Your guide to open enrollment: 5 do’s and don’ts for small businesses

The annual open enrollment period begins on November 1, 2022 and ends on January 15, 2023 for small business owners and self-employed individuals who access health insurance through the Affordable Care Act (ACA) marketplace. Entrepreneurs can make changes to their healthcare plans, re-enroll or renew their plans. Below you will find 5 things you should do and 5 things you shouldn’t do during open enrollment.

Do: Enroll early

If you wish to receive healthcare coverage starting January 1, 2023, you must select a plan by December 15! However, open enrollment dates may vary per state, so make sure to check the deadlines for your state.

Do: Check if your state has an individual marketplace

No matter where you live, small business owners, their employees and solo entrepreneurs will be able to access quality, affordable healthcare. Although most small businesses may be able to enroll in health insurance plans through healthcare.gov, some states have their own healthcare marketplace.

Do: Find out about the healthcare premium savings from the Inflation Reduction Act

The Inflation Reduction Act is increasing access to more affordable healthcare for small business owners and their employees, while also cutting prescription drug costs. The Act is extending ACA subsidies through the end of 2025, which will save individuals an average of $800 per year on health insurance premiums. You’ll see the lower costs when you shop for plans starting on November 1.

Do: See if you or your employees qualify for Medicaid

Nearly 40 states (including Washington, DC) have expanded Medicaid coverage, which can provide free or low-cost coverage for eligible individuals. Many small business owners and employees qualify for this expansion, but Medicaid eligibility varies by state. Find out more Medicaid eligibility and what to do if your state hasn’t expanded Medicaid.

Do: Visit the Healthcare.gov website to learn about additional credits, eligibility criteria and more

You may qualify for additional credits and healthcare savings. To get an estimate on extra savings, learn about eligibility criteria and much more, visit healthcare.gov. 

Don’t: Forget to check if you can access healthcare through the individual marketplace

If you expanded your business in the last year and hired more full-time employees, you may be required to purchase small group coverage for yourself and employees through a broker or the Small Business Health Options Program (SHOP). Businesses or nonprofit organizations with 1 to 50 employees can purchase SHOP insurance and may not have to wait for an open enrollment period. Enrolling in a SHOP plan is generally the only way for an eligible small employer, including non-profits, to claim the Small Business Health Care Tax Credit. See if your business qualifies for SHOP insurance.

Don’t: Change your plan if you don’t need to

If you like your current healthcare plan and coverage hasn’t changed for your preferred healthcare provider, you don’t need to change anything. Simply continue to pay your premiums.

Don’t: Skip healthcare enrollment

While it may seem like an easy way to save money, skipping healthcare coverage may put you in a financial bind. Having health insurance helps protect both your health and financial wellbeing by ensuring you’re protected against an unexpected healthcare scare and might make a difference between staying healthy and keeping your business. If you reside or operate your business in one of the following states and territories, you may get a penalty for not having health insurance. 

• Massachusetts
• New Jersey
• Vermont
• California
• Rhode Island
• District of Columbia (Washington, D.C.)

Don’t: Forget about the Special Enrollment Period

A Special Enrollment Period (SEP) is available to people with qualifying events, such as losing health coverage, moving, getting married, or having a baby. Depending on the SEP type, you may have up to 60 days to enroll in a plan. Learn more about SEP. 

Don’t: Go at it alone

Insurance brokers, health enrollment navigators and unbiased groups can help you enroll in marketplace coverage, select a plan and handle the enrollment process at no additional cost. You can find local assistance near you and check out our healthcare resources on Venturize.

Are you looking for more information about how to enroll in health insurance? Join any of our events to get more guidance on the process.

Learn about Virginia's Open Enrollment Period

Presentation | Monday, November 7, 2022 | 4:00pm ET | VA

Is your business facing tough competition for workers? Would you like to offer enhanced benefits? Many workers say that benefits are just as important to them as salary. Open enrollment for the Affordable Care Act (ACA) individual health is November 1 - January 15, and the number of affordable options for you and your employees may surprise you!

Register »

Open Enrollment for 2023: What small businesses need to know

Friday, November 11, 2022 at 10:00am PT / 1:00pm ET | National

Join Small Business Majority and Georgians for a Healthy Future for a free webinar where we will discuss how to enroll yourself or your employees in health insurance marketplace coverage for 2023.

Register »

California healthcare and your small business

Webinar | Tuesday, November 29, 2022 | 11:00am PT | CA

Please join Community Health Initiative of Orange County (CHIOC) and Small Business Majority for an interactive webinar to learn how to navigate healthcare coverage through Covered California. Covered California is the only place for low and middle-income Californians to access government support to help to pay for private insurance.

Register »

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Entrepreneurs like you often make tough decisions affecting their bottom line, and we want to hear about them. We are committed to ensuring your voice is heard by policymakers on some of the most important issues affecting small businesses so we can advocate on your behalf.

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