Another season of open enrollment is upon us. Making a decision regarding your benefits can be a difficult task for most employees. This is the best time to review your options and identify opportunities to better support yourself and your family. Here are the do’s and don’ts to help you prepare for open enrollment 2023.
How To Help Your Employees
Now is the time to lock down any final plan changes and annual enrollment dates, as well as communicate with your employees especially if there are any changes to your benefits offerings or open enrollment process. When approaching open enrollment, here are a few things you can do to help your employees.
- Evaluate available health insurance plans. More employers are offering their employees both HSA-eligible health plans and traditional health plans. If you rarely go to the doctor or would like to enroll in a health savings account (HSA), an HSA-eligible health plan may be right for you!
- Consider any major life changes you and your family have experienced in the past year. This may change which plan you decide to enroll in.
- Use available tools and resources to learn more about pre-tax benefits and to plan for the year ahead. Educational videos and savings and goal calculators make it easy for you to determine your plan elections. This is also the best opportunity to discuss your options with your employee or available benefits team so they can help you one on one.
What Not To Do During Open Enrollment
Don’t miss out on the learning opportunities presented to you by your employer. This is the one time of year to get this completed and it’s important to know what plan you’re choosing and why its best for you.
- Don’t let money your employer is offering go unclaimed. If you’re not taking advantage of your 401(k) match or contribution offered by your employer you’re essentially losing money.
- Don’t choose a plan that you know will not be beneficial for you. For example, a medical flexible spending account (FSA) is governed by the IRS’ use-or-lose rule, so it’s important that you choose the right contribution amount each year or you risk losing money at the end of the year. On the other hand, all HSA funds carry over from year to year, so there’s less risk and more reason to contribute as much as you can, up to the contribution limit set by the IRS.
Trends This Open Enrollment Season
- Lifestyle savings accounts (LSAs): This is a great account to offer as a way to attract and maintain talent at your company. Employees are allowed to use LSAs on eligible expenses such as student loan reimbursement, counseling, and fitness memberships.
- Voluntary benefits: Some of these have become the norm for employers to offer. These can include supplemental life insurance, pet insurance, and critical illness.
Contact Our Benefits Experts
Our employee benefits experts can provide you and your team the support you need to make this a smooth and successful open enrollment. Contact us today at 712-277-2424 or fill out this form online. We look forward to serving you, Siouxland!