As the rush of annual enrollment is ending for many people in the employee benefits world, it’s time to take a break and breathe a sigh of relief. Congratulations! You made it, and now you can focus on some of those 2016 initiatives that may have been put on the back burner during your busy Q4.
Did Your Employees Get the Most Out of Their Benefit Plans?
But before you sit down and trudge forward on your to-do list (is that inflatable snowman still in my front yard? I digress…) take a moment to look back on your annual enrollment process. Even if your company (mercifully) holds annual enrollment at any other time of the year besides Q4, the New Year is a great time to reflect on what worked well and what, inevitably, did not.
Benefit Plan Changes
Chances are, whether small or large, there were some coverage updates to the benefit plans that impacted employees. Looking back, do you feel your communication process was as efficient and effective as you had hoped? Did employees have enough time to research benefits packages to make the best decision available to them?
Did your employees get the most out of your voluntary benefits options? This is still one of the areas that can confuse employees the most. They may delay enrollment until the last minute or forego additional options altogether simply because they don’t understand how voluntary benefits are supposed to supplement your core offerings.
Employee and Dependent Verification
How confident are you that everyone who enrolled in your company’s benefits is actually eligible according to your plan rules? At most companies, 5-15% of the covered population should actually not be on the plan. And at an average cost of $3,200 per member, the cost of insuring ineligible employees and dependents can be pretty steep.
Improve Your Annual Enrollment Process in 2016
Although it would be easy to slip into a nice, warm, post-enrollment fog, it’s important to go back through the benefits enrollment process and measure the success of your last enrollment. Ask yourself the following questions in preparation for your 2016 benefit strategies…
- Were there missed opportunities for communication that would improve participation and increase voluntary benefits enrollment?
- Is it possible that there are cost-savings opportunities to consider for 2016?