5 Tips for Getting the Most Out of Open Enrollment
It’s that time of year again. With such a wide variety of benefits available, some of which greatly affect an employee’s take-home pay, it is more important than ever for employees to pay careful attention to their benefits choices. At Hollis Companies, we know employers often lack the resources to guide their staff in the decision-making process and that most employees will quickly glance through their benefits booklets before rushing off to another meeting or project. That’s why we are here to help you help your employees get the most out of open enrollment. For starters, here are our five best tips for streamlining the process and helping your employees make the right benefits decisions:
Utilize Digital Communication Tools- Rather than relying solely on the traditional open enrollment meeting with thick paper booklets and PowerPoint presentations, take advantage of the mobile apps, websites, or internal networks dedicated to electing benefits.
Many people have a hard time absorbing and retaining the massive amounts of information that they need to make the right benefits decisions. If you provide them with the information digitally, your employees will be able to make their benefit selections at their own pace. What’s more, since access is available 24 hours a day, they can also review their options at home with their spouse.
Summarize Changes from Last Year’s Plan - Often when employees are happy with the coverage they have, they neglect to thoroughly review the renewal materials. This can be a costly mistake resulting in higher deductibles and copays or the elimination of certain prescription drugs from their formularies. On the other hand, employees may miss an entirely new product or benefit by not fully reviewing their options.
Your benefits coordinator should take the time annually to clearly and succinctly summarize any changes to the benefits options at your open enrollment meeting. When providing any handouts or digital communication, make sure that you include a summary of the changes in a conspicuous place.
Ensure That Employees Understand the Benefits and Drawbacks of High Deductible Health Plans - Do you offer your employees an HDHP? These can be beneficial to some employees however many do not understand how they work or how they may affect their finances. Be sure to go over the benefits and drawbacks to HDHPs, using several example scenarios to ensure employees can apply the information to their own life circumstances.
Encourage Employees to Access Wellness Initiatives - When employees are healthy, it reduces company healthcare costs, boosts job performance, and cuts down on absenteeism. By offering incentives to employees for participating in certain wellness programs, you will help your bottom line.
Call Attention to Additional Perks- Some companies offer a wide range of non-traditional perks for their employees. Examples include: discounts on gym memberships, paid vouchers for public transportation, tuition reimbursement, paid parental leave, and pet insurance. With a customized benefit plan, you can choose which perks to include annually.
The Employee Benefits environment is constantly changing. With over 30 years of Employee Benefits Experience, the experts at Hollis Companies, can help your business navigate the complex landscape of employee benefits and healthcare and to develop a comprehensive and customized solution that meets your organization’s unique needs. At Hollis Companies, we have your back so that you can get back to business.
If you would like more information about using digital tools to help your employees choose their benefits, call Hollis Companies today at (504) 828-6400, email us at firstname.lastname@example.org or visit our website at www.holliscompanies.com.