and other regulations can present some obstacles. That’s because normally, a health insurance plan might require a minimum number of members in order to achieve group status, and regulations regarding contributions can strain employer budgets.

The small group special enrollment period was designed with these challenges in mind. During this annual time period, from November 15 to December 15, smaller employers can establish a group health insurance plan without the burden of these restraints.

How could the group special enrollment period help your company? During this time

• employers aren’t required to make premium payments, and
• you can establish a group plan as long as at least one person enrolls

Additional benefits. The cost of premiums for health insurance is often cited as the primary reason so many smaller companies (and their employees) abstain from a health insurance plan. One provision can help your company and workers overcome that obstacle. By making pre-tax premium payments through payroll deductions, employees can lower their income tax liability while also covering premiums for their healthcare plans.

As for those premiums, employers are not required to contribute to them. But if you decide to do so, you can contribute as little or as much as your budget allows. As your company grows, you can adjust your benefits packages accordingly.

Finally, your employees retain their options as well. If they prefer to remain on a plan offered through the Individual marketplace, or shop for a private insurance plan, they can do so.

Remember, in order to obtain coverage that begins January 1, enrollment must be completed by the deadline of December 15. For more information on starting a group health insurance policy for your company, please call us and we’ll help you get started.