It’s that time of year again — businesses are scrambling to wrap up the year and get ahead for the new one: seeking and interviewing new hires, prepping for any policy changes, filing paperwork, planning the holiday party — the list goes on. But there’s one vital event that may get overlooked amidst the hustle and bustle — open enrollment.
A recent study found that 41 percent of employees feel their company’s open enrollment process is confusing. With it being such a hectic time of year, employees and executives will appreciate a smooth open enrollment process. Here are the top three tips to ensure your open enrollment season is a success.
Start early
Preparing early for open enrollment helps alleviate anxiety later in the process. It allows your company a sufficient amount of time to organize and plan for any bumps along the way. According to HealthLink, the most prepared employers start planning for open enrollment four to five months before the start date. Begin by reviewing any issues from previous years and areas for growth. From there, set goals for the upcoming year and decide how you will measure success. Don’t forget to take time to create an effective employee communication plan, as well. Get creative and design materials that will get employees’ attention.
Be proactive with employee education
Once you have an open enrollment plan in place, educate your workforce on their options. Comprehensive benefits education ensures that your employees make the most of their open enrollment period, while also increasing employee engagement. You can start by providing information to employees on any potential changes from previous years. Then, share relevant articles and educational materials on benefits that they can reference when needed.
Identify key areas in health insurance where employees could use the most assistance in understanding information. These often include calculating out-of-pocket costs, understanding deductibles, and defining a health insurance formulary. Above all, be available and willing to answer any questions or concerns that employees have.
Collaborate with outside partners
You can alleviate some of the pressure on your company by outsourcing the open enrollment process to a Professional Employer Organization (PEO). Using a third-party HR provider offers cost-effective solutions to improve the efficiency of your business operations. For example, it will ensure compliance with any employment-related laws and regulations, such as COBRA and FSA spending. A PEO can also be on hand to explain health benefits to employees, providing detailed responses and solutions to all questions.
Want more tips on how to make open enrollment easier? Check out our blog post on how to help employee stress during enrollment.
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