While the benefits open enrollment period is quickly approaching, it's essential to have a step-by-step plan in place to ensure a smooth enrollment experience. Open enrollment is the annual window where employees may enroll or make changes to their healthcare benefits package.
As a business owner, implementing an effective plan is important for your employees. Continue reading to learn simple steps to improve your open enrollment process for 2023.
1. Reflect On Previous Open Enrollment Periods
Before the upcoming open enrollment period, reflect on last year's wins and losses. Typically, business owners should sit down right after the enrollment period ends to reflect on the ups and downs and prepare for the following year. Being open about the mistakes made and how to improve the internal process provides significant value to employees and ultimately creates a smoother experience. The following are the most common mistakes that occur during the open enrollment period:
- Missing the deadline
- Defaulting to last year's plan
- Over or under-insuring
- Passing up tax-free savings
- Assuming all employees should be on one plan
- Ignoring add-ons
If any of these mistakes occurred last year, what would you do differently to prevent them from happening again? When you partner with a PEO like GMS, we take on this entire process, so you don't make the same mistakes. Your designated benefits account manager sits with you and your employees to ensure everyone understands the plan.
2. Have A Strategy In Place
Having a strategic plan in place before open enrollment is the key to success. You may ask yourself, how can I change the way I approach open enrollment to ensure a successful one? Starting early is the most important way to create an efficient and positive employee experience. Creating a renewal timeline halfway through the benefits fiscal year will allow your employees to stay on track ahead of the renewal deadline.
Rules and regulations constantly change, especially in the healthcare industry. Ensure you stay up to date with the changing regulations, so you know exactly what you’re getting into before open enrollment begins. In addition, if you have any significant benefit changes, your employees need to know as soon as possible. Be sure to explain the previous plan, what the new plan entails, and any changes they need to be aware of so it’s not a surprise when the enrollment time comes.
3. Ensure Your Employees Understand Benefit Details
With the number of benefits available, it can be confusing for your employees to determine which package best fits their needs. In addition, offering a quality benefits package is one of the best ways to retain and attract top talent, which is why it’s more important than ever to explain your benefits plan accordingly.
Did you know, nearly a third of employees don’t think their employer’s benefits communications are easy to understand? When you outsource your benefits functions to a PEO such as GMS, you are provided with experts who guide you and your employees on how to best utilize their plans, maintain compliance, and stay on top of Affordable Care Act regulations. In addition to a dedicated benefits specialist who is there to help you through the open enrollment period, you also gain access to a team of experts who train your employees on how their plan works and answer difficult coverage questions.
4. Outline Employee Vs. Employer Costs
When deciding on a benefits package, employees care about price. As an employer, it’s essential to consider how much the employee will have to pay with your plan. In addition, showing the plan’s overall value will provide them with additional information to help with their decision. They want to see what they will get from the benefits package to ensure they are covered accordingly and receive the best possible option. Ensure you are transparent about the cost upfront, so they have all the necessary information before entering the open enrollment period.
5. Work With A PEO To Develop And Implement Your Benefits Strategy
The most effective way to ensure a smooth and positive enrollment period for your employees is by partnering with a PEO like GMS. At GMS, our benefits outsourcing services allow your company to offer competitive, cost-effective benefits while you focus on what you do best – running your business. GMS helps small businesses offer customized health insurance tailored to your needs. Our experts manage everything from benefits enrollment to ongoing plan education through our proprietary technology and dedicated customer support. The following are the benefits of partnering with a PEO for employee benefits administration:
- Saves you money
- Saves you time
- Simplifies employee management
Set Yourself Up For Success, Partner With GMS
Your benefits package is one of the best ways to attract and retain top talent. Your open enrollment period needs to be effective and positive for your employees. When you partner with GMS, your employees will experience an easy and seamless process. We offer flexibility, control of premiums, access to data and networks, and overall options that you can’t find elsewhere. Make your employees happy and partner with GMS today. Contact us here.