Preparing for Open Enrollment Season
A Broker’s Guide to Open Enrollment
As we approach open enrollment season, it’s time for brokers to gear up for benefit review meetings and strategize ways to optimize the offerings for both retention and attraction of clients and members. The landscape of employee benefits is constantly evolving, and the key to staying competitive lies in how well you can adapt to these changes. Here’s how to prepare effectively for open enrollment season and be sure your clients receive an innovative and impactful benefits package.
1. Prepare for Open Enrollment Season/Benefits Review Meetings
The first step in preparing for open enrollment is to conduct thorough benefit review meetings with your existing clients. These meetings are essential for assessing the current benefit package’s performance and identifying improvement areas. Here’s a checklist to help you prepare:
- Review Utilization Reports: Analyze the utilization data of existing benefits to understand which ones are most valued by employees and which are underutilized.
- Solicit Employee Feedback: Gather feedback from employees about their satisfaction with current benefits and suggestions for new offerings, then use this feedback to refine and improve benefits offerings, aligning them with employees’ evolving needs.
- Market Trends: Stay updated on the latest trends in employee benefits to ensure your clients’ packages are competitive.
2. Angle the Existing Package to Retain Existing Groups and Entice Prospective Ones
Once you have a clear understanding of the current package’s performance, it’s time to strategize on how to position these benefits to retain existing clients and attract new ones. Consider the following:
- Highlighting Strengths: Emphasize the benefits with high utilization and positive feedback; these are your strong points. For example, telemedicine and dental discounts are high-demand offerings employees look for when choosing an employer.
- Addressing Weaknesses: Propose modifications or enhancements to benefits that have low engagement or negative feedback.
- Customizable Options: Offer customizable benefits packages through New Benefits to cater to the specific needs of different client groups. Flexibility can be a significant selling point.
- Communication Strategy: Develop a communication plan to effectively convey the benefits’ value to employees.
3. Adding Fresh Benefits for a More Well-Rounded Offering
To create a more attractive and inclusive benefits package, consider adding fresh, modern benefits that address the evolving needs of employees. Some suggestions include:
- Mental Health Support: With increasing awareness around mental health and a demand for accessibility, adding benefits like virtual counseling, Kindly Human, and EAPs can be highly impactful.
- Financial Wellness Programs: Providing financial planning and coaching, student loan repayment assistance, and savings plans help employees manage their finances and position clients as employers of choice.
- Pet Insurance: As a majority of Americans consider pets part of their family, pet insurance can be a unique and appreciated benefit to help alleviate high expenses.
- Caregiver Support: Help employees manage caregiving responsibilities with access to support, financial resources, and more.
4. Utilizing New Benefits Through Employee Navigator
New Benefits is proud to be fully integrated with Employee Navigator, making it easy to add any of our 30+ solutions to your clients’ packages. This platform streamlines managing and enrolling in benefits, allowing brokers and employers to effortlessly administer plans, track utilization, and communicate with employees. Our integrated approach ensures all benefits are accessible in one place, making it easier for employees to understand and utilize their options.
5. An App for All the Benefits, All in one Place
Recommend the New Benefits app to your clients and their members, which delivers benefits in style. With benefit access, education, and communication at their fingertips, members can better utilize and engage with your program all on a user-friendly platform.
- Access Benefits On-the-Go: Employees can check their benefits anytime, anywhere, and easily access them to ensure higher utilization and satisfaction.
- Receive Notifications: Stay updated with the latest benefit offerings and changes.
- My Wallet: Simplify access to benefit information with a single location to store and view cards for medical insurance, HSA, and more.
6. Helping Employers Communicate Benefits to Employees
One of the most critical roles brokers can play is helping employers effectively communicate the available benefits to their employees. Here are some actionable strategies:
- Education Enhancement: Develop educational initiatives to empower employees with a deep understanding of their benefits.
- Strategic Communication: Regularly communicate with employees about their benefit options and any pertinent changes.
- Incentivizing Participation: Introduce incentives to motivate employees to actively engage with their benefits.
As a broker, your role in preparing for open enrollment season is vital. By thoroughly reviewing existing packages, strategically angling benefits, incorporating new offerings, leveraging New Benefits as a leading aggregator, and assisting in communication, you can ensure your clients have a competitive and attractive benefits package. This proactive approach not only helps in retaining existing groups but also in enticing prospective ones, ultimately contributing to your success.
For more information on how to customize and enhance your benefits offerings and support your clients, contact New Benefits today. Let’s work together to revolutionize employee benefits and foster growth for both employers and employees.
