With the arrival of November comes fall colors, cooler weather, rewinding clocks – and open enrollment! Since health benefits are important to employees, this time of year can be stressful for you and your team. Getting everyone on the same page with cost and coverage changes that are inherent to a new policy year, and then signed up for the right option, is not easy. Below we offer some tips to help you ensure a smooth open enrollment season.
Start Open Enrollment Early
Although plans begin January 1, you need a good amount of time to onboard employees to the updated health plan. Once you receive your renewal letter, we suggest you reach out to your broker. They will review the policy and uncover the implications of any changes. Renewal season is the perfect time to determine if your plan is still providing the right coverage for the right price. Then, you will need to set aside time for employee onboarding. The sooner you start the process, the smoother it will go.
Hold Open Enrollment Meetings
Like the Wharton & Power Insurance Team, your broker should be offering to present the updated plan to your employees at a general meeting, as well as be willing to meet with individual employees to answer questions. Plans change, as do the lives of your employees. Access to the “expert” in your health plan helps ensure your team has the information they need to elect the right options. Not only are these open sessions extremely helpful in communicating the value of the benefits you are providing, they also exemplify your commitment to your employees’ well-being.
Invest in Additional HR Resources
Post general meeting, your employees may have additional questions for you as their employer, rather than your broker. Therefore, it may make sense to offer additional access to your HR professional during this time of the year, such as office hours. If you find that employees have many of the same questions, creating a virtual community board can help streamline the process.
The Wharton & Power Insurance Team has had over 30 years of experience helping businesses through open enrollment season. We’d love the chance to help you! Send us an email or give us a call at 317-663-4138 to set up an informational meeting.