Open enrollment is in full swing again for millions of Americans and companies across the country. With so many providers and plans available through the Affordable Care Act (ACA), specifically the Small Business Health Options Program (SHOP), it’s important to carefully consider your choices for group benefits today, so you can feel confident that your employees will feel comfortable with their coverage tomorrow. It’s a major signup period for both individuals and businesses, with a historic 21.3 million people selecting plans via the Marketplace just last year – and the U.S. Treasury announced in September that one in seven U.S. residents have participated in the ACA since its inception in 2014.
Just like purchasing any insurance policy, we know there are a number of ways you can save money and get the most out of your options during the open enrollment period, which runs Nov. 1 to Jan. 15. Group benefits are a key part of company culture, which is why it’s important to seek out the best of both worlds – good, competitive coverage that’s cost efficient. Here are three tips to keep in mind that may help you and your employees shop smart and save money in 2025 without sacrificing quality.
Pencil in These Important Dates
Deadlines – they’re a crucial detail in the benefits process, and that’s no different in your journey through the Marketplace. Keep in mind that the last day to enroll in or change health insurance plans, if you want your coverage to begin on the first day of 2025, is Dec. 15. However, missing this date isn’t the end of the world. You still have time to make your selections by Jan. 15, which marks the end of open enrollment, and your coverage will be active Feb. 1.
What does it mean to miss open enrollment altogether? You’ll have to wait until next year to invest in coverage, unless you qualify for the special enrollment period – a window reserved for if and when you experience certain life events, including:
- Getting married
- Having a baby
- Child adoption
- Moving
- Losing Medicaid or coverage via the Children’s Health Insurance Program (CHIP)
It’s important to note that whenever you opt for benefits in the special enrollment period, your coverage will kick in the first day of the following month.
Understand the Plan Types Available To You
According to KFF, more than 170 companies offer health coverage through the Marketplace as of 2024 – 10 of which are in Florida, placing our state among the top nine nationwide for the most issuers. That being said, with so many options available for enrollees, it’s important to compare pricing to ensure your business isn’t breaking the bank when it’s not necessary. If you’re exploring your options within SHOP, keep in mind that there are four “metal” tiers, comprised of Bronze, Silver, Gold and Platinum, broken down by each policy’s share of the costs for services compared to out-of-pocket expenses employees will pay.
As an employer, how can you be efficient with your time, avoid feeling overwhelmed and feel confident that you bought the right coverage for company’s needs? Whether you’re looking for large group or small group benefits, an experienced insurance agency can guide you – one that knows your business and its needs well. At Boyd Insurance & Investments, our employee benefits team, including Lexie Guanchez and Lori Scott, not only can help you navigate the Marketplace and pinpoint sound options for preventative health and specialized services, but also take the time to advocate for and educate your people. And that’s important in today’s world, as MetLife’s U.S. Employee Benefits Study found that half of workers say having a better understanding of their benefits would make them more loyal to their employer.
Take Advantage of Any Savings and Tax Breaks
There are a variety of ways to lower the cost of health insurance through the ACA, and our advisors can help you find them. One strategy for saving is by taking advantage of the Small Business Health Care Tax Credit, which can cover up to 50% of premiums paid by small businesses for their employees’ policies. However, you will need to input important information, like how many full-time employees are on staff, to see if your business is eligible to receive this tax break.
And participating in SHOP can further increase these savings. While SHOP plans aren’t mandatory, they often provide lower premiums and more plan choices, giving small businesses better opportunities to manage costs while offering competitive benefits! At first glance, the Marketplace can be a burden to navigate – but it doesn’t have to be with our help!
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