Employees and Annual Open Enrollment
Your annual open enrollment is a very important time for you to take stock of your benefit and financial situation. This is the time when you are able to enroll in your Employers’ sponsored plans (if you had not previously) or make those important changes; such as drop coverage for a dependent who no longer needs the coverage, or change your medical election to plan that better fits your current needs. Keep in mind that you cannot add or drop dependents at anytime throughout the year unless your ‘change’ is a Qualified Event. Annual open enrollment should be viewed as not only a time to enroll in benefits, but to ensure that your financial security is not threatened as a result of a major family illness.
Life insurance may also be one of the benefits that your employer offers. Group life insurance is inexpensive and does not require medical underwriting. Again, if an unfortunate life event occurs and you are not prepared, it could result in a financial hardship. Take advantage of this very important window of opportunity and take a close look at the benefits offered by your Employer. This is your chance to make sure that you and your family establish a feeling of security whether it is utilizing your Employer’s medical, dental, vision or life insurance.
Employers and Annual Open Enrollment
Annual open enrollment is always a challenging time for you, as an employer. You want to be able to provide an adequate benefit package to your employees for retention and recruitment. However, the cost of providing benefits has risen over the years and Health Reform increased the challenges overall. Once you are able to determine the benefits you can afford to offer your employees, your next challenge is communicating the benefits to your employees. Benefits can be a ‘foreign language’ to your employees and you want them to understand the importance of studying their options and meeting the enrollment deadlines. Participation requirements in some benefit plans can also be an added hurdle for an Employer to overcome. Clear and understandable annual open enrollment promotional materials can make or break an employer’s annual open enrollment season. Clear and concise communication (with multiple ‘friendly’ reminders) will be appreciated by your employees!
Employers, we encourage you contact us and ask us how we can help make annual open enrollment less challenging and get you through this critical part of the year as easy as possible. We are your trusted guardian and will help you navigate the challenges of putting together a benefits package for you and your employees.