In the best of times Open Enrollment can feel a bit like doing your taxes. You know it is an important task that needs to be completed, but it can be confusing, frustrating, and time-consuming.
Of course, 2020 is far from the best of times with the COVID-19 pandemic, so it may be harder than ever for people to focus on Open Enrollment. It is crucial that companies let their employees know how and when Open Enrollment will take place.
Open Enrollment is that one time of the year that you can adjust your insurance or benefits options, except for special circumstances.
The medical, dental and vision coverage you select for you and your family will be locked in for 12 months so options should be weighed carefully. Employees should do the following for a successful Open Enrollment:
Get three people in a room and ask them about Open Enrollment deadlines and you might get three different answers … and they all might be right.
Open Enrollment deadlines and procedures vary depending on the source of your insurance:
The COVID-19 pandemic has added a degree of difficulty to every aspect of business life and Open Enrollment is no exception. Companies should prepare for an Open Enrollment that does not feature in-person meetings.
Virtual enrollment meetings, through group video calls, were already on the rise and will be essential to make Open Enrollment work in 2020. Businesses should partner with their insurance carriers to determine the best means of hosting digital Open Enrollment.
Employer Flexible recommends the following timeline for businesses:
Companies should already be planning their 2021 Open Enrollment virtual process with an online enrollment platform for selecting benefits.
In addition to hosting remote meetings between HR and employees, resources should be available for easy download.
Videos, like this one, can be useful to explain key aspects of choices employees face during Open Enrollment such as the difference between Health Savings Account (HSA) and Flexible Spending Accounts (FSA), should your company offer both.
The fact that HSAs are can be rolled over and that FSAs are “use it or lose it” funds has become a hot-button issue this year with the COVID-19 pandemic. Many employees face FSA funds unspent with three months left in the year after the cancellation of routine dental, vision and medical appointments and postponement of elective procedures.
Reach out to Employer Flexible today to discuss an Open Enrollment process that meets the unique needs of your organization.