Open enrollment is an annual window of time when employees are provided with the option to enroll, waive, or change participation in their employer’s benefit plan. Employer benefit plans may consist of health, dental, vision, disability, and life insurance, plus a variety of other types of benefits specific to each employer’s business needs.
A successful open enrollment period requires strategic planning in advance of the period. Here are a few questions to consider during the planning process:
Have there been census changes since the last open enrollment? Has ACA reporting been completed to determine full-time benefit eligibility per ACA guidelines? Do you have a census prepared for benefit shopping?
- The Affordable Care Act (ACA) requirements, for applicable large employers, determine benefit eligibility based on hours of service if an employee is not classified as full-time.
- Have you or your service provider prepared a current census for review by your benefits professional?
- Employee age ranges may be useful to help determine the best variety of benefits.
Do you have a good understanding of your employees’ level of satisfaction with current or past benefits offerings?
- Employees place a high value on an employer’s benefits package. Seeking employee input on future offerings and feedback on current or past offerings can provide valuable insight to employers when selecting which plans to replace, remove, or add.
Have you reviewed employee participation metrics for all plans offered?
- The insurance professional or carrier can provide a report outlining which benefits have the greatest or least participation. This can assist you when determining which products to offer your employees for the next plan year.
Is there a need for greater participation in any of the benefit options?
- Some insurance carriers require certain percentages of participation to avoid the risk of losing access to a benefit. Your insurance professional may be able to provide information regarding participation requirements.
- If you’re a PEO client of BCN Services, regardless of your participation numbers, most plans can be offered to the full-time employee benefit group (with at least one employee enrolled who is not an owner of the company).
Are you providing enough education to help employees understand what is offered? Have you coordinated an open enrollment event or meeting with your benefits provider?
- Employees should feel confident they are making the best decisions when selecting benefits that suit their needs.
- Your benefits provider/representative is a great resource for employee questions about coverage. Many insurance professionals prefer to be actively involved with benefit open enrollment meetings.
- BCN Services will provide benefit educational virtual meetings or in-person benefit open enrollment meetings as needed. (Geographical location may determine in-person vs. virtual)
Are you providing enough communication and time for the employees’ open enrollment?
- Providing ample communication to employees allows them to consider their needs and discuss them with others in their household during the open enrollment period.
- Communicating the open enrollment start and end dates helps avoid late enrollments.
Do you have all of the new plan year’s benefits materials for open enrollment?
- Aside from traditional open enrollment materials such as SBCs & forms, various governmental agencies require certain notices to be distributed to employees during open enrollment.
Other items to consider during open enrollment
Other factors to consider when administering open enrollment include your organization’s technology and available resources. Employers with remote or hybrid teams may need additional technological solutions and support to ensure a smooth enrollment process. You may also want to consider utilizing a benefits enrollment platform. BCN Services offers a robust HRIS system, PrismHR, for employees to complete their open enrollments from anywhere using a desktop, laptop, or even through their smart phone.
Education plays a critical role in open enrollment. Clearly communicate any major benefit changes, distribute all required notices and documentation, and provide decision-support tools to help employees make confident, informed choices about their benefits.
At BCN Services, we handle the procurement, planning, and full administration of employee benefit plans. Our team works with you to design a benefits package that balances cost and quality while equipping your employees with the information and resources they need to make the best decisions for their healthcare. Learn more about our benefit offerings and comprehensive benefits administration:🔗 https://www.bcnservices.com/hr-solution/outsourcing-employee-benefits/