Many studies report that a majority of Americans are not enrolled in a benefits plan that best fits their needs. This may come as no surprise given that many studies, like the 2017 Aflac WorkForces Report, find that 83 percent of employees spend less than an hour researching their options, and upwards of 92 percent of people make their decision by simply choosing the same benefits they had the year before.
These numbers are concerning, and conclude what many of us already knew—employees dread the open enrollment processes. If you are an employer, you should want what is best for your employees. And when your employees are poorly matched with a benefits package, this is not best for them or their families.
As benefits advisors dedicated to employee benefits, we understand that managing the enrollment processing can be an incredibly daunting task. This is why 1) we are writing this blog and 2) why we offer benefits enrollment services. Learn more about our benefits enrollment services, and read on to learn about some common reasons why employees don’t get matched with the most appropriate benefits plan, and how you can remedy this and help them make more informed decisions.
If you are like most, you are well acquainted with the phrase, “Recommended for you.” From online shopping to entertainment, it’s something we see every day, and we are now quite accustomed to seeing suggestions based on past preferences. What’s more, how many times are these recommendations spot on? Probably more than we are willing to admit.
The point of all this is that this type of guidance is something we know and trust. For this reason, it comes as no surprise that the previously mentioned 2017 Aflac WorkForces Report suggests that 44 percent of participants said they would prefer their benefits enrollment process to be more similar to shopping at Amazon.com. Specifically, they would like to have a platform that simplifies options, gives recommendations, and easily allows for comparisons.
The key takeaway is that employers should use this information to inform the way they set up their enrollment process. Ideally, you want to structure your process in a way that guides employees through what can be a tedious and confusing decision-making process. And even better, if you can help your employees by presenting them with a suggested plan, all the better.
Factor In Claims Data
Instructing your employees to familiarize themselves with their spending history and having key data on hand can be an invaluable step in making the most financially sound decision. Encouraging your employees to factor in their personal claims history, for example, can allow them to more easily compare plans, and accurately incorporate their spending tendencies, and the potential impact of out-of-pocket costs.
Hire Benefits Consultants
Regardless of the size of your company, being responsible for managing the enrollment process and doing it all within the allotted time can be a stressful job. If you feel that you are not up to the task or that you would rather ensure you match your employees with the benefits plan that best suits their needs, consider hiring a benefits consultant. Professional benefits advisors, like us here at Sensible Benefits, have the experience and expertise to handle all of your benefits enrollment services. Furthermore, we make recommendations on a case-by-case basis, and we take great pride in offering a comprehensive benefits enrollment process that is simple and as stress-free as possible.
Learn more about our benefits enrollment services and contact us today to set up your free consultation—that’s right. It’s totally free. After discussing your needs, we’ll put together a Free Sensible Benefits Assessment specifically tailored to your business.