If your HR team is already overloaded during open enrollment season, trusted HR consulting services can help lighten the load and generate ideas for the best ways to support your employees through open enrollment. Legally, employers are not required to do anything for employees who have missed the open enrollment deadline. And if you have any questions or are uncertain about anything in the process, contact your HR department - they'll help you navigate the open enrollment steps and clarify anything you don't understand. University of California, Davis, One Shields Avenue, Davis, CA 95616 | 530-752-1011. Most companies operate on a calendar fiscal year. (Or in the event of very rare circumstances, such as a legitimate error in which your administrator may or may not be able to allow you to fix). For you, when employees miss this deadline, it can result in additional administrative burdens and unhappy or unproductive employees. Employees are befuddled by their health care coverage. Only about one-third of employees (34 percent) have a . If you miss the open enrollment period, you won't be able to enroll in a plan unless you have a qualifying event (such as getting married, having a baby or losing employer-sponsored coverage). Members can get help with HR questions via phone, chat or email. As HR representatives address open. Log-in Now! Here's our employee furlough letter sample: Dear [ employee_name ], I'm sorry to inform you that your position will be put temporarily on furlough due to urgent business conditions, from [ date] to [ date ]. However, this may not be practical, especially for employees with growing families. Everything You Need Is Inside! Posted on December 9, 2021 While just keeping whatever health coverage they had this year is tempting for employees, doing so may come with a substantial financial downside. If your organization doesn't offer auto-enrollment, then workers who miss the window may be left out in the cold without any coverage. Following this time frame, your open enrollment email to employees would go out in mid-September. Open with an engaging subject line and immediately set a positive tone. Sample 2: Excuse email for work absence due to sickness. Relocation - Moving won't always affect your eligibility, but sometimes moving to a new home address or a new work site can, especially if it's in a new state with different regulations. "Thank you" It starts valuable dialog on whats being offered and how to take advantage of it. Were two weeks from open enrollment. Virtual & Washington, DC | February 26-28, 2023. Therefore, its important employers be proactive in their approach to open enrollment. But how do you make sure your benefits communication strategy is up to par? She encourages employees to ask themselves the following questions to be sure they are making the best choices for themselves and their families during the year ahead: "If you answered 'yes' or you're not sure about the answers to these questions now is the perfect time to revisit your benefits. These employers must offer affordable, minimum-essential coverage to their full-time employees or potentially face the employer shared responsibility penalty. He is a graduate of Texas Tech University with a Degree in Education. The portal can also include a count-down counter to encourage employees to enroll. }
Most companies operate on a calendar fiscal year. In the same way 401(k)s use automated deposits to make retirement savings easy for employees, mobile apps likeAcorns,Robinhood,Stash,DigitsandTallyuse automation to help people build emergency savings funds, pay down credit card debt, and invest in smart, manageable, and automatic ways. What makes the email essential is that you can send it to every employee through the companys email system. How Can HR Help an Employee Who Misses Open Enrollment? Thank them in advance for doing their part to make this a successful open enrollment. Send them out as soon as you know that the applicant is not suitable for the role. Its a good idea to create simple and comprehensive policies and procedures so youre prepared in the event of an SEP. Applicable large employers (ALEs) under the Affordable Care Act (ACA) may have additional concerns. The deadline to make any changes will be [DATE]. Making changes to how open enrollment is presented and discussed with a strategic plan can alleviate much of the frustration. Open enrollment can be an extremely stressful and overwhelming time for both you and your employees. You have successfully saved this page as a bookmark. Offer health, dental, vision and more to recruit & retain employees. Open enrollment is complex enough as it is. Ensure they know exactly what theyre supposed to do next. Sending out the open enrollment email to employees is just the first step. Share links to reputable personal finance blogs and podcasts. Every employee has his or her own preferences when it comes to receiving important information. Why Send an Open Enrollment Email to Employees? If you have not defined any specific goals, then start by focusing on the enrollment experience as a whole, for example what did your employees like and what do they want to be different for next year. (Feel free to copy-pastewe wont tell. Help employees save for retirement and reduce taxable income. Make Sure You're Getting the Best Deal, Jaleigh White, a member of the AICPA Financial Literacy Commission, noted that "even though the volume of an open-enrollment benefits package can seem overwhelming, employees would benefit from taking 30 minutes, at least, to read through all materials and explore the impact of any changes the company is making to their benefits, and carefully consider any changes to their personal situation that could impact their elections for the coming year.". 75082. SHRM Online, October 2019, Simple Open-Enrollment Tips That Can Make a Big Difference,
But if not enough people participate in the program, the company may also not see the benefits. These waivers also protect an employee's ability to immediately enroll for benefits if they lose coverage from an outside health plan, such as a spouse's employer. Well, in an ideal world, youd be able to pair up every one of your employees with a savvy and charming financial guru who could look at their unique financial situation, and give tailored recommendations on how they should be spending their free dollarsi.e. Get benefits strategy and communication tips that will make you even better at your job. You can also take an email communication and post it to the employee portal on your website. Bretton Chatham temp_style.textContent = '.ms-rtestate-field > p:first-child.is-empty.d-none, .ms-rtestate-field > .fltter .is-empty.d-none, .ZWSC-cleaned.is-empty.d-none {display:block !important;}';
Jellyvision acquires Picwell to simplify the employee benefits puzzle! The official dates are [DATE] to [DATE]. Here are a few ideas: Also consider other help emails that explain the process in greater detail. G&A Partners offers small- and mid-sized companies access to top-quality benefits options by leveraging the buying power of thousands of client companies when negotiating with providers. Has my employer made changes to its current benefits plan? Provide information in a wide variety of ways including: Ask your employees if they like the way information is being provided, if they would prefer information be distributed in different ways, or if they have questions that have yet to be answered. My enrollment period at my job is in July and I missed it last year without being aware. The most beneficial ways in which you can help the employee is by offering additional opportunities for education and by asking for feedback regarding the process so that you can work to prevent this from happening again in the future. For Workers and Families For Employers and Advisers If you've lost your job, had your hours reduced, or experienced other qualifying events there are options available to workers and their families to maintain health coverage, including the Consolidated Omnibus Budget Reconciliation Act, or COBRA. Thank you for visiting theFSAstore.com Learning Center. If youre truly invested in helping your employees not only plan for retirement, but also create savings and dig out of debt, offer education in the moments that matter: Reiterate your 401K messaging whenever employees get a raise, bonus, or promotion. 1. If your benefits packages havent changed from the previous year, consider offering a passive enrollment, which automatically enrolls employees who dont wish to make any changes to their selections. Provide contact information to let employees know how they can access Q & As, learn more about their benefits, and how to contact the human resources benefits specialist. Learn how Jellyvision can help you solve your clients toughest challenges. What Is the Pregnant Workers Fairness Act (PWFA). For Dave, it would make more sense to set money aside for that before he puts money into his 401K, even if his company offers a match. Access exclusive research and insights on the future of employee benefits. Build specialized knowledge and expand your influence by earning a SHRM Specialty Credential. $("span.current-site").html("SHRM MENA ");
The call-to-action lets them know the open enrollment date, where they can find information, and when enrollment packets will become available. $('.container-footer').first().hide();
Close the email out by reminding employees of the importance of benefits enrollment. Many companies find communications difficult to manage during this time and participation is frequently low. Howevereven when it's for their benefit(s)your priorities are not always their priorities, and some workers may put it off, thinking they'll have more time to ask questions and get clarification later. It can be beneficial to ask your employees if they like the way information is being provided to them, if they would prefer information to be distributed in different ways, or if they have any questions that have yet to be answered. In fact, there's a good chance that the terms of your employer's benefit plan don't allow any exceptions or changes for employees who make mistakes or miss the open enrollment period altogether. Subject line: Let's get smarter about 401K savings. Open Enrollment begins on Tuesday, October 15, 2019 and runs through 5 pm, Thursday, October 31, 2019You may enroll online through Employee Self. Kyle was hired by FBS as one of our first benefit consultants in 2001 and became the President of the company in 2005. FBS Blog Open enrollment consumes a large amount of HR's time and energy, making it nearly impossible to forget about. This site is protected by reCAPTCHA and Google, Minimum of 1 special character ($%/()[]{}=? Turning 26 and being dropped from a parent's coverage, Change in number of eligible family members due to birth, death, adoption, or other family status change, Change in work hours or job position that could affect insurance eligibility. Employees disseminate information differently, so you may need to consider other methods of engagement. Please review the information . t is the employees responsibility to sign up for benefits during open enrollment as long as the employer provides plenty of notice. Here's what to expect: Not great for Dave! Hi team, Putting money away for your retirement is important, but how important depends on the financial . Welcome to Open Enrollment! But if youre looking to get started now, you can still significantly improve the usefulness of your 401K communications by highlighting a few different employee personas, and giving financial advice for each one. If you are concerned about complying with ACA in any regard, please contact us to discuss one of our many options to help. As an employer, you may be faced with administrative burdens and unhappy or unproductive employees. Request a consultation, so we discuss your payroll management and HR optimization needs. At many organizations, the open enrollment season for 2020 employer-sponsored benefits is under way or about to begin. Here are a few different scenarios you might find yourself in, and some advice for how to approach your 401K. Demonstrating to your employees that their needs are important to you will instill high employee morale, and ensuring that you have done all that you were required to do in regards to ACA regulations will protect your business in the event that an employee misses the open enrollment deadline. Consider also whether or not your company should offer auto-enrollment to help employees avoid missing open enrollment. By incorporating the mission of the university and the code of conduct, we believe strong communication will enhance understanding and foster positive work environments. Email is not the only way to reach employees. Please submit questions related to Open Enrollment for your employees on leave to Service Now > Leave Administration > Other Leave Questions. 401Ks, IRAs, compounding interest, employer matching its enough to make the average employees head spin. A sample of the email notification from HR Leave Administration is also attached. If you're married, discuss your elections with your spouse to ensure that the whole family is on the same page for the upcoming benefit year. Do I anticipate any new expenses next year that might change my current elections? These are just a few quick tips. Get a demo of the ALEX platform and learn more about how our software can help you boost benefits engagement, drive better financial decisions, and save your team time, money, and headaches. To qualify, individuals must have experienced a loss in permanent coverage due to a job change, layoff, becoming a college student, or missing open enrollment. Employers can also gather status updates during the open enrollment period to view which employees have not completed enrollment. HR teams in larger companies may even conduct special meetings or hold benefits fairs, all designed to help employees understand their benefits options so they can make informed decisions. Hire, onboard, manage, and develop productive employees. And missing the deadline can have serious consequences for your employeesincluding loss of coverage or the inability to change coverage options. As an Account Executive, she was a key team member on the TRS-ActiveCare account from its inception through the duration of the contract. Karen Frost, health strategy and solutions leader at Alight Solutions, a benefit administration company, offered these pointers to HR benefit managers for open enrollment and throughout the year: Employers Enhance Emotional and Mental Health Benefits for 2020,
Utilizing as many forms of communication as possible will enable you to reach more employees. Plans like, short-term coverage and critical illness allow year-round enrollment but are not regulated by the. If you have questions, dont hesitate to contact your benefits specialist[insert specialist contact information or provide a link]. Missing open enrollment means limited options, but here a few situations to consider: Qualifying Life Event: An employee may be in luck if they have a qualifying event coming up. Be sure to include these details in your letter. So, if you find yourself surprised by a premium increase come January, you won't be able to change coverage. Include with your email any attachments related to open enrollment. SHRM Online, September 2019, 10 Questions for Employees Choosing a Health Plan,
), Subject line: Lets get smarter about 401K savings. You can get your own copy here. Business Associate Agreement Never miss out get the latest content delivered straight to your inbox. About Us Keep it brief. Specifically, his 401(k)-related gains7%-9% annually, on averagewould most likely be less than the losses he would take on his credit card, lets say, 13%-17%. When the economy is unstable, employers are faced with difficult decisions around staffing, pay and benefits. All you have to do to make changes to your benefits is to log into the online portal and make any changes. The attachments can include: Getting essential information to employees is vital but shouldnt overwhelm the employee. Drafting A Sample Email Most employees receive a flood of work-related emails every single day. Copyright 2023 The Regents of the University of California. Letter Template #1. Are there any changes in my life that might make another health insurance choice more valuable this year? To prevent these issues, its important to communicate to your employeesahead of timethe consequences of missing the open enrollment deadline. 1 NOTICE TO ALL EMPLOYEES - 2020 ANNUAL OPEN ENROLLMENT PERIOD FOR OPTION CHANGES IN HEALTH AND DENTAL INSURANCE PLAN COVERAGE. HR processes need to be in place as a standard business practice. Another way to increase engagement is to provide helpful resources and quick tips for employees to reference.
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