3 Ways to Put Your Employees on Track for Open Enrollment Success
August 9, 2018
Pre-tax benefits plan participation is part of a growing trend for employees increasingly looking for perks at work. Because of that, it’s not surprising that enrollment in Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs) is expected to increase in the coming years.
You and your employees benefit when they participate in these plans, but only 19 percent of employers feel their employees have a high level of understanding about their benefits packages. Keep reading to learn a few easy steps you can take to help your employees discover a path to savings during open enrollment that’s right for them. And download our Common Open Enrollment Terms cheat sheet below and share it with your employees to help them understand common terms related to open enrollment.
Promote your plans
Finances and the daily work commute are among the most common stress triggers for employees. During open enrollment, it’s important to communicate what plans are available to your employees, the differences among the plans (such as how an HRA compares with an FSA if you offer both) and the impact the plans can have on their bottom line. Start by providing high-level information (e.g. “You can save three ways with an HSA”) and provide more in-depth learning opportunities for those interested. A few tips to consider:
- Don’t get “into the weeds” on each plan right away.
- Discuss the plans with an emphasis on “you” and what the plans mean for their financial wellness.
- Provide information on a variety of platforms, such as emails, videos and links to blog posts.
Share easy-to-digest materials
Your employees’ free time is precious, so be sure to provide materials that allow them to understand the savings potential of your benefits plans at a quick glance (such as this quick-reference cheat sheet of open enrollment terms). Charts and graphs that illustrate those points are great ways to reach them. For example, a chart that shows what Employee A saves by having an HSA and a Limited FSA as opposed to Employee B, who has neither, can be an effective way to show them how much they can save.
Employees can contribute thousands of dollars each year in their HSA and FSA. Encourage your employees to approach open enrollment by asking themselves questions about how much they typically spend in an average year on eligible healthcare expenses, dependent care expenses (if you offer a Dependent Care FSA) and work-related commuter expenses (if you offer a Commuter Benefits plan). HSA and FSA savings and goal calculators make it easy for your employees to crunch the numbers and determine the contribution amount that’s right for them.
Do you feel you’re ready for open enrollment season at your company? Subscribe to our blog to get more tips from us throughout the open enrollment season.