25 Jun 5 Tips to Get a Jumpstart on Open Enrollment
Open enrollment can be a grueling process for so many employers. Deciding whether to keep old benefits, latch onto new ones, surveying employees, choosing an employee educational strategy – none of it is easy. The stress could be alleviated, but only by taking action starting today.
Tip 01. Offer Voluntary Benefits
Studies show employees appreciate more benefits options to evaluate and enroll in – even if they pay the full cost. However, with everything else involved with open enrollment, adding a new benefit may feel tedious and overwhelming.
So, how do you get the best of both worlds? Voluntary benefits.
Rolling out a new voluntary benefit allows you to breathe easier while still providing a new benefit for your team. What are some examples? Pet Insurance, Critical Illness, Identity Theft Protection or even voluntary life insurance.
Pro-tip: Start with a long contract initially. This will allow your renewal to sync up with next year’s open enrollment rather than needing to deal with it this year.
Tip 02. Evaluate Other Advisors or PEOs
A common misconception among employers is they can only evaluate advisors around renewal time. This is false. If you feel like it is time to explore your options, there is no better time do it than outside of renewal and open enrollment.
Let your new partner strategize with you and manage your next renewal, and if you find they are not a good fit, then stick with your current arrangement. Take the time to evaluate your options without being rushed.
Tip 03. Implement Employee Education Meetings
Here is the hard truth: You had open enrollment meetings and because they were fixated on the costs, your employees likely zoned out and remember nothing.
Outside of open enrollment is a great time to have your HR team, benefits consultant or vendors do educational meetings about the ins and outs of your benefits offerings. Whether it is how to maximize your HSA or where to go when you are feeling sick, this helps employees feel supported year-round.
Tip 04. Survey Your Employees
After your company goes through open enrollment, you can get their feedback. Here are some great questions to ask:
- Is it too expensive for them?
- What benefits were they hoping for and didn’t find?
- What do they think of the program that is provided to them?
Asking these questions takes assumption out of the equation, keeping your bottom line lower and your employees happier.
Tip 05. Launch Wellness Programs
These days, employees value their health more than ever. Launching wellness initiatives may seem like a lot of time you do not have, but there are dozens of vendors available to help you put together individual or team-based campaigns and competitions. Whether in-office or from your employees’ living rooms, wellness campaigns are a fantastic way to foster a fun and caring culture.
Download our 5 Tips to Get a Jumpstart on Open Enrollment digital download to gain access to a sixth bonus tip.
This article is brought to you by ClearPath Benefits Consultant, Zach Gerhardt. Zach specializes in ‘outside the box’ thinking to bring forth cost-containment solutions that help debunk the myth that healthcare is broken.