Open enrollment is a critical period for both employers and businesses. It’s the time when you have the opportunity to review, select, and make changes to the employee benefits you offer to your workforce for the upcoming year. The choices made during open enrollment can significantly impact the financial well-being and overall health of your employees. To help you make the most informed decisions for your company, here are some important considerations from captive health insurance experts to keep in mind before open enrollment starts.
Review Last Year’s Choices for Your Employees
The first step in preparing for open enrollment is to take a close look at your current benefits package and how your employees used it over the past year. Did they visit the doctor frequently, or were they fortunate to stay healthy? Did their prescription needs change, or did they experience major life events, such as marriages or the birth of children? Understanding how your employees used their benefits in the past can help you anticipate their needs for the future.
Understand Changes in Company Policies for Your Employees
Your company may make changes to the benefits you offer or adjust your contribution levels. Be sure to familiarize yourself with any updates to your company’s benefits policies, as these changes can impact your employees’ coverage and out-of-pocket costs. Check if there are new benefits being introduced or if any benefits are being discontinued.
Evaluate Your Employees’ Health and Wellness Needs
Your employees’ health needs may evolve from year to year. Consider their current health status, any anticipated medical procedures, or wellness goals for the upcoming year. For example, if an employee is planning to start a family, they may need to opt for a plan with maternity coverage. Understanding your employees’ needs will help you choose benefits that align with their health and wellness goals.
Captive Health Insurance Experts Compare Different Plans for Your Workforce
Most companies offer a range of insurance plans, from health and dental to vision and life insurance. Take the time to compare the plans available to your employees. Consider factors such as monthly premiums, deductibles, and out-of-pocket costs. Additionally, examine the provider networks to ensure that your employees’ preferred healthcare providers are included.
Assess Flexible Spending Accounts (FSAs) and Health Savings Accounts (HSAs) for Your Employees
If your company offers FSAs or HSAs, encourage your employees to consider taking advantage of these tax-advantaged accounts. FSAs allow them to set aside pre-tax dollars for qualified medical expenses, while HSAs are designed for high-deductible health plans and offer both pre-tax savings and investment opportunities. Employees should evaluate their potential healthcare costs and decide if these accounts make sense for them.
Think About Life Changes for Your Employees
Life events can have a significant impact on your employees’ benefits needs. If they anticipate any life changes such as marriage, divorce, or the birth or adoption of a child, they may need to make adjustments to their coverage. Your company may offer a special enrollment period for such circumstances.
Seek Guidance from Captive Health Insurance Experts
Encourage your employees to reach out to captive health insurance experts or benefit providers if they have questions or need assistance during open enrollment. These experts can provide valuable information and help clarify any concerns they may have.
Our Captive Health Insurance Experts Are Here to Help Your Business!
Introducing Our Solution: The InCap® health care captive program continues to offer the best opportunity for mid-sized businesses to lower health care insurance costs without cutting the quality of their benefits program. As an alternative to traditional insurance plans, our proven health care captive plan helps you leverage the bargaining power of a large census to reduce premium costs, lower risks, and “control the controllables.” By steering clear of commercial insurance companies, you’ll avoid volatile pricing changes and ensure that your plan meets your specific needs at a price that’s right for your business and employees.