5 Ways to Maximize Insurance Open Enrollment for Your Employees

Sep 15, 2021

Open enrollment is the period of time in which your employees can make changes to their insurance coverage. It’s a perfect opportunity for employers to maximize benefits packages and save on premiums, but it isn’t always easy. It can be an overwhelming time for both employers and employees. To complicate matters, benefit offerings are constantly changing, adding layers of complexity to the decision-making process during open enrollment. Education and effective communication are essential for a smooth, positive experience for all involved. So we’ve put together 5 ways that you can make this year’s open enrollment a success!

Plan Ahead

It doesn’t take long to get organized, but the more you plan, the better. Spend a few hours every month during open enrollment reminding employees about what’s coming up and collecting employee feedback on benefits packages they want to see next year.

Communicate Often and Clearly

Conduct informative seminars and meetings to help employees stay up-to-date on all of their benefits. Offer calculators, intranet education information, or benefits fairs. If you can facilitate one-on-one discussions with each employee individually, then offer a personalized discussion time that will provide them with answers to their benefits questions. Take time to survey your employees to find out what their priorities are for benefits and what they need as far as communication about them.

Customize Benefits to Your Employees

Smart businesses are more strategic in their benefits packages and information resources for employees. For instance, if your workforce skews to retirees or those caring for elderly parents, highlight retiree-friendly perks like healthcare coverage well into old age and long-term care insurance.

Offer Options

Consider offering new benefits, such as dental insurance or vision coverage, even if they are voluntary. Employees are more likely to make changes when they have new options consider. Even if employees must pay 100% for these optional plans themselves, it is an attractive offer because employers typically negotiate a group rate that’s much cheaper than purchasing them individually.

Keep It Simple

To make better decisions, employees need tools that are easy to understand. This will lessen the feeling of being overwhelmed and make decision-making for tough decisions easier. Employees should be able to understand their offerings to make the best choice for themselves when deciding on the health care options available. Provide interactive and simple plan information and make it clear what an employee’s options are when choosing a healthcare package or treatment.

Overall, a successful and effective open enrollment process can dramatically impact the relationship between employers and their employees. For example, a 2019 study revealed that 78% of employees reported they would stay with their current employer because of their benefits program and the benefit most valued by employees healthcare by far. By tailoring your benefits programs to employees’ needs and wants, employers will ultimately make the open enrollment experience more enjoyable and worthwhile for their workers and reap the rewards of a happy and healthy workplace.

Still overwhelmed by the idea of health care plans and open enrollment? One of our TEBPros can help you get the information you need to be successful! Contact our office today to schedule a consultation!

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