How to Decide Which Voluntary Benefits to Choose This Open Enrollment Season

If your company offers a multitude of voluntary benefits options, congratulations. These offerings are a valuable benefit that can make your life easier. Still, the open enrollment process and all the paperwork that comes with it can sometimes feel like a hassle. How do you decide which benefits are worth it? Here are a few tips to help you choose the voluntary benefits that will work best for you and your family this open enrollment season. Calculate Costs and Benefits Most voluntary benefits by themselves are relatively inexpensive and are less so when you purchase them through an employer rather than on the open market. That said, anything you pay for but don’t need is a waste of money. To help you determine which benefits are smart buys for your unique needs, Aoife Quinn, founder of Quinn HR Consulting Group, suggests a two-pronged approach: Look at the services you’ve needed …

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How to Re-Evaluate Your Benefits Elections When Welcoming a New Baby

If you’re preparing to add a new member to your family, congratulations! You’re in for years of laughter and love with your new son or daughter. You’re also in for some worry about his or her health and safety — and one of the best ways to alleviate those concerns is with smart employee benefits choices. Adding someone to your family is often seen as a “qualifying life event,” which is the term used to define events that may require changes to your health coverage and other benefits. Employees who have qualifying events are allowed to make changes to their coverage choices without having to wait for their employer’s open enrollment period. Making sure your child has health insurance and your family’s financial security is protected will take some of the worries away. So how can you do that? Re-examine your benefits now. Add Your New Son or Daughter to …

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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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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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