Open Enrollment - What YOU should know
What Every Company Should Know about Open Enrollment
Open enrollment comes around every year and can cause a lot of unnecessary stress and headaches for you and your HR staff. According to Paycor, 42% of employers still have their employees enroll in benefits manually. So, before you nail down your 2020 benefits plans, HR leaders take note—the open enrollment process doesn’t have to be stressful. With the right technology and expertise, you can save a great deal of time and trouble.
When is 2020 open enrollment?
Open enrollment is a period during the year, usually one or two months, when companies allow their employees to make changes or additions to their elected fringe benefits such as health insurance, unemployment benefits or retirement plans.
Perhaps that includes investing in a new benefits administration solution or reorganizing your plans to suit a multigenerational workforce. Getting organized ahead of time will help streamline open enrollment. Keep in mind that some states have their own enrollment platforms for health insurance, so be sure to review your state requirements.
Be prepared for open enrollment:
- Obtain renewal numbers and rates from your carriers for the coming plan year
- Analyze costs and decide to switch carriers or not
- Communicate with employees about any changes this year (especially pertaining to the Affordable Care Act) and prepare them for the open enrollment process
Once open enrollment begins, you should:
- Collect all the relevant information from your employees
- Update payroll with the new deductions
- Notify your carriers of changes and new enrollments