Top 5 Open Enrollment Tips

Top 5 Open Enrollment Tips

The following important tips will help your company plan a successful open enrollment. Tip #1: Design a Clear and Concise Open Enrollment Announcement  Make sure your open enrollment announcement clearly summarizes key information, including: Open enrollment period dates for all benefits Pre-tax contribution rates by specific benefit Post-tax contribution rates by specific benefit Premium increases (if any) Any benefit changes Tip #2: Create and Follow a Schedule for Communicating Open Enrollment Information Create a timeline to distribute the required communication materials to help ensure a successful open enrollment. The following is an example of a potential timeline: Email and/or mail your open enrollment announcement 7-14 days prior to the open enrollment period Send email reminders 1-3 days before the open enrollment period begins (include FAQs as an effective way to respond to the most commonly asked questions) Send a reminder on the 1st and 2nd days of open enrollment to all employees, …

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How to Educate Employees Getting Health Insurance For The First Time

How to Educate Employees Who Are Getting  Health Insurance For The First Time

As a result of the Affordable Care Act — also known as “Obamacare” or the ACA — many people are now getting health insurance for the first time. If your company has extended health insurance to employees who’ve never had it before, you’ll be working with people who need to learn the basics. Here’s how to educate them about their new coverage. Remind Them About Compliance “The ACA is packed with rules and regulations, and employers should let employees know that the company is compliant with the health care reform law,” says Jeannie Wilcox, assistant vice president and director of communications at the Lockton Cos. That’s important because non-compliant employers are subject to fines, and employees without health insurance may face fees. Communicate Before Open Enrollment “As with employees who have had insurance before, it’s important to hold introductory meetings before open enrollment to outline plan basics,” says HR expert Jennifer Brown. She recommends holding an in-person or online …

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How To Create A Competitive Benefits Package

How To Create A Competitive Benefits Package

As the war for top talent heats up, companies will have to work harder to recruit and retain the most desirable new hires. A strong benefits package can make the difference for job candidates trying to decide between your company and your competitor. But do you know what it takes to create a competitive benefits package? Do Your Homework Creating a competitive benefits package starts with information gathering: Survey your current employees to see if you’re offering the kind of benefits they want. Research your industry and competitors to find out what types of benefit offerings you’re up against. Look at your company culture and staffing needs to determine what kinds of employees you want to hire. Then explore what type of benefits those types of candidates are looking for. “Your benefits broker is a good place to start looking for information on what your competitors might be offering,” says Chris Costello, principal and founder of …

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What Exactly is a State Health Exchange?

State health exchange, government-run insurance

What is a state health exchange? It is a government-run insurance marketplace and part of the Affordable Care Act program.  The Affordable Care Act requires state Exchanges to provide health insurance information in a manner that is easy to comprehend for consumers. State Exchanges offer information from multiple carriers via information kiosks placed in key locations. Exchanges Have 5 Main Functions: To make comparing plans and prices easy for people. To create competition so people get the best rates. To offer truthful information about plans, premiums, coverage, benefits, and other benefits-related issues. To provide a place to purchase insurance coverage while a person is either unemployed or in transition from one job to another. And, for those who need assistance, to serve as portals where people can check for eligibility and subsidies, and then help them enroll in plans and pay premiums via a call center system. The Exchanges have …

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