How does group insurance and individual insurance fit in to open enrollment?
We often get clients who are confused about what qualifies as group insurance and individual insurance. We at Cosmo Insurance have extensive knowledge on the different types of insurance you can qualify for.
A group health insurance plan is purchased by the employer and offered to eligible employees in the company. The employer selects the plan offered to the employees. The premium cost is most likely split between the employer and the employee.
Open enrollment for group insurance is at the time of their renewal so for example let’s say a groups renewal is February 1st then their open enrollment will be the first of February every year.
However, once a year during open enrollment business can enroll in a new plan with just one employee enrolling with no participation requirements. That means you can have 1 out of 40 employees enrolling!
-Group health insurance is one of the many benefits offered by employers
-There are uniform plans, the same benefits are offered to all employees or persons of the group
-Group plans usually cost less for participants than individual plans that offer the same benefits
– Groups can change plans during their renewal or open enrollment period.
What qualifies as individual health insurance? Individual health insurance is coverage that you purchase for you or your family which can be more costly than your employer providing it. Some facts about individual health insurance include:
-You can choose the insurance company & the plan that meets your needs
-You are able to switch plans during the open enrollment period which is November 1st through January 31st 2021
-Your plan is not connected or tied to your job
-You can change jobs without losing your coverage
If you are looking for individual coverage or if you are a business owner waiting to enroll your employees in new health insurance plan. Mark your calendars, open enrollment starts November 1st.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.