Tips for Navigating Open Enrollment Season

It’s beginning to look a lot like... benefits enrollment, everywhere you go! Like the holiday season, there’s a lot of planning behind the scenes to pull off a memorable benefit enrollment and employee experience. It may not include holiday lights and eggnog, but it should involve fanfare, because employee benefits play a foundational role in employee satisfaction and are approximately 30% of the total expense of employing people.

As business leaders and executives, it’s important to reflect annually on where these dollars are being spent and if they're congruent with your workforce values. Today, we're going to focus on healthcare trends that can impact on your organization and helpful tips and best practices to prepare for a successful open enrollment season. 

 

Healthcare Care Trends

Health Plan Designs

More employers are offering High Deductible High Premium (HDHP) plans. These plans are designed to shift first-dollar coverage to the employee which can empower them to have more control over their health care spending. Monthly premiums are lower, which benefits the employer and the employee. These plans work well for individuals who don’t use a lot of health care because they are paying lower in premiums and not spending a lot at the doctor or pharmacy. HDHPs also work well for those who use more healthcare, since they know what their max out-of-pocket expense will be in a given plan year.

When HDHP plans are offered, an employer’s workforce gains access to Health Savings Accounts (HSA). Dollars put into an HSA are pre-tax which reduces taxable income and once the money is in the HSA, the dollars are not forfeited, and they can continue to build a nest egg for future qualified medical expenses. Employers can contribute to an HSA which helps drive employees to those plans and helps offset some of the first-dollar coverage expense. The premium costs combined with an HSA contribution can still be lower than the employer contributions costs associated with a traditional co-pay health plan.

Telemedicine and Virtual Care

A mechanism to help contain health plan costs while giving the gift of time to employees is through virtual care options. Most insurance carriers offer some level of virtual care that is low cost or no cost and typically less expensive than a visit to the doc’s office. Annual benefits enrollment meetings are a great opportunity to promote what's new in Telemedicine and Virtual Health Care. 

Value Add Programs

In addition to virtual care options, many health insurance carriers offer a host of value-add programs at no cost to the employer and employees. These programs typically target certain conditions (for example, diabetes management, pharmacy management, and weight loss) and provide tools and resources to help manage a specific condition. Value Add Programs can help employees improve their health and feel their best, which in turn allows them to perform better at work.

Mental and Financial Health Offerings

Mental health continues to be at the forefront of conversations at home and in the workplace. We’re seeing more employers offer mental health benefits such as Employee Assistance Programs, mental health days, and fostering a supportive environment where it’s okay to not be okay sometimes. As costs continue to rise, financial debt is increasing, and financial stability is difficult for some. Employers are offering workshops and seminars that help employees come up with plans to reduce their debt and find ways to improve their financial position. Most 401k plan administrators offer workshops and webinars. Outside of the workplace, some local banks, churches, and other institutions offer low cost or no cost financial education opportunities.

 

Best Practices for Annual Enrollment

Communicate, Communicate, Communicate 

When benefits are 30% of the total cost of a workforce, tell them! They want to know and understand how else their employer is investing in them. It is important employees know and understand the benefits being offered, what their employer contributes to and how they can maximize the resources and plans available to set them up for success for the coming plan year.