As open enrollment is fast approaching, leadership teams are finding new ways to streamline their annual benefits enrollment process. To help your company avoid a stressful enrollment period, here are six tips and a few useful resources.
6 Tips for Open Enrollment
1. Communicate with Your Employees
The enrollment process is a line item on your to-do list; however, for your employee, it’s the difference between having the insurance coverage they need and going without necessary care. Communicate the details of enrollment to your employees early and often to give them enough time to consider their options and discuss their decisions with their families. Be sure that employees know what is covered under their insurance plan and to let them know that a plan that worked for them in the past may not be the best choice for them now.
2. Encourage Questions
Provide a designated point-of-contact for employees to ask questions about coverage. Guiding employees to the correct plan can help them feel supported and may reduce unnecessary medical costs or absences. Summary and Benefits Coverage (SBC) documents should clearly highlight coverage details. Thoughtfully prepared SBCs can preemptively answer questions, saving time and minimizing confusion.
3. Discuss Making Intentional Choices
Employees often default to last year’s plan. Encourage a fresh evaluation. Create messaging that highlights how life changes may mean insurance needs have changed, too. Prompt employees to review options carefully to make the best choice.
4. Review Your Plan Document and Enrollment Materials
Before enrollment begins, review your plan documents and materials. Check for updates to eligibility, benefits, vendors, contact information, and compliance with any new laws. Confirm enrollment schedules and deadlines, and communicate them clearly.
5. Review and Update SBC and SPD Materials
Legally, you must provide accurate Summary of Benefits and Coverage (SBC) and Summary Plan Description (SPD) documents. Even if your SBC covers SPD content, separate documents must still be maintained. Update and verify these documents before distributing them.
6. Pay Close Attention to New Laws and Requirements
Review the Affordable Care Act (ACA) regulations to ensure compliance. Requirements vary based on company size and employee status. Confirm the accuracy of employee data such as hours worked and previous coverage to ensure you meet ACA standards.
Resources for More Information and Guidance
Contact us today to learn how LBMC Employment Partners can guide you through the open enrollment process and support your employees.
