Employee benefits and open enrollment season
According to research, employer-sponsored insurance is the leading source of health insurance, covering 150 million non elderly people in America (Kaiser Family Foundation, 2011). Employer-sponsored insurance plans go through open enrollment every year, which refers to the period of time when all members the group health insurance plan have the opportunity to enroll in certain benefit programs. Though open enrollment may not be a top priority on a hefty to-do list for some employees, it is an important decision-making period that can have a significant impact on the upcoming year.
In a new Guardian study:
- 3 out of 10 of employees say they review written benefits carefully, and
- 44 percent say they turn to an HR rep to discuss enrollment choices.
The statistics cast a light on two important issues:
1) The majority of surveyed employees do not review their benefits carefully. Is the limited evaluation of benefit choices due to a lack of understanding or direction, or is there another reason?
2) Of the workers that review benefits carefully, almost half turn to an HR representative for help. How are these added administrative duties for an already overburdened HR department impacting the efficiency of your company or practice? Is there an alternative way to deal with coverage questions and assist in the decision-making process?
Employees that spend a limited amount of time reviewing their options may purchase a plan with the wrong amount of coverage for their circumstances, resulting in frustration and confusion.
Here are some tips for open enrollment season:
- Make a list of benefits priorities. Prioritizing benefits will help in the decision-making process.
- Read carefully. Take the time to review all documents and options provided so that you gain a clear picture of what is being offered.
- Crunch the numbers. Are you more prescription based? Any chronic illnesses? Check co-payments and deductibles.
- Make sure your doctors are still covered under the new plan.
- Use online tools to compare plans side by side, like with SmartBenefits Online.
- Ask questions. Don’t be afraid to seek help from your HR department, or as an AFG client, your dedicated Account Manager.
Austin Financial Group and open enrollment
Austin Financial Group understands the perceived stresses of open enrollment season, and we do our best to eliminate that anxiety for our clients with in-person open enrollment meetings. This initial meeting is essential for everything from explaining options to answering questions, and may significantly impact how workers feel about their choices and aid in decision-making. Beyond the open enrollment meeting, AFG Account Managers are always available to assist clients in the process and ongoing administration of the plan. Our technology solution, SmartBenefits Online, also streamlines enrollment and provides decision-support tools for employees.
Working with the Austin Financial Group for employee benefits will ensure that you have 1) the best possible options for employees and 2) the right plan for your company, which in turn should translate to cost-savings and employee satisfaction. A successful, efficient open enrollment period will answer tough questions, provide the right amount of support, and highlight the value of an employer-sponsored employee benefits package.
Contact Austin Financial Group at 248-594-5550 for smart benefit solutions.
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