Open Enrollment To-Do List
My day job consists of being a benefit consultant and advisor to my many clients and prospects. During this time of year, my nights start to suddenly look very similar. The end of the year often prompts friends and family members to reach out to me about their benefit options. They see me as their very own personal benefits guru and therefore don’t have to personally think about these “complex decisions.”
During open enrollment, employees are expected to make numerous decisions about the year ahead and are often overwhelmed (or underwhelmed) with information that may or may not be relevant to their current lifestyle. I’m often stunned at the lack of basic knowledge and understanding of insurance benefits. Spoiled by their youth and/or health, they often have little to no knowledge of their plans and offerings. Would I be ambivalent myself if I weren’t engaged in the industry on a day-to-day basis? I certainly hope not.
To help assist your employees and ensure they’re not in a tither, I suggest you take advantages of these employer tips to ensure your employees are excited and educated when open enrollment comes around:
- Consider an HSA - More and more companies are providing an opportunity for individuals to enroll in a high deductible health plan and open up a Health Savings Account. HSAs are awesome vehicles for saving and allow employees to put tax-free dollars aside for their healthcare needs. Many are unsure of these because they aren’t like the standard PPO or HMO plan that members are used to, but the benefits are worth it.
- Educate Employees on Carrier Partners - Whether it’s a medical carrier or 401(k) administrator, most vendors offer members the opportunity to enroll on an online portal and access a wealth of information. This information can be specific to personal data, network and provider information and much more. Many carriers also offer discount programs for perks such as gym memberships or weight loss programs.
- Promote Long-Term Disability - If you offer a long-term disability plan on a voluntary basis, encourage employees to enroll. Explain the importance of LTD insurance including income protection.
- Open Up for Questions – At your open enrollment meeting, allow employees the opportunity to ask questions. I often present at open enrollment meetings for my clients, and I love when employees ask questions; it shows they’re engaged and interested. I want employees to walk away with a better understanding of their benefits package and how they can take advantage of it.
If you have any questions regarding open enrollment, HSAs or benefit information, contact an Assurance ‘A’ Team member today!
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