Four Ways for Business Owners to Prepare for Open Enrollment

As an employer, the healthcare coverage you choose to provide your employees has a big impact on their lives. Many aren’t just hoping for ample coverage for themselves, they’re also looking to provide insurance for their loved ones, too. Barring a Qualifying Life Event such as marriage, divorce, or the birth or death of child, employees will have to stick with the options they select until the next open enrollment period for the following plan year. Such an important decision can feel overwhelming, but a little forethought and preparation can go a long way in helping you prepare for enrollment.

  1. Assess your Business
  2. As an employer, you’ll have the opportunity to decide whether the benefits you’ll be offering to your employers should be upgraded. Several months ahead of your deadline is a good time to look at important documentation, such as existing plan details, employee demographics, and financial records.
  3. Survey Your Team
  4. One of the most crucial pieces of information you can use to assess the success of your current offerings is feedback from your team. Surveying a few of your employees could give you additional insight into their needs and wants when it comes to healthcare options. Additionally, taking their opinions into consideration will contribute to a happy and healthy work environment. With this, we recommend you take your employee’s feedback into consideration but know with choosing a healthcare plan, you can’t always make everyone happy.
  5. Remind Employees
  6. Your renewals period marks a good opportunity to let your employees know that open enrollment is approaching. Use internal communications to send two or three notes reminding your employees of what’s to come and give them an overview of what to expect in regard to the process.
  7. Be A Guide
  8. When open enrollment begins, it’s important for you to be well-versed on any plan details and changes in coverage. Having you as a guide will be imperative to their decision-making.

Employees should also prepare for open enrollment to ensure they make the best choices in coverage for themselves or their families. An employee should review his or her current healthcare coverage policy and note any changes in income. Additionally, healthcare needs for the primary account holder and his or her family should also be assessed before beginning the enrollment process. Employees should be strongly encouraged to fill their prescriptions, see their provider and have any further consultations they need BEFORE their plan renews. This ensures that the employees have everything they need going into the new plan year in case of delays with the new plan.  

Buying insurance doesn’t have to be overwhelming. If you’re trying to navigate ways to provide healthcare coverage for your employees or need help making a purchase, the Grigg Group can help! Contact us today and we’ll do the hard work for you by finding the right coverage that fits your company and your employees.

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