Reducing Admin Burden During Open Enrollment
How to Reduce Admin Burden and Improve Employee Engagement During Open Enrollment
Half of American employees reported in a recent survey that making health insurance decisions during Open Enrollment is always ‘very stressful.’ If you are an HR Manager or a Benefits Leader at your organization, you can relate to the frustration associated with having to sift through pages and pages of health benefits jargon only to wind up more confused than you were when you started. Electing benefits can be one of the most important decisions an employee makes throughout the year yet it’s often met with angst, intimidation, and uncertainty. Choosing the right benefits for your individual needs can be the difference between financial security and massive out-of-pocket expenses during unexpected health events.
As if choosing between the High Deductible Health Plan (HDHP) and the Preferred Provider Organization (PPO) plan wasn’t daunting enough for your employees, there are often a myriad of subsequent even more complicated decisions they have to make prior to completing Open Enrollment for the year. Employees must choose between a number of different Supplemental Benefits your organization has made available to them, from Gap Insurance to Hospital Indemnity coverage, all of which come with their own fine print and unique implications.
As a benefits decision maker for your organization, you spend countless hours negotiating rates and selecting coverage options for your employees, only to leave them dissatisfied immediately after yearly Open Enrollment. Nearly 20% of employees regret the benefits election they make, a critical driver of financial, personal, and professional discomfort.
Personalized Benefits Recommendations - you wouldn’t expect your Financial Advisor to give you investment advice without asking you a number of questions about your lifestyle, spending habits, and overall propensity for risk --- similarly, one shouldn’t expect to make the best benefits election decision without a personalized and thorough self-evaluation. Things like age, salary, preferred mode of transportation, and physical activity level, all have relevant implications on which Health Insurance plan to elect. Collecting all of this information from your employees, however, is a data intensive and invasive process, that many employees would be reluctant to share. Nayya’s Smart Select programmatically collects and evaluates information that employees provide through a silesmple and intuitive user experience. Smart Select then makes personalized recommendations across Health, Dental, Vision, and Supplemental benefits -- keeping the individual employee and their needs in mind.
Supplemental Benefits Are Your Friend - According to the CDC, High Deductible Health Plan enrollment increased from 11% in 2007 to 25% in 2017 among adults aged 18-64. Although the popularity of these HDHP plans may reflect an overall increase in the total number of insured Americans, it also speaks to the overall financial exposure of these policyholders should they need more healthcare than they expected. With a high deductible plan, the average policyholder is expected to pay anywhere from the first $1,350 to $6,750 of their healthcare spend for the year. Keeping in mind that 58% of American adults have less than $1,000 in savings, these HDHP plans could result in massive financial stress for policyholders if an unexpected health event were to occur. This is where a Supplemental Benefit plan could be extremely useful. Ths MedLink Plan by American Public Life helps policyholders pay for healthcare services that include: Emergency Care, Physical Therapy, and Inpatient Procedures -- without any deductible or minimum out of pocket spend. Gap, Hospital Indemnity, and Critical Illness Insurance are all examples of powerful tools an employee can use to protect themselves from the financial stress of an unforeseen health event.
Go Digital when Designing Enrollment Education - 49% of Employees use words like complex, disappointing, boring, and even a waste -- when describing their Employer Benefits Communications . While the need for Enrollment Education and Communication is not for debate, the medium through which employees consume this education must be carefully decided. Roughly 85% of American Adults consume news, social media, and other content through some sort of digital means. If you’re using stodgy, old-age long form online articles, or even worse - print materials, to educate your employees, you’re doing it all wrong. Nayya’s Smart Select uses a behavioral science informed user experience to help employees understand their benefits options in a simple, and easy to consume digital format. Smart Select improves employee engagement, education, and election utilization.