While some expenses associated with open enrollment are beyond your control, there are ways you can cut costs without sacrificing the quality of the benefit programs you offer.
Three Strategies to Cut Open Enrollment Costs
1. Streamline the Open Enrollment Process
Planning ahead is the best way to set your team up for a successful open enrollment. Examining the process through a strategic lens and ensuring you’re using every dollar efficiently can increase your organization’s savings and reduce waste. Best practices include educating your employees about their benefits options early and often, testing your open enrollment system to ensure it’s user friendly, providing support-decision tools and offering online support in case any issues arise.
If you have a remote or hybrid workforce, consider conducting a virtual open enrollment process, wherein employees can access educational materials and select benefits through their computers or other devices.
Lastly, whether it be an in-person or online open enrollment, take action as early as possible to communicate with your team, set up a user-friendly system and prepare to respond to any potential roadblocks.
2. Encourage Healthful Behaviors
Promoting positive health care consumerism has been proven effective in reducing costs. This involves enabling your workforce to take responsibility for and play an active role in their health care. When employees truly understand how to evaluate their health care options effectively, their wellbeing increases and your costs go down.
Promoting and encouraging healthy lifestyles and behaviors, providing benefits tools and educational materials, and taking a proactive approach to medicine are a few ways to help your employees make informed decisions.
By focusing on positive health care consumerism, you can not only reduce unnecessary spending but also better position your organization to attract and retain top talent. Employees want to feel empowered to make smart choices about their health care. If you put in the time to educate and support your workforce, you’ll stand out in today’s fiercely competitive job market.
3. Provide Ample Communication & Education
Health plans and life situations can change each year, and employees may need to adjust their benefits accordingly. However, many stick with their existing plans because they’re unaware of or do not understand the options available.
You can help your employees avoid making these costly mistakes. Ample communication and employee education are key. Send out promotional materials well in advance, conduct webinars and informational meetings, and give employees multiple avenues to ask questions and gain clarity. Taking these steps will ultimately prevent them — and your organization — from wasting valuable resources.
Open enrollment has the potential to substantially impact both your bottom line and your employees’ wellbeing. You have the power to determine whether that impact will be positive or negative. For additional guidance and resources, check out our guide to open enrollment success.