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In today's business world, employees are looking for more than just a salary and reasonable job security with full-time work hours. They are also keeping a keen eye on the benefits packages that are offered by employers.
Probably the single most important benefit that will draw in and retain top talent long-term is health insurance. Therefore, both for new and existing employees, you need to emphasize your health insurance offerings during benefits enrollment.
But also realize that different employees will have different needs and preferences, which means you need to have diverse, flexible options to maximize employee morale across the board.
Walk Employees Through Their Health Insurance Options
Getting a discount on health insurance by buying it through an employer is a major incentive to stay with that employer. But your benefits will never have maximum positive impact unless you work hard to educate employees on their options.
Use multiple means of communication to give basic overviews of all your company offers as to health insurance. This can include emails, Website posted information (and texting out the URL), posters and signs at work, verbal announcements over the intercom, and short paper handout sheets.
On top of that, however, you need at least one in-depth seminar during open enrollment where you walk people through all the details, giving examples that clarify how differences in deductible-premium balance, coverage types, and other factors would work out "in real life". End with a question-and-answer time. Attendance really needs to be mandatory to ensure full participation (let it be on the clock time, and no one will complain!)
Specific Options To Single Out And Promote
Besides just the basic way that coverage works on a health plan, you need to emphasize special options and supplementary health insurance.
First, inform employees during benefits enrollment about FSAs and HSAs. Both of these special options give you tax protections and greater financial flexibility.
Flexible Spending Accounts allow employees to set aside money pre-tax and use it for any covered health expense. You can even offer to allow unused FSA funds to roll over at year's end, but that is optional. Health Savings Accounts are an option with high deductible health plans only. They allow people to accumulate money in their account and invest it, although there are limits on how much one can put into an HSA per year.
If you offer a dental and/or vision plan, be sure to emphasize that as well. Give an option for both a full-out vision coverage plan and a more modest vision discount plan. And offer at least two or three levels/types of dental insurance. Employees will appreciate the flexibility to customize this insurance to their needs, so long as you explain to them how to do that.
Finally, also consider including and highlighting disability insurance, hospital insurance, accidental death and dismemberment, and other supplementary insurance types.
Don't forget to remind all employees who are re-enrolling to update their family size, marital status, address, contact information, and anything else that may have changed over the previous year.
To learn more about how to present your health insurance benefit offerings to employees in the best possible light during benefits enrollment, feel free to contact us at Summerlin Benefits Consulting for a free initial consultation.