Four Tips for Open Enrollment: Whether you have 5, 50 or 500 Employees
Open Enrollment is right around the corner for the majority of U.S. businesses, and employers and employees need to be prepared for changes in plan design, cost, and insurance carriers. Here are 4 tips to help your company make the open enrollment period a less stressful and more educational experience:
1. Evaluate employee satisfaction:
- Survey your employees to determine their level of satisfaction
- Ensure the Network of Physicians and Hospitals is sufficient
- Should you be offering a larger variety of plans?
- Are employees looking for other benefits? Dental, Group Life, Vision, Accident and Disability?
2. If you offer a Qualified High Deductible Health Plan are employees using a Health Savings Account (HSA)?
- Just because employees can have an HSA, doesn’t mean they’ve opened one, or are using one that’s open
- An HSA should be thought of as a 25% off coupon – the tax benefits have to be taken advantage of!
- Invite your banking institution representative in to educate and enroll eligible employees
3. Evaluate how competitive your benefit strategy really is:
- Does your competition offer a richer plan? Do they pay a larger contribution toward premium?
- Ask your broker to provide a market analysis based on their book of business
- Consult with Industry Associations to see if they’ve analyzed your market
4. Update your benefit plan strategy appropriately and convey your findings to employees
- Health Insurance renewal information is available now – get it!
- Plan to have your Open Enrollment done by the first week of December
- This will allow you to update payroll deductions well in advance of January 1st
- Once decisions are made, adjustments can occur up to the end of December
- Avoid last minute decisions for you and your employees – Enjoy the Holidays!
If you need any assistance in achieving an efficient open enrollment season please don’t hesitate to contact your KBM Management Representative.