Be Prepared, Not Scared, for Open Enrollment!
Are you ready for open enrollment? As November draws closer, employees and employers alike are preparing for health insurance plan adjustments. This year, with inflation rising and benefits providers altering offerings to match the desires of a changing business landscape, employees and their organizations must evaluate their needs to determine which benefits are right for them.
2023 Benefits Trends:
- Price Increases for Employees: 79% of employed Americans are worried their workplace benefits will increase in price this year.
- Price Increases for Businesses: The average costs that U.S. employers pay for employee healthcare is predicted to increase between 7 and 8.5% in 2024.
- Closer Consideration of Options: Though most employees only spend around 15 minutes electing their benefits, 72% of employed Americans say they will spend more time reviewing their benefit elections this year to ensure they get the most from their options.
- Confusion Surrounding Options: 85% of employees are confused about their benefits packages.
- Essential Benefits: The most commonly desired benefit offerings are employer-covered healthcare, life insurance, pension and retirement plans, mandatory paid time off, and mental health assistance.
Navigating Open Enrollment:
- Address Price Increase Concerns: With many workers concerned about inflation, transparency around pricing is crucial. Employers should openly communicate any changes in costs and provide clear explanations for these changes.
- Focus on Value Amid Cost Increases: The predicted increase in healthcare costs that employers will bear in 2024 necessitates a focus on value. Carefully evaluate their benefits offerings to ensure they provide valuable options that justify the cost.
- Support Informed Decision-Making: Employers should facilitate employees making informed decisions by providing resources like informational sessions, one-on-one consultations, easy-to-understand materials, and access to HR professionals to answer any questions.
- Align Offerings with Employee Desires: Offering benefits that employees value most increases engagement, satisfaction, and retention. Employers should regularly survey employees to ensure their benefits packages align with their needs and desires.
- Use Technology to Enhance the Process: Digital platforms can simplify the enrollment process, providing employees with a user-friendly interface to review and compare different plans and make informed decisions.
Navigating open enrollment is easiest with PuzzleHR on your side! PuzzleHR’s Managed Benefits solution is your go-to for efficient benefits administration. We support your team in handling all employee benefits tasks, from open enrollment to terminations and beyond. Contact us today for more information!