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Small Business Open Enrollment 2022

It’s that time of year again where business owners can get health insurance without meeting the standard participation requirements. Yes, it’s Open Enrollment Period- It runs from November 15th to December 15th for a January 1st, 2022 effective date.

Technically for a group health plan, you need 75% of your employees to opt into a group health insurance plan, but during open enrollment, that requirement is waived, and you can enroll with as little as one person getting insured. 

The main requirements for your business are that you have at least one employee on the plan besides the owner and their spouse, and that employee must be a W-2 employee.

Although every small business has different coverage needs and budget preferences, it is best to explore all your options when looking for a group health plan. Here are a few factors to consider when choosing a plan:

  1. Plan costs: how much are you willing to pay in monthly premiums? What kind of annual deductible are you looking for?
  2. Plan types: different types of health insurance plans such as HMO, PPO, POS, AND EPO plans offer a variety of choices related to medical coverage.  
  3. Insurance company: find which insurance company is offered in your area. Look at what medical providers are covered based on their cost and plan option and their distance from the location you and your employees primarily live and work in. 
  4. Cost-sharing: Evaluate how much you are willing or can afford to contribute towards your employees’ health insurance premiums. 

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.