Top 5 Things Small Business Owners Need to Know Before Open Enrollment

This post may contain affiliate links which may compensate us based on your interaction. Please read the disclosures for more information.

[[{“value”:”Image source: Getty Images
Open enrollment is an important time of year for employees, but it’s especially crucial for small business owners. That’s because they have a higher level of responsibility for choosing their own health insurance.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. Making the wrong choice during open enrollment could cost you and your business thousands of dollars. We spoke with Alex Irish, co-CEO of Catch, a tech platform that helps freelancers, gig workers, and self-employed business owners choose the best health insurance and benefit plans, about how to have a successful open enrollment for 2025.If you’re a small business owner who wants to save money on healthcare, here are a few expert tips you need to know before (or during) open enrollment.1. Don’t forget the open enrollment deadlines!In most states, open enrollment begins Nov. 1 and ends Jan. 15, but the deadline for coverage starting on Jan. 1, 2025 is December 15, 2024. Regardless of what your current health insurance plan might be, it’s essential for business owners to be aware of these deadlines.”If you miss these deadlines, it can be very difficult to qualify for health insurance during the rest of the year,” Irish said. “At Catch, we get many calls on post-deadline days from people looking for health insurance, and unfortunately there is very little that customers can do at that point. Once open enrollment ends, you’ll need a Qualifying Life Event, like getting married, to be eligible to buy health insurance. “Open enrollment is also a good occasion to find the right tools for your business finances. Our experts have rounded up the best credit cards for small business owners to help you maximize rewards, manage expenses, and stay on top of cash flow. Check out our top recommendations here to find the card that best suits your business needs.2. Check the mail before open enrollment (or check with your insurance company)In the lead-up to open enrollment, be sure to watch the mail for important documents from your insurance company. You might receive a letter telling you about your options to keep your current plan, choose a new plan while keeping your current insurer, or choose an entirely new insurance company.This happened to me; my health insurance company is no longer offering the same plan that I used in 2024, but I can choose a similar (lower-premium) plan for 2025. Make sure to check your mail so you can understand your options ahead of time.3. Save money with (PTCs)Many small business owners assume health insurance premiums will be impossibly expensive. Some people might even hesitate to leave a corporate job to start a business because they’re worried about high-cost health insurance.Through HealthCare.gov, many small business owners qualify for lower-cost health insurance premiums with premium tax credits (PTCs). Based on your income, you might be able to get cheaper health insurance than you expected! For 2024, about 80% of HealthCare.gov customers got health insurance premiums of $10 or less per month (after PTC subsidies).”The No. 1 complaint we hear from people shopping for their own health insurance is price,” Irish said. “We always recommend seeing if you’re eligible for savings, and here at Catch, we’ve built tools to make it very easy for our members to realize and apply those savings while applying for health coverage.”4. Consider higher premiums vs. HDHPsSmall business owners can choose a higher-premium plan with more generous coverage or a lower-premium plan with a higher deductible and higher out-of-pocket costs. Based on your overall health, age, risk factors, and lifestyle, choosing a high-deductible health plan (HDHP) might be a good choice.”If you anticipate needing less healthcare, you might consider shopping for a plan with a lower monthly premium but a higher deductible,” Irish said. “In other words, tipping the scale toward paying more for care only if you utilize it. On the flip side, if you expect to utilize more care, you may want to prioritize plans with higher premiums but lower deductibles. This means you’re paying more upfront, but your out-of-pocket costs will be lower when you utilize care.”Choosing a HDHP helps you in two ways:It gives you a lower premium to pay each month, taking pressure off your business cash flow.It can make you eligible to open a health savings account (HSA). An HSA lets you set aside thousands of tax-deductible dollars to use for healthcare or to save and invest for your future life in retirement.5. Make your first premium paymentEven after signing up for health insurance during open enrollment, it’s not “official” until you make your first premium payment in advance.”Don’t forget to pay your first month’s premium, also called the ‘binder’ payment,” Irish said. “As a small business owner, unlike getting insurance through a big corporate employer, you’re responsible for paying your premiums directly to your insurance carrier. And you must pay your first month’s premium before your health insurance plan’s start date, or else your coverage may not start.”Author’s tip: I signed up for health insurance on HealthCare.gov. I paid my first premium online. But then I called my health insurance company to confirm that my binder payment was successfully processed.Bottom lineOpen enrollment for 2025 runs from Nov. 1, 2024 to Jan. 15, 2025. Check HealthCare.gov or use services like Catch.co to find lower-cost health insurance that suits your needs. Choosing the best health insurance can keep more cash in your business bank account.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool recommends Flow. The Motley Fool has a disclosure policy.”}]] [[{“value”:”

Open enrollment is an important time of year for employees, but it’s especially crucial for small business owners. That’s because they have a higher level of responsibility for choosing their own health insurance.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

Making the wrong choice during open enrollment could cost you and your business thousands of dollars. We spoke with Alex Irish, co-CEO of Catch, a tech platform that helps freelancers, gig workers, and self-employed business owners choose the best health insurance and benefit plans, about how to have a successful open enrollment for 2025.

If you’re a small business owner who wants to save money on healthcare, here are a few expert tips you need to know before (or during) open enrollment.

1. Don’t forget the open enrollment deadlines!

In most states, open enrollment begins Nov. 1 and ends Jan. 15, but the deadline for coverage starting on Jan. 1, 2025 is December 15, 2024. Regardless of what your current health insurance plan might be, it’s essential for business owners to be aware of these deadlines.

“If you miss these deadlines, it can be very difficult to qualify for health insurance during the rest of the year,” Irish said. “At Catch, we get many calls on post-deadline days from people looking for health insurance, and unfortunately there is very little that customers can do at that point. Once open enrollment ends, you’ll need a Qualifying Life Event, like getting married, to be eligible to buy health insurance. “

Open enrollment is also a good occasion to find the right tools for your business finances. Our experts have rounded up the best credit cards for small business owners to help you maximize rewards, manage expenses, and stay on top of cash flow. Check out our top recommendations here to find the card that best suits your business needs.

2. Check the mail before open enrollment (or check with your insurance company)

In the lead-up to open enrollment, be sure to watch the mail for important documents from your insurance company. You might receive a letter telling you about your options to keep your current plan, choose a new plan while keeping your current insurer, or choose an entirely new insurance company.

This happened to me; my health insurance company is no longer offering the same plan that I used in 2024, but I can choose a similar (lower-premium) plan for 2025. Make sure to check your mail so you can understand your options ahead of time.

3. Save money with (PTCs)

Many small business owners assume health insurance premiums will be impossibly expensive. Some people might even hesitate to leave a corporate job to start a business because they’re worried about high-cost health insurance.

Through HealthCare.gov, many small business owners qualify for lower-cost health insurance premiums with premium tax credits (PTCs). Based on your income, you might be able to get cheaper health insurance than you expected! For 2024, about 80% of HealthCare.gov customers got health insurance premiums of $10 or less per month (after PTC subsidies).

“The No. 1 complaint we hear from people shopping for their own health insurance is price,” Irish said. “We always recommend seeing if you’re eligible for savings, and here at Catch, we’ve built tools to make it very easy for our members to realize and apply those savings while applying for health coverage.”

4. Consider higher premiums vs. HDHPs

Small business owners can choose a higher-premium plan with more generous coverage or a lower-premium plan with a higher deductible and higher out-of-pocket costs. Based on your overall health, age, risk factors, and lifestyle, choosing a high-deductible health plan (HDHP) might be a good choice.

“If you anticipate needing less healthcare, you might consider shopping for a plan with a lower monthly premium but a higher deductible,” Irish said. “In other words, tipping the scale toward paying more for care only if you utilize it. On the flip side, if you expect to utilize more care, you may want to prioritize plans with higher premiums but lower deductibles. This means you’re paying more upfront, but your out-of-pocket costs will be lower when you utilize care.”

Choosing a HDHP helps you in two ways:

It gives you a lower premium to pay each month, taking pressure off your business cash flow.It can make you eligible to open a health savings account (HSA). An HSA lets you set aside thousands of tax-deductible dollars to use for healthcare or to save and invest for your future life in retirement.

5. Make your first premium payment

Even after signing up for health insurance during open enrollment, it’s not “official” until you make your first premium payment in advance.

“Don’t forget to pay your first month’s premium, also called the ‘binder’ payment,” Irish said. “As a small business owner, unlike getting insurance through a big corporate employer, you’re responsible for paying your premiums directly to your insurance carrier. And you must pay your first month’s premium before your health insurance plan’s start date, or else your coverage may not start.”

Author’s tip: I signed up for health insurance on HealthCare.gov. I paid my first premium online. But then I called my health insurance company to confirm that my binder payment was successfully processed.

Bottom line

Open enrollment for 2025 runs from Nov. 1, 2024 to Jan. 15, 2025. Check HealthCare.gov or use services like Catch.co to find lower-cost health insurance that suits your needs. Choosing the best health insurance can keep more cash in your business bank account.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool recommends Flow. The Motley Fool has a disclosure policy.

“}]] Read More