Preparing for Open Enrollment

Open enrollment is the perfect time to plan for benefits changes that can positively impact you and your employees for the upcoming year. Below are some tips on preparing for open enrollment that will help make it as seamless as possible.

Open Enrollment Terms to Know

  • Deductible: The amount you pay for covered health care services before your insurance plan begins to pay
  • Coinsurance: The percentage of costs of a covered health care service you pay after you have paid your deductible
  • Premium: The amount you pay for a health plan in exchange for coverage
  • Out of Pocket Maximum: The highest out-of-pocket amount paid for covered services during a benefit period
  • Out-of-Network Service: Health care you receive without a physician referral, or services received by a non-network service provider.

Pre-Enrollment Tips

  • Be ready to answer employee questions regarding health care reform legislation
  • Make a list of anything new that will enhance your open enrollment processes
  • Consider software to help streamline communication and enroll employees
  • Survey employees to see what they are seeking in terms of benefits offerings and customize your offerings to your employee population
  • Consider offering new benefits, even if they are 100% voluntary benefits

Enrollment Period

Make sure your employees have received all necessary materials including

  • Open enrollment schedule
  • Current coverage statement
  • Plan-specific changes and rates
  • Plan-specific summaries

An Insurance Broker Can Help Walk You Through Open Enrollment

Faison Group delivers employee benefit solutions that mitigate your risk and improve your efficiency through strategic review of your benefit program needs and objectives.

Specifically, we examine your needs and deliver:

  • Solutions-focused planning across all lines aimed at minimizing rising health care costs.
  • Comprehensive, straightforward claims analysis tools for strong cost control.
  • Program modeling tools to maximize your benefits investment while understanding employee utilization impacts.
  • Strategic communications and benefit delivery tools to improve employee involvement and satisfaction with valuable health care benefits.