Open enrollment is defined as a period of time when an employee join your group health plan or make changes to their existing policy. If you have a Group Health policy, which you should if your business employs over 50 workers, then any changes outside of a SEP will need to be made during this open enrollment period. Your employees need to be notified so that they do not miss this opportunity.
Open enrollment is the standard period for insurance changes. Do you know the exact dates?
The unfortunate downside is that if the deadline is missed, then they must wait until next year. However, certain qualifying life events exempt an individual from this rule. You can learn more about that here. <link to SEP article>
For Employees
Open enrollment for the 2019 period will start Friday, November 1, and it will run until Sunday, December 15, 2019.
With your employment-based policy, your staff should receive reminders in the mail, but make sure to either talk to them one-on-one or send them an email yourself.
Health coverage is important, and taking the time to reach out will send a positive message to your employees. They will appreciate your knowledge, guidance, and interest in their well-being.
For Business Owners
You do not have an “open enrollment” period to make changes to your company’s group health policy. You can make changes whenever you’d like.
Knowledge is power! Keep in mind important dates when it comes to making policy changes.
If you want to change your business’ policy, you can (usually) cancel your coverage at any time, but the insurance company prefers to be notified at least 30 days in advance. It would be courteous to let your employees know as well.
For these changes, it’s good to review the pros and cons of joining an HRA or switching to a different policy. Both are valid options, but the choice ultimately falls on what would be best for your company’s future.
Don’t worry about big insurance decisions; EZ.Insure offers solutions. Your agent will answer any questions you have, compare the plans available to you, and even sign you up when you are ready, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-998-2027. EZ.Insure makes the entire process simple, easy, and quick.
You might think that working from home means you do not need freelance commercial insurance, but that couldn’t be further from the truth. Even though you work for yourself and might not be in a ‘traditional’ job environment you still need to be covered!
Keeping a good workspace is more than just cleaning. It’s also insuring your materials.
Are you working with web design or freelance writing? Are you part of Amazon’s crowd work team or a virtual assistant? The choice to do freelance work is usually made with the many benefits in mind like setting your own hours, choosing daily workloads, or even working from a laptop in your pajamas.
While these are sought after, many new freelancers overlook an important benefit: choosing your own insurance coverage. Without a company over your head, you are not restrained to their options for group health or otherwise. The same goes for commercial insurance since you can be considered a business of one. But like any businesses you will have to put in the work to get the proper coverage. This can be daunting but if you have a professional agent on your side it will be much easier. If you want free advice, quotes, and help to sign up EZ.Insure can help you by calling 888-615-4893.
Why Get Freelance Commercial Insurance?
Like any type of business, even a freelancer is subject to bad luck. Working for a company with group health insurance can give you security, so if you land in the hospital, you have some cushion with your medical bills. When you work for yourself, none of that is the case. So, what will you do if misfortune comes your way?
No matter where you are, you can work a bit better knowing you’re covered.
You can try to justify not getting covered with thoughts like, “But I rarely leave the house?” or “I can take care of myself. This lifestyle proves it.” Do not be misled by these. If you work for yourself, then that means you have to take more care of yourself. As a business of one, your entire career rides on your health and ability to recover in bad times. This is why it is important that you get your own health insurance.
Other than health insurance, you also need a business owner’s policy just like the storefronts, corporate buildings, and bakeries. Just because you work from your laptop doesn’t exclude you from insurance benefitting a business. In fact, this puts you at higher risk for cybertheft, considering your source of income and tools involve the internet.
In essence, freelancers like you deserve proper insurance just as much as an employee at a traditional job. While you don’t work in an office or take lunch breaks, you are subject to the same dangers that befall other workers. You may be in even more danger without the support of a large business behind you.
Which Insurance Types Cover You?
Similar to other businesses, the standard plans will protect you in the same ways. However, unlike most businesses, you will need to file under a small business or sole proprietor. The differences are minor but necessary for the terms of your coverage. Here is the standard set of freelance commercial insurance, and why you need them:
Take a moment to think. If you work from home, why not get insurance from home too with EZ.Insure. It’s quick and easy.
Business Owner’s Policy – As a sole proprietor, business mistakes can be all on you. That makes it worse. Take out a policy to protect yourself in the future. Potential clients will also think better of you when you land on your feet after unfortunate circumstances.
Group Health Insurance – You can apply for Group Health as a sole proprietor, but you must be a legitimate business. Interested in health coverage? If you are interested, you will find a solid start both here and here.
Disability – Whats happens if you break an arm and can’t work? This is a scary time for you, especially when not covered. There are both long-term and short-term options for you.
With any of these plans, also consider adding a Health Savings Account (HSA). These accounts save money and help come tax season. All of these together take the sting out of any bad luck that rolls your way. As a freelancer, you probably already know that your luck can vary from week to week.
Planning for and getting coverage can get frustrating. One other factor freelancers should consider is time. Your time is precious, so why waste it attempting this on your own?
If you are looking for peace of mind, EZ.Insure offers solutions. Your agent will answer any questions you have, compare the plans available to you, and even sign you up when you are ready, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-998-2027. EZ.Insure makes the entire process simple, easy, and quick.
What Types of Insurance are Available and Why They Are Important
You’re ready to take the next step into improving your business through group health insurance plans. You’ve got your employee’s benefits in mind, but also your company’s bottom line. Both are important. So, here are the different types of insurance plans available to your company, and how exactly they’ll help you out.
Fully-Insured Employer/ Large Employer Group
Why You Should Choose This: You’re wanting a solid plan that provides the most coverage. This is if you’re wanting major medical or health maintenance organization (HMO) coverage.
Business planning is all about finding what works for you, insurance or otherwise.
What It Offers: A traditional policy that is common, so more support or offers from agencies. You also party directly to the agency.
Requirements: Just the basic group insurance requirements: be a business of two or more people and enroll during the specified period.
Small Employer Group
Why You Should Choose This: You’re a smaller company or a group in a larger company seeking a cheaper option. Insurance agencies can more accurately predict risks in a smaller group.
What It Offers: Cheaper options with higher coverage and the same policy for each employer.
Requirements: Basic group insurance needs met.
Health Maintenance Organization (HMO)
Why You Should Choose This: You want to pay for specific health services via monthly premiums.
What It Offers: More control when it comes to enrolling for general services.
Requirements: A good knowledge of doctors and care facilities as you will have to stay within a network.
Life, health, and any policy will require some old-fashioned form signing.
Self-Funded
Why You Should Choose This: You wish your company to be in complete control of the payment for coverage.
What It Offers: More control as your company is the one taking the costs.
Requirements: Basic group requirements
Association Group
Why You Should Choose This: You are not an employer, but you still wish to offer group health insurance to a set of people.
What It Offers: The ability to get group health insurance for a non-business type.
Requirements: Basic group insurance needs met.
Level Funded Plans
Why You Should Choose This: You wish to pay a monthly premium instead of an annual one.
What It Offers: A graduated payment plan instead of a lump sum at one time.
Requirements: Census information will be taken of the group you wish to be insured in order to determine your monthly rate for coverage.
Preferred Provider Organization
Why You Should Choose This: You’re wanting something similar to the HMO plan earlier but with more flexibility.
What It Offers: More choices when it comes to doctors and facilities with the risk of being more expensive due to administrative costs and negotiated services.
Requirements: Basic requirements met.
High-Deductible Health Plan with Savings Option (HDHP/SO)
Why You Should Choose This: You don’t think your employees will use medical services, so you trade higher deductibles for lower monthly costs.
What It Offers: Cheaper options at the expense of your employees. However, this may be paired with a health savings account to counteract the higher out of pocket costs.
Requirements: Basic group insurance needs met.
Let an insurance specialist help you succeed.
Your Agent
With all of these to take into account, it can get overwhelming quickly. An insurance agent is specially prepared to navigate these waters and make sure you’re getting the exact plan to fit your needs.
Sometimes, not all employees will want or need this coverage. After you take stock of your company’s team and needs, look to a specialist for a guiding hand.
EZ.Insure offers you another helping hand. Your agent will answer any questions you have, compare the plans for you, and even sign you up, free of charge. To get started simply enter your zip code in the bar above, or you can speak to an agent by emailing [email protected], or calling 888-998-2027. EZ.Insure makes the entire process easy, simple, and quick.
