Get Your Company and Employees Ready for Open Enrollment in 2021
According to the New York Times, there have been more than 7.4 million cases of COVID-19 in the United States to date. Many American employees and employers are focusing their attention on health care options now that open enrollment season is right around the corner. Employees are concerned with coverage, cost, and stability for themselves, as well as their family members, and for a good reason as COVID-19 cases continue to rise.
As an employer entering into open enrollment season, balancing cost, coverage, and employee expectations will be a challenge. Read our article below and get ready for that challenge with benefits administration from Employer Support Services.
Open Enrollment is Approaching Soon
Open enrollment for benefits will be starting soon, and employees are ready to get the coverage they need for themselves and their families to ensure health care during this pandemic. As an employer, it’s important to remember that health benefits are highly valued by employees. According to a study performed by the American Institute of CPAs, 80 percent of employees would choose to keep a job with benefits over an identical job that offered 30 percent more salary and no benefits.
Retaining your top talent and keeping your employees safe during a pandemic does not solely depend on salary. It relies on caring for your employees’ physical, mental, and financial well-being and considering all of their needs and concerns that you are able to assist with as an employer.
Employee Concerns and Coverage Needs During Open Enrollment
With benefits attracting and retaining employees, it is vital to re-evaluate your benefit offerings to ensure it provides what employees are looking for during these uncertain times. Employees are concerned about long-term coverage and coverage to keep them stable if illness strikes. Some benefits that your employees may be requesting include:
- Life Insurance
- Disability Insurance
- Income Protection
- Mental Health Programs
Business Group on Health reported in their annual survey that employers are increasing virtual care and mental health care in 2021. In addition, 80 percent of the respondents believed virtual health care would play a significant role moving into 2021. COVID-19 has hit employees hard emotionally and financially as well. Mental health programs, as well as life insurance and income protection, will be at the top of employees’ coverage concerns.
Due to in-person communication restrictions, be ready to explain your employees’ coverage options during open enrollment using technology. Employees are more likely to ask numerous questions and screen their benefit choices carefully at this time. Explaining options and voluntary benefits may be challenging, yet important for employees looking for financial, mental, and physical support.
At Employer Support Services, we help employers explain benefits and ensure enrollment is completed hassle-free with our benefits administration services. Our extensive tools and resources for employees and employers and on-going support ensure clear benefit communication and enrollment. As part of our benefits administration service, we manage the following tasks:
- Communicating Benefits to New Hires
- Administering Waiting Periods and Eligibility
- Open Enrollment Notifications
- Managing and Presenting Benefit Costs and Pre-Taxing Effects
- Managing All Enrollment Forms
- Handling Qualifying Event Issues
- Providing Toll-Free, On-Going Support and Answers to Client and Employee Questions
When you let us help you manage all tasks, communication, and compliance regulations for your company, we ensure your employees have the information they need to make the right choices about their benefit options. Retain your top employees during this next enrollment period by evaluating your benefits package and calling Employer Support Services for additional assistance.