Open enrollment for small businesses

For a small business, open enrollment is a great time for employees to review their insurance coverage. It’s also a great time for employers to explore additional retirement savings options that can benefit both their businesses and workplace productivity.

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What is open enrollment?
Finding the right insurance for your business

A group of employees talking at the office.

What is open enrollment?

Open enrollment is the period each year when employees can review and update their workplace benefits. It allows them to enroll in new coverage, make changes to existing plans, or add dependents. Employers often use this time to communicate benefits updates and help employees understand their options.

Most workplace plans lock in choices for the year, making this an essential window to adjust coverage before the next cycle.

When does open enrollment begin and end?

For employer-sponsored plans, dates vary by company, though many businesses hold open enrollment in the fall so changes take effect on January 1. The federal Marketplace open enrollment period typically runs from November 1 through January 15, while states with their own exchanges may adjust their timelines slightly. Small businesses using the SHOP Marketplace can enroll year-round, but employees must still follow the employer’s designated enrollment window.

Is open enrollment the same for all companies?

No, each employer sets its own open enrollment dates, which can vary in timing and length.
Larger organizations may run multi-week enrollment windows, while smaller businesses may keep the period shorter. Benefits offered can differ as well, some include medical, dental, vision, or group life insurance, while others may limit options. Because of this variation, employees should closely review their company’s specific details each year.

What happens if open enrollment is missed?

If the deadline is missed, employees typically must keep their current coverage until the next open enrollment period. Mid-year changes are usually only allowed if a qualifying life event occurs, such as marriage, birth of a child, or loss of other insurance. Missing the window can delay access to more suitable coverage or limit opportunities to update benefits.

Finding the right insurance for your business

So, where do you find the right benefits plan for you or your small business? Three places:

An insurance agent or broker. They know their stuff, they offer personal attention, they will be there for years, and maybe, just as importantly, their services won't cost you a cent.
For health coverage, SHOP (Small business Healthcare Options Program). To buy coverage for small businesses (up to 50 employees) many start at the Affordable Healthcare Act's Healthcare.gov site for small business coverage.
Healthcare exchanges. To purchase individual insurance, you can go to your state's healthcare marketplace (if it has one), or if not, head over to Healthcare.gov.

Keeping group life and health insurance that meets your budget

Of course, shopping different plans is the first way to keep a check on your expenses. For health plans also consider options like higher deductibles and health savings accounts. Your agent or broker can really help with this.

Small businesses can also explore options like level-funded plans, preventive-care-focused coverage, or supplemental benefits that offer flexibility without significantly increasing costs.

Reviewing your employee demographics, plan usage, and projected expenses each year can help you update benefits while staying within budget.

The bottom line is that during open enrollment, it is wise to check out your options and see what sort of plans and costs savings you might be eligible for.