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What is the Small Group Benefits Special Enrollment Period?

From Nov. 15 to Dec. 15, 2019 (just around the corner!), you can take advantage of a once-a-year opportunity for small business owners to provide a healthier workplace.

Do you own a small business and employ at least two people? (Good for you – we like you already.) If you've ever wanted to provide health insurance for your employees but thought you couldn't afford it – or were turned down by a carrier because you didn't meet their qualifications – you may be able to catch a big break now.

The first thing you need to know is that the Affordable Care Act (ACA) is still in effect. The Small Group Special Enrollment Period is an ACA provision. It's designed to provide relief for small businesses facing insurance carrier requirements that make it a lot harder to provide health insurance with an affordable group rate:

  • Minimum Participation: In many states, carriers can turn you down for group health insurance if fewer than 70% of your employees enroll. (In some places, the ceiling is even higher than that.)

  • Employer Contribution: Carriers can also require you to pay a specific percentage of your employees' premiums to qualify. That can get pricey fast. And if you want to require your employees to enroll (see Minimum Participation), you'll need to pay 100%.

So back to the good news: From Nov. 15 - Dec. 15, both of those rules go out the window. You can enroll in a group health plan no matter how many of your employees enroll ... or how much of an employer contribution you make! (Did we mention "just around the corner"?)

Here’s the catch: you need to start early. Because this opportunity is so popular, you may not be processed in time to enjoy this waiver if you don’t start shopping right away.

Mylo can help you take advantage of this once-a-year break from insurance carrier regulations by guiding you to the most affordable group benefits package for your business. Get quotes now or read more about Small Group Benefits. We look forward to helping you out, even if you just want advice.

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