Open Enrollment Season is Approaching
With 2021 coming to a close, that means open enrollment will be here before you know it.
Open enrollment takes place once a year, from November 1 to January 31. Open enrollment is the only time to enroll in coverage unless you have a major life event such as getting married, changing residence, or losing health coverage.
Have You Done Your Research?
Now is the time to start thinking about employee benefits for next year. Researching it now can improve the options offered and save you and your organization money. The decisions you make during open enrollment can have a significant impact on your life and finances, so it is important to analyze all your options very carefully.
Companies over 100 employees have open enrollment challenges for a January 1 start. Therefore, larger organizations need to start making an assessment in August. Researching different plans and deductibles, dealing with brokers, managing employee expectations, and finding something that is cost-effective can be a struggle.
Right now, is the time for companies to evaluate payroll providers such as ADP. Open enrollment data is then fed by payroll, creating a small window to ensure everything is sorted out in time for a January 1 start date.
There are several trends you should be aware of as you prepare for this year’s open enrollment period. Also, with the accessibility of new technologies, there are more ways to help your employees through the process.
Online Platforms Can Ease the Open Enrollment Process
Organizations have started to use online platforms to research group health insurance plans to decide which plan is ideal for their employees. Providing convenience for employers and choice without compromising service can prove to be advantageous for employers during this time.
An online marketplace can help business owners and HR professionals’ access available health insurance while providing a quick and seamless experience offering pricing in real-time. With the ability to compare carrier options, deductibles, and co-pays everything is available to employers at the click of a button.
While online platforms provide information to make informed decisions, every business is unique. Be sure to utilize an online platform that offers access to licensed brokers available via live chat to address questions and offer help when it is needed.
We can help provide your employees with direction towards healthcare options. Let us handle your benefits and address and clarify any concerns you may have so you can be ready for a January 1 start. If you are interested in receiving an instant quote for your business, or learning more about open enrollment and employment benefits, connect with us today!