Open enrollment may be the most important time of the year for you and your employees. Employees select new or updated benefits that they’ll rely on to cover their healthcare and other expenses in the next year. And you reinforce the competitive benefits you offer to support employee retention and satisfaction.
But benefit decisions can be complex, and evaluating options — despite their importance — isn’t always a priority for employees. Plus you have a lot to manage! You coordinate benefit providers, present complex plan information, ensure compliance, and protect employee data. All in a limited timeframe. That’s why resources to evaluate and select benefits are essential.
Want a quick summary? Get the open enrollment snapshot.
Employee insights you can use
Research* on open enrollment found that 86% of consumers stay with their existing health plan, and 74% said choosing a plan is confusing. So give employees what they need to know and help assure they chose the right health plan! Web content, in-person meetings and HR meetings were noted as most helpful in health plan selection by employees. And for those who weigh their options? Sixty percent said a better comparison of plans would make open enrollment easier.
of consumers said choosing a health plan is confusing
stay with their current health plan
said health plan comparisons would make open enrollment easier
Employee benefits trends
Learn what’s important to your employees so you can promote offerings that best support their needs. Here are the top three!
Well-being
An investment in comprehensive wellness (health, financial and occupational).
Equity
A greater focus on income and benefit equity.
Personalization
Tools that help personalize offerings.
Unique benefits needs by generation
Benefits are never one size fits all. And neither are employees! See what’s special to each group.**
Gen Z
Mental health benefits and programs that support diversity, equity and inclusion.
Millennials
Student loan repayment, parental leave and financial advice.
Gen X
Retirement planning, caretaker benefits and more paid vacation time.
5 steps to open enrollment success
Use these steps to plan, execute and even enjoy open enrollment!
- Set goals – Determine what success means to you and your company this open enrollment season. How many employees do you want to attend meetings? Use calculators or other tools? Do you have a number in mind of many employees you expect to enroll by the end of the period? How much do you want plan participation increase? What about employee retention due to more focus on open enrollment?
- Develop a communication strategy – Plan a kickoff event four to 10 weeks before open enrollment. Send letters or emails about the period. Organize resources on a digital platform or company intranet for employees to download. And prepare benefits fairs or interactive virtual sessions to answer questions.
- Tailor your campaign – Share content that lets employees engage in the way that works best for them. Attach flyers. Share videos, webinars and decision-making tools like our health plan comparison calculator. Or connect employees with resources from your benefit providers. Also keep language simple so employees understand the message. Like when you talk about HSAs, cover the basics of how to contribute, what expenses are eligible, and how to add a beneficiary.
- Launch it – Send reminders to employees one to two weeks before open enrollment. If they typically don’t get company emails, send a postcard, post notices in breakrooms — you get the idea! Set up interactive virtual sessions to answer questions. Even invite benefit providers! If they’re in virtual booths or breakout Zoom rooms, employees can visit and ask their questions in real time. And speaking of time, when works best? Think about work schedules so that meeting times are convenient and highly attended!
- Keep up engagement – Open enrollment doesn’t end when the period closes. At least it shouldn’t! Keep employees engaged year-round. Share timely details like tax preparation or contribution increases and send communications when life events change and may affect benefits.
Start now
Help employees better manage healthcare and other expenses through Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Lifestyle Spending Accounts (LSAs) and other accounts available in your benefits plan. It’s a win for them — and for you, too, with happy employees staying with your company!
New to HSA Bank? Give us your details and we’ll get in touch.
Already working with us and want more? Visit the open enrollment resource center and share our educational webinars with your employees.
Or get a snapshot of this information.
* HSA Bank 2022 Open Enrollment Research. Feb. 2023.
** What Employee Benefits Each Generation Wants. Nov. 2021. ObsidianHR.