How to Make the Most of Online Benefits Enrollment

The open enrollment period: it’s an especially hectic time for most companies. The process is notoriously time-consuming for your benefits team and confusing for the bulk of your employees. With new technology making online benefits enrollment accessible to companies everywhere, the open enrollment period no longer needs to bring your Human Resources department to a screeching halt every year. 

Transitioning your enrollment process from a paper-centric, manual method to an online experience can help your HR team save time, money, and resources. Read on for AEIS’ HR Consulting Experts’ guide to how to make the most of online benefits enrollment.

Benefits of Using Online Open Enrollment

The annual open enrollment period is a very demanding time of year for companies. It is vital to have all the right information to help guide your employees in making these important decisions, along with the resources and capacity to address questions from every employee. Implementing open enrollment benefits software offers numerous advantages, benefiting both your organization and its employees. These advantages include: 

• Efficiency and Convenience: Online benefits enrollment systems automate and streamline the enrollment process, reducing the administrative burden on HR departments. This allows HR professionals to focus on more strategic tasks instead of manually processing paperwork and forms, ultimately improving overall efficiency.

• Cost Savings: Online enrollment systems can lead to significant savings for businesses. They eliminate the need for printing and distributing paper forms and help reduce errors, which can be costly. Additionally, the ability to compare and analyze benefit plan costs can aid organizations in making informed decisions about their benefits packages.

• Accessibility and Transparency: Online systems provide employees with 24/7 access to their benefit information, allowing them to review plan details, costs, and coverage options at their convenience. This transparency helps employees make informed decisions about their benefits, leading to higher satisfaction and engagement.

• Enhance Data Accuracy: Online enrollment systems often include validation checks and data integration with other HR and payroll systems, improving the accuracy and reliability of employee data.

• Compliance and Reporting: Online enrollment systems can help businesses stay compliant with legal and regulatory requirements, generating reports and analytics to provide insights into benefits enrollment trends and ensure organizational adherence to necessary laws and regulations.

Online Enrollment: What to Expect

With online benefits enrollment, every step of the benefits selection and management process can be automated and take place online. Not only will you be able to close your filing cabinets again, but your employees will also have the ability to access everything they need.

Using online enrollment, employees can compare the costs and coverage of different plans before ultimately self-enrolling. They’ll also be able to later review their benefits and make changes to their personal information. With online enrollment, you can expect to see a decrease in the overall costs associated with the process and a shortened enrollment cycle. Your Human Resources department will be able to access employee data and compile information on the costs of various benefits and health plans quickly and easily.

Online benefits enrollment sounds like a breeze, and in so many ways, it is. But as with anything, a new change brings new challenges, and AEIS wants you to be aware of what to look out for. Whenever a shift toward a technology-focused process occurs, some employees may be reluctant to use the new service. Dealing with this and other small dilemmas efficiently can help you make the most of online benefits enrollment.

Preparing Your Employees Beforehand

Any education you can provide to your employees on the new change before it takes place will be instrumental for a successful online benefits enrollment implementation. Have your Human Resources team introduce the software system or website your employees will be using to review and compare health plans and self-enroll. 

If the online system provides a phone app, have employees who may want to use the app download it beforehand. Showing employees their selected plan in real-time can help eliminate an influx of IT requests and calls to HR during the enrollment period.

Remind your employees of when the enrollment period begins and ends, as well as how to log on to their portals. It never hurts to use multiple forms of communication to get your point across, including email, paper flyers, Slack reminders, and friendly notices around the office.

Take Advantage of Online Benefits Enrollment Technology

New and innovative benefit technology firms are popping up everywhere in recent years, offering features like interactive enrollment and online hubs personalized for your company. Working with an experienced health broker to find the perfect vendor for your business’ online benefits enrollment process will help you take advantage of all available advances while staying within your HR budget.

When choosing a benefits technology vendor, many employers value easy employee communication and engagement as well as accessible employee education tools. New benefits enrollment technology platforms can analyze employee and guide the individual toward picking the best plan for them. 

Companies love the availability of certain vendors’ health plan comparison tools, cost calculators, and other employee support functions that can help guide employees to the right decision for their unique circumstances, in many cases without the need for one-on-one personal assistance from a member of the HR staff.

Technology vendors are able to make the online benefits enrollment experience easily digestible for your employees, with mobile apps and single sign-in platforms to view which medical plans, life insurance, FSA, disability plans, and 401k accounts employees are enrolled in. Employees will be able to access their portals and make changes as allowed throughout the year.

Strike the Right Balance Between Autonomy and Availability

While many employees, especially millennials, will be right at home during the online benefits enrollment process, all employees are different. Many employees will prefer a more tangible experience, and others, even those who are comfortable self-enrolling, will have unique circumstances that require additional assistance and advice. Allowing for an avenue to easily and quickly request personal assistance when it’s needed is key. An experienced health broker with a team of HR consultants can provide support services when your team needs them.

Educating employees is crucial to helping them select the right plan for them. It’s important they are aware of new benefit offerings even if they are comfortable with their current plan. Employees should consider the costs associated with their current plan as compared with other offered benefits with lower or higher premiums. Sometimes, it may require a mixture of automated and more personal, perhaps one-on-one support to drive this point home.

Partner with an Experienced Health Broker

If you’re considering switching to an online benefits enrollment process, you’ve come to the right place. Advanced Estate & Insurance Services, Inc. (AEIS) brings more than 35 years of experience in the industry to your advantage. AEIS will walk with you through your online benefits enrollment questions and beyond for a seamless, more manageable enrollment period. Benefits enrollment is complex. AEIS makes it simple for you.

Give AEIS a call at (650) 348-6234, contact AEIS by email at team@aeisadvisors.com, or fill out a contact form. 

Looking for more open enrollment tips? Read on - Open Enrollment Tips for Employers