Open Enrollment Prep
July 28, 2022
Open Enrollment Prep
Open Enrollment is the busiest time of year for any benefit administrator. For an effective project the best thing to do is create a project plan and begin working through that list sooner rather than later. We've saved you some time by creating a list of the top 10 tasks to help you efficiently prepare for open enrollment.
Top 10 Tasks for Open Enrollment
Review Your Current Plans
Take a look at your current benefit plans and arrangements. There are many new options for employers to strategize your benefits. This is a good time to review any complaints employees may have had about the current plans.
Plan an Open Enrollment Prep Meeting
Your broker should be your biggest advocate when it comes to open enrollment prep. The earlier you meet to create a plan the more your broker will be able to suggest for the new plan year. Bring any employee complaints or suggestions to your broker’s attention.
Decide if you will request new proposals
You should receive your renewal package from your current carriers between 60 to 90 days before your effective date. Review the renewal packages and decide whether you should get new proposals. Make sure to give your broker at least two weeks to complete the bid process for you. For large and more complex groups, market analysis should begin six months or more before your renewal date.
Pick Your Plans
Choosing your plans for the new year can come with its own challenges. Make sure to consider any form of disruption there will be for your employees. You may consider a competitive or benchmark analysis to see how your plans compare to those with your competition.
Develop Your Communications Plan
A robust communication plan is essential to employee engagement. We recommend sending out a series of five emails. The first two emails should be prior to the open enrollment period preparing employees for dates and what to expect. The third email should be sent on the start date of the enrollment period. Send the fourth email in the middle of the enrollment period and the final email will be on the last day of the enrollment period. You can supplement this with printed benefit guides, outbound phone calls, and information sessions held in person or virtually.
Hold Enrollment Meetings
Even in our advanced technological age, nothing beats speaking with employees. Use online meetings to give employees the opportunity to ask questions and learn about any changes in their benefits.
Reimbursement accounts such as a Health Savings Account (HSA) and Healthcare Flexible Spending Accounts (FSA) need to be reelected every year. If you offer these types of benefits to your employees, send additional reminders to enrolled employees to remind them. You should also include any changes in contribution limits to the plan.
Check your Plan Documents
Make sure that all the necessary plan documents are available to your employees during the enrollment period. Make sure your Section 125 plan document is up to date. Ask your broker for assistance in collecting this information.
Prepare for Post Enrollment
Preparation for post enrollment is as nearly as important as the open enrollment process. Reserve at least one week as a silent period after the enrollment window has closed to ensure all eligible employees had the opportunity to enroll. Make sure to have any waiver information on file. Prepare payroll deductions for employees. Many employers distribute confirmation statements to plan participants.
Open Enrollment Auditing
Request that your broker audit your first invoice of the new plan year. This will ensure that all the necessary employees were enrolled in the appropriate benefits.
The CBC Health Insurance Marketplace for Costco Members takes pride in servicing a diversified list of clients and future clients. Our team of dedicated and experienced Account Managers design and execute your Open Enrollment project plan from start to finish. We begin by providing every prospective client with a full market analysis at no commitment. Speaking to a Healthcare Ambassador is easy. Visit The CBC Health Insurance Marketplace for Costco Members to start the process today.
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