Thanks to all who joined us for our Open Enrollment webinars: Six Open Enrollment Essentials to Boost Participation; The Countdown to Open Enrollment: A 12-Week Plan and Your OE Toolkit for 2017: From Planning to Action. If you weren’t able to attend the events, all are available on-demand.
Due to time constraints, we weren’t able to get to all of the inbound questions live during the events, but there were two questions we couldn’t let go unanswered.
Q1: No matter how early we start communicating about Open Enrollment, employees always wait until the last minute. How do we change that?
A: Kudos to you for starting early. Changing behaviors – particularly those that have become a habit – takes time. So, counter by creating a new habit: If you continue to start Open Enrollment communications 8-10 weeks out each year, employees will anticipate such communications and begin to take action earlier. Stick with your proactive approach, continue to encourage employees not to wait until the last minute, and you’ll see behavior shifts—even if gradual—year after year.
Q2: Why do we want to increase enrollment? How does it help our company?
A: Great question! Each of our OE webinars are focused on helping employers drive enrollment, so understanding “why” that is important should precede any other OE conversations.
Here are four reasons that may motivate your team and your company to increase enrollment in your Consumer-Directed Benefits:
- To help employees live healthier and more productive lives. Participating in a program, such as a Health Savings Account (HSA), paired with a High-Deductible Health Plan, allows employees to take a more active role in their healthcare. And, healthier employees miss fewer days of work—music to your company’s ears.
- To allow employees to keep more of their hard-earned dollars. By using tax-free money to pay for everyday expenses, such as prescriptions, visits to the doctor, or taking care of their child, employees can stretch their paychecks further, which is critical in today’s economy.
- To keep and retain employees. A 2016 study by Aflac found that 60% of employees are likely to take a job with lower pay but better benefits. The same study showed that those employees who are satisfied with their benefits are more likely to be satisfied with their jobs.
- To save your company money. The more employees who sign up for Consumer-Directed Benefits, the more your organization saves. For every individual enrolled, you save 7.65% on payroll taxes alone.
Those are our top four; do you have more? Tell us what’s important to your organization this Open Enrollment season!