By Brian Thede, The Employers Coalition for Healthcare, Inc, (ECHI)
Employers that would like to offer health insurance for workers, but have been unable due to the cost or because not enough employees elected to sign up, may take advantage of a special small-group enrollment period this year.
Over time, business owners have understood that providing employee benefits is important for attracting and retaining qualified workers as well as keeping their workforce healthy — helping to ensure higher productivity.
However, some small businesses have struggled to meet certain minimum participation or contribution requirements.
Participation means the percentage of eligible employees who actually enroll in a plan. State laws typically allow insurance companies to reject employers that do not get a minimum number of employees to sign up for coverage.
Most states also allow carriers to require employers to pay a minimum premium contribution, but for 30 days each year, these requirements are waived for businesses applying for group plans on the Small Business Health Options Exchange.
Although businesses can apply for insurance any month, any time of year, from November 15 until December 15, employers have an opportunity to secure a group health plan without meeting the minimum requirements.
The special enrollment period for small groups coincides with the open enrollment period for health insurance, which runs from November 1 through January 31. During the open enrollment period, individuals not covered by group insurance are able to enroll, re-enroll, or change health coverage for 2017.
Applying for individual health insurance outside of the open enrollment period requires a special event such as marriage, birth of a child, loss of coverage, or moving.
If you need assistance regarding business or individual health insurance, help is available from most brokers or from ECHI at no additional cost. Please contact ECHI at 309-829-1185 or visit getechi.com. The Employers’ Coalition for Healthcare, Inc. (ECHI) is a wholly owned subsidiary of the McLean County Chamber of Commerce.