Tag Archives: open enrollment

5 Ways CorpStrat Outshines Other Benefits Brokers

As the Fall season approaches, we’re excited to present you with five compelling reasons to continue partnering with CorpStrat for your Fall benefits. Your benefits plan is a crucial aspect of your company’s well-being, and our dedication to excellence ensures that you receive the best service possible.

1. Expertise that Shines: Unveiling the Brilliance of CorpStrat’s Cutting-Edge Brokerage

Our reputation within the industry is a testament to our expertise. Recognized as a top-tier broker by reputable carriers such as Anthem and Blue Shield, we possess the insights needed to optimize your benefits offerings. Let’s discuss strategies that can lead to substantial savings, like the Anthem plan, potentially reducing costs by 20% or more annually.

2. A Human-Centered Approach: CorpStrat, Where Your Team’s Well-Being is Paramount

At CorpStrat, you’ll never be met with automated responses. Our commitment to personalized interactions ensures that you receive tailored solutions that align with your specific requirements. Navigating the complexities of healthcare and insurance is seamless with our engaged and attentive team.

3. Streamlined Digital Enrollment: A Paperless and Convenient Future

Transitioning to digital enrollment eliminates administrative hurdles. Our Ease platform offers a user-friendly experience, making enrollment hassle-free and environmentally responsible. Bid farewell to paper-based processes and embrace streamlined digital solutions.

4. Unleashing Creativity: Innovative Benefits to Elevate Your Team

Our commitment to your success means thinking outside the box. Imagine the potential of providing your key team members with guaranteed acceptance Life Insurance, all without the hassle of underwriting or setting up a private company foundation. Our creative ideas and strategic planning aim to elevate your benefits program to new heights.

5. Compliance Excellence: Staying Ahead of Regulations

Navigating complex compliance requirements is a challenge we’re well-prepared for. We keep you updated with cutting-edge compliance solutions, including ERISA, COBRA, and various pre-tax programs, ensuring your peace of mind.

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Your continued trust is vital to us. With a client retention rate exceeding 95%, our track record speaks for itself. We’re here to ensure your benefits experience is second to none.

Let’s continue our journey together. Should you have any questions or wish to discuss your Fall benefits strategy, please don’t hesitate to reach out.

6 Common Mistakes to Avoid When Choosing a Health Plan

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Health insurance may be one of the most critical annual purchases since it impacts your physical, mental, and financial wellness. Unfortunately, selecting a health insurance plan can feel overwhelming. With so many options, it can also be easy to make a mistake when selecting coverage.

This article explores six common missteps related to selecting a health insurance plan. Once armed with this information, it’ll be easier to avoid these mistakes and choose the best plan coverage for your situation.

Mistake #1: Rushing Through Enrollment Options

Many people rush when buying their health insurance or only rely on recommendations from friends, family and co-workers. Others may simply re-enroll with last year’s choices. But health insurance provides personal coverage, so it’s important to research and find what will work best for your health needs and budget. Read our full blog post to learn what to look out for before you finalize your decisions.

When it comes time to enroll in a plan, compare different policies and understand their coverages and associated costs (e.g., premiums). One of the best ways to ensure the policy is right for your health needs is to consider your medical requirements and spending in the next year. Don’t forget to confirm in-network coverage to ensure that your preferred doctor, clinic, and pharmacy is connected in the new plan. Then, you can find the most suitable plan and coverage in an effort to simplify your health care and make it more affordable.

Mistake #2: Overlooking Policy Documents

A lot of people skip through or don’t thoroughly read the policy’s terms and conditions. But often this is the best way to know what to expect from your health plan and what the plan expects of you. Don’t forget to read the fine print on each plan you consider to avoid surprise bills later on. Reviewing the policy’s inclusions and exclusions will help you make an informed decision that’s right for you.

Mistake #3: Misunderstanding Costs

Plans typically have a deductible, copays and coinsurance. Here’s what those terms mean:

The deductible is the amount you pay out of pocket before your health insurance starts to cover costs. A copay is a flat fee you pay upfront for doctor visits, prescriptions and other health care services. Coinsurance is the percentage you pay for covered health services after you’ve met your deductible.

When shopping for a plan, keep in mind that the deductible is tied to the premium. A low deductible plan may seem attractive until you understand that it generally comes with a higher premium—and vice versa. When shopping for a plan, look closely to see when you’ll have a copay and how much it will cost for various services.

Mistake #4: Concealing Your Medical History

It may be tempting to avoid sharing your medical history if you’re worried about being rejected or receiving higher premiums. However, it could hurt you in the long run when insurance claims are denied for existing conditions or undisclosed medical information.

Mistake #5: Ignoring Add-ons

Health insurance add-ons are often included separately and require an additional premium, which means many people don’t look at them. A standard health insurance plan may not cover certain situations, so reviewing all available options is essential. An insurance add-on could help bolster your overall health insurance coverage by offering extra protection.

Review the add-on covers offered with your health insurance policy and see if any would be helpful for you, your family or plans in the next year. Some common add-ons include critical illness insurance, maternity and newborn baby insurance, hospital daily expenses and emergency ambulance services.

Mistake #6: Selecting Insufficient Coverage

People may hold back on purchasing certain coverage to pay a lower premium. While that may seem advantageous in the short term, you’ll be on the hook for out-of-pocket costs when facing a medical emergency. This mistake may be accompanied by physical, mental and financial health consequences.

When selecting a plan, check that the policy provides adequate coverage for your medical needs and other essentials. The right health insurance can take care of yourself and ensure financial security.

Summary

Health insurance is an essential investment for you and your family. By avoiding common mistakes while buying health insurance, you’ll be better informed to enroll in a plan and other coverages.

As health care costs continue to rise, it’s more important than ever to carefully review available policies, consider your options and health needs, and, ultimately, select the best plan to protect your health and finances.

If you have more questions about health plans, contact your manager or HR.

How to Encourage Employee Healthcare Comparison Shopping

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It’s a tough time for a lot of people out there: inflation is driving up the cost of everything from food to gas and your employees are feeling the sting. But even if this is the case, most Americans don’t realize they can comparison shop to make sure they’re getting the best price for their healthcare services. A survey from AKASA, a healthcare artificial intelligence company, revealed that nearly two-thirds (64%) of Americans have never tried to find the price of a specific healthcare service.

Paying more for healthcare doesn’t necessarily mean higher quality service or better outcomes. This is why shopping around for healthcare is so important, it can result in cost savings for both employees and employers. Today we’re going to talk about strategies employers can use to encourage employees to shop for high-value healthcare, which can help lower your organization’s health care costs.

1. Educate Employees

One of the first steps in helping encourage employees to shop around for healthcare is education. Employers have a unique opportunity to provide data and information to help employees understand the savings potential of healthcare comparison shopping.

Specifically, employers can help employees understand price variation and explain how to best shop around. According to Healthcare Bluebook data, U.S. healthcare prices vary an average of 650% for the same procedure. That’s a huge variance.

Additionally, the federal government has started increasing price transparency for health care services, which can help with comparison shopping. For example, new rules require hospitals to post pricing online for various services and procedures. Starting next year, health insurers must share their negotiated prices with the public. So, as health care pricing gets more transparent, employers can really help employees better understand these price lists.

2. Provide Transparency Tools

Employers can direct employees to user-friendly tools that break down pricing. Employers should connect with their benefits partners to understand what resources and transparency tools are already available for their employees. Some of these you’re already paying for but aren’t utilizing. There are also state-sponsored resources that offer tools to help consumers compare hospitals, health care facilities, and other providers in their state.

It’s essential to explain that if high healthcare costs are left unchecked, employees may experience reduced benefits or increased employee cost sharing. Of course, savings can help the organization, but it’s important to highlight how employees individually benefit.

3. Incentivize Behaviors

Another way to help make healthcare shopping top of mind for employees is to create rewards for certain consumer behaviors. Employers can create incentives for employees that use employer-provided price transparency tools to comparison shop for services and procedures.

Some employers may offer cash incentives, while others offer wellness program points. For example, wellness points could be redeemed for health savings account contributions or reduced cost sharing. As with any organizational initiative, employers should consider making it fun. Gamification (e.g., point scoring and social connection) can help facilitate friendly competition and increase employee engagement and motivation.

Conclusion

Healthcare costs are undeniably going to continue rising. Employers will need to take proactive approaches to reduce these costs. They have an opportunity to make employees feel empowered to take charge of their health and actively comparison shop for quality healthcare at the best price. A mix of education, provision of tools and incentivization may be the magic combination to help change employees’ health care shopping behaviors.

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If you’re interested in learning more about this, give us a call. We’re here to help.

6 Tips for a Pain-Free Open Enrollment

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Is there such a thing as a pain-free Open Enrollment? We think so.

Many employers are under the impression that they have their Open Enrollment process down, but studies show that about 41% of employees feel the Open Enrollment process at their company is extremely confusing. Benefit renewal happens to occur during the busiest time of the year: the holidays. This means employers are taking time off to be with their families, have lengthy vacations planned, and year-end deadlines might be overwhelming them. In short, you don’t have your employees’ full attention and that can make a tricky process even more daunting.

Having a plan for a successful benefits Open Enrollment requires both planning and the proper tools. Here are our top tips to guarantee a pain-free Open Enrollment:

1. Have a clear plan.

Work closely with your insurance advisor to review options and plans and decide what you are going to do for the next calendar year.

2. Clarify employee contributions.

Review and revise any contribution formulas so employees know what their share of the costs are.

3. Review ancillary benefits.

Make sure you have assembled and reviewed all ancillary benefits that you can add to your plan. Plans like AFLAC, Dental, cafeteria, or voluntary insurance programs can really make your plan options vibrant.

4. Utilize technology.

Be sure you are using technology to communicate your offerings. If you are still using paper, please talk to us.)

5. Communicate offerings clearly.

Host a Zoom with your team so you can share the benefits and value propositions you are offering. Employee Benefits represent the second or third largest line item that companies spend. It would be foolish not to take advantage of sharing how great your company’s offerings are.

6. Make sure Payroll is squared away.

Be sure to work closely with your Payroll team to indicate any contributions and review your plans monthly as contributions for dependents can age up during the year.

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If CorpStrat isn’t your broker, please be sure to reach out to us and see how we can help you maximize the value of your offerings. Contact us at marketing@corpstrat.com.

Inflation’s Impact on 2023 Open Enrollment

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Many employees are currently feeling financially strained because of the impacts of inflation. The cost of everything has gone up in their lives — from the price of a chicken breast to a gallon of gas to healthcare. As Open Enrollment draws near and employees are poised to make their annual selections, we’re starting to see the impact inflation will have on the choices employees make in regards to their benefits.

Employees are feeling the squeeze.

According to The Hartford’s Future of Benefits Pulse Survey, 40% of U.S. workers reported that they will cut back on the Benefits they select during 2023’s Open Enrollment because of inflation. People are really feeling the squeeze on their finances — a lack of pay increases is made even worse by inflation — and as a result, they may make some tough choices to scale back when it comes to their Benefits selections. Without relief in the form of salary increases or help in increased employer contributions, many workers are expected to cut back on their benefits.

The perfect storm.

As an employer, the impact of inflation on their employees’ finances may make Open Enrollment more challenging than usual. Inflation has placed Employee Benefits at the forefront of many employers’ attraction and retention strategies. Employers have worked hard to put together creative offerings that are appealing. However, the combination of employers trying to ramp up Benefit offerings because they’re not able to offer pay increases that keep pace with inflation and employees not having as much spending power for said Benefits is creating the perfect storm.

What can employers do?

It’s important that going into Open Enrollment, employers take steps to help their employees better understand their Benefits options so they can make more informed decisions. This can help employees better protect themselves and their families in the upcoming year. Employers can assist employees this open enrollment season by doing the following:

Use multiple communication channels.
Employ clear language that features personalized messaging. Don’t just throw bullet points at them and expect them to absorb everything. Demonstrate how the insurance products relate to their lifestyle, financial security, and overall wellness.
Highlight the services that come with coverage. Employees often genuinely want to know that they’re choosing the plan that will benefit them the most. Sometimes, even when they choose the right plan, they don’t know how to optimize it. Communicate how they’re actually being covered and educate them on how they can best optimize these benefits.
Help employees look into the future. Finances may be tough right now and there are certain Benefits that they don’t absolutely need in the moment. Employers can help clearly communicate that cutting back on Benefits can actually place them in more financial harm.
Use creative storytelling. A lot of Benefits details can go over the majority of peoples’ heads. Create clear examples of what these Benefits might actually look like in real world situations that are relatable and understandable.
Listen to your employees year round. If your employees have specific feedback, take the time to listen. Try and understand what their pain points are so you can support them and retain your best team members.

Why clear communication matters.

Employers have the opportunity to simplify and personalize their open enrollment this year. This will help employees determine how best to allocate their potentially limited resources strained by inflation.

Let’s take the Health FSA Limit Increase for 2023 as an example. On Oct. 18, 2022, the IRS announced various inflation-adjusted tax limits for 2023, including the limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. Many employees may not fully understand what this will mean for them. Increasing the FSA limit by 7% is meant to alleviate some financial concerns. In short: this increase can be helpful to workers. But without clear communication, many employees may overlook the details of this Benefit entirely.

By communicating effectively and providing employees with Benefits information through multiple communication channels, employers can help them optimize their resources and make the best benefits selections for themselves and their families during this period of financial difficulty.

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If you need help with your Open Enrollment, let’s talk. Email us at marketing@corpstrat.com