30 sec brief
January signals the official end of open enrollment for most employers. This is a great time to review the effectiveness of open enrollment. Open enrollment success should compare benefits value, cost, and participation. It is a common misconception that employer and employee satisfaction can’t go hand in hand.
January signals the official end of open enrollment for most employers. This is a great time to review the effectiveness of open enrollment. Open enrollment success should compare benefits value, cost, and participation. It is a common misconception that employer and employee satisfaction can't go hand in hand.
We will show you how to enhance your benefits offering outside of open enrollment. You don't need to wait all year to help your employees get more value from their existing benefits.
Are your Employees Increasing Use of Benefits Offerings?
Setting open enrollment goals will help define the success of future and existing benefits offerings. One of the easiest ways to gauge success is participation vs. cost of individual programs. Benefits are a key employee satisfaction tool. Employee and marketplace trends continue to change, so ensuring that benefits offering don’t become stagnant is key.
This creates an opportunity to test (and add) new auxiliary and cornerstone benefits. And of course, remove costly legacy programs that are no longer relevant. These up and coming benefits can also impact your prospective employee recruiting efforts. New benefits can showcase a progressive and forward-thinking culture that will set you apart from the competition.
Are Employers and Employees Saving More Money this Year than Last?
As benefits offerings evolve, coupling lower cost options together can save money for both employers and employees. This is the case with healthcare plans like a high deductible health plan (HDHP) and an HSA. HDHPs now account for over 30% of all employer-sponsored health plans. They have lower costs for employers but leave employees exposed to higher out-of-pocket health expenses. HSAs can prevent this.
Adding an HSA as a part of your health benefits enables employees to save pre-tax dollars for healthcare costs. HSAs create long-term health savings that will never expire. HSAs are not open-enrollment restricted. Exploring cost-effective ways to expand your benefits offering isn't limited to open enrollment. New benefits trends, like an HSA, can add value to employees and create a lifetime benefits offering. Those are hard to find!
About the author
We are HSA Experts! Lively is a Health Savings Account (HSA) platform for employers and individuals. A 401(k) for healthcare.