Open enrollment can be an overwhelming time for both employers and employees. Employees are given the opportunity to re-evaluate their current benefits and make changes for the coming year, while employers must choose a benefits package that balances cost and value and facilitate the enrollment process. Due to a variety of factors, benefit offerings are changing, placing new demands on employees and employers during open enrollment. To make the enrollment process as smooth as possible, it is important that employers educate and communicate with their employees effectively.

Here is a brief checklist that will help you make Open Enrollment a success:

• Make a list of anything new and exciting that will enhance your open enrollment processes.
• Plan to communicate these enhancements to employees.
• Make necessary changes to your benefits offerings before the open enrollment period to avoid rushing at the last minute.

• Consider offering new benefits, even if they are 100 percent voluntary.

• Hold meetings with employees to review coverage options and changes. Offer information regarding benefits in various formats to your employees such as one-on-one meetings, benefit fairs, mailers or intranet tools.
• Provide easy-to-understand tools. This will lessen employee confusion and the feeling of being overwhelmed while trying to make tough decisions.
• Make plan information as simple as possible, while also being interactive. Employees should be able to understand their offerings to make more knowledgeable decisions.
• Maintain all Summary Plan Descriptions on your website, rather than directing employees to the insurance carrier site for information. This provides easy access to information and makes the company appear more in control of the information.

Overall, a successful and effective open enrollment process can have a dramatic impact on the relationship between employers and their employees. By catering to their needs and wants, employers will ultimately make the experience more enjoyable and worthwhile for their workers. As a result, they will feel more secure in their benefits decisions throughout the plan year.

Need help developing a strategic benefits package that works for your budget and offers attractive options for your employees? We’re here to help, contact us at 818.377.7260 or send an email today.

Most businesses are looking for ways to control costs, yet stay competitive. Attracting, rewarding, and retaining good talent is harder than ever before as employers look for creative ways to build a comprehensive benefits package.

Fortunately, having a skilled broker can help ease their minds with solutions that can be quickly implemented without significant costs or increased administrative burdens.

3 considerations that can help you enhance your current benefit packages:

1. Health Insurance – Choice is important to most people, and most insurance carriers will allow you to offer more than one plan. If you currently offer a traditional plan, you probably have one HMO and one PPO option to choose from.  Consider adding a richer ‘buy-up’ plan and/or a lower cost plan.  By giving your employees choice, they feel empowered and comfortable knowing that they can choose a plan to fit their personal financial and health needs.
2. Flexible Spending Account – Offering a Full Flexible Spending Account (FSA) is a low cost, powerful tool that employees appreciate. It allows them to defer their own money on a pre-tax basis to pay for medical, dental, vision, dependent day care, parking and public transportation expenses. Such plans are administered through a TPA and are simple and affordable to implement. There is usually a tax benefit to the company as well
3. Voluntary Benefits – I’m sure you’ve heard of AFLAC, but they are just one of the many insurance carriers that offers individually purchased products, at discounted, group rates. There are many voluntary platforms available that include a variety of products such as disability, life, accident, cancer, critical illness, and long-term care protection.

Studies show that employees have increased job satisfaction when they view their employee benefits package favorably because of having plan choices, including voluntary options and other tax-free benefits.

Crafting desirable and affordable benefit packages can set yourself apart from businesses who only offer locked-in benefit plans. With these considerations in mind, businesses typically attract and retain talent in the marketplace by putting their employees first with great, affordable plans.

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